Evercore Partners has acquired key assets of the private funds placement group of Neuberger Berman.
The group, headquartered in London with personnel in both Europe and the US, advises fund sponsors on all aspects of the fundraising process including competitive positioning and market assessment, investor introductions, marketing materials, due diligence, asset raising and documentation.
The group has served as a placement agent to funds across a wide range of alternatives strategies, including buyout, co-investment, distressed, real estate, credit/mezzanine, energy/infrastructure, fund of funds and venture capital.
Upon its transition to Evercore, the business will operate as Evercore Private Funds Group, which will initially be comprised of eight professionals. Evercore expects the private funds group to grow as it establishes a broader presence in the US and expands its reach across continental Europe and the Middle East.
As part of the agreement Neuberger Berman will receive earnout payments which provide it with an economic interest in the success of the group for a period of time.
Ralph Schlosstein (pictured), Evercore’s president and chief executive officer, says: "The addition of this group reflects the continued expansion of our global platform. The fund placement business fits perfectly into the Evercore model of providing independent advisory services to our clients based on our intellectual capital and relationships. The business will leverage Evercore’s strong relationships with leading fund sponsors, and will add significantly to our network of relationships with institutional investors."
George Walker, chairman and chief executive of Neuberger Berman, adds: "We look forward to working with Evercore in ways that leverage both our relative strengths in the private funds business."
