Neuberger Berman Specialty Finance Income Fund
Private Alternative
Fund Objective
NB Specialty Finance (“NBSF”) focuses on a high yield short duration strategy in assets (primarily debt originated by speciality finance companies) that are relatively uncrowded, such as consumer, commercial and esoteric assets.
In our view, the majority of private debt strategies, such as direct lending to middle market companies, are fairly crowded with most deals being shopped broadly by large banks and brokers thereby resulting in lower yields and looser covenants.
Strategy
The Fund’s primary investment strategy is to lend to speciality finance companies or purchase assets with a focus on short duration and income. We believe the Fund’s investment strategy, structure, and economics, coupled with the Firm’s infrastructure, brand name and sourcing capabilities will allow the Investment Team to access a broad range of investment opportunities.
The focus of the Fund will be to partner with high-quality companies that have sustainable business models, compelling product offerings and strong underwriting capabilities. The Fund will strive to create diversified portfolios with robust risk management.
The Fund will seek to leverage the scale, institutional-class operational capabilities and extensive industry relationships developed by the Neuberger Berman global investment platform to secure differentiated deal flow and preferential terms with platforms.[1] We believe this allows the Fund to capitalize on opportunities in short-duration credit and provide excess returns for investors.
Highlights
As of | 28/02/2023 |
Fund Code | NEU 810P |
NAV | $103.5682 |
Inception Date | June 01, 2021 |
AUM | $461,300,300 |
Distributions | Quarterly, Cash or DRIP |
Target Return | 8-12% |
Management Fee | 1.5% on invested capital |
Performance Fee | 15% over a 6% Hurdle |
Minimum Investment | $5,000, $1,000 additional |
Purchases | Monthly |
Redemptions | Monthly, 60-day notice |
Valuations | Monthly |
Fund Documents
Investor Presentation (Non-Institutional) | 02/28/2023 |
Fourth Amended & Restated Offering Memorandum Class A, F (Canada) | 12/01/2022 |
Fund Fact Sheet Class F (Canada) Non-Institutional | 02/28/2023 |
Fund Performance
(as at February 28th, 2023)
1M | 3M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|
0.03% | -0.14% | 4.60% | - | - | - |
Operating Calendar
Valuation Date | Subscription Cut-off Date | Redemption Cut-off Date | Subscription Trade Date | Redemption Trade Date |
|---|---|---|---|---|
30-Dec-2022 | 20-Dec-2022 | 31-Oct-2022 | 30-Dec-2022 | 30-Dec-2022 |
31-Jan-2023 | 20-Jan-2023 | 2-Dec-2022 | 31-Jan-2023 | 31-Jan-2023 |
28-Feb-2023 | 17-Feb-2023 | 30-Dec-2022 | 28-Feb-2023 | 28-Feb-2023 |
31-Mar-2023 | 21-Mar-2023 | 30-Jan-2023 | 31-Mar-2023 | 31-Mar-2023 |
28-Apr-2023 | 18-Apr-2023 | 27-Feb-2023 | 28-Apr-2023 | 28-Apr-2023 |
31-May-2023 | 19-May-2023 | 31-Mar-2023 | 31-May-2023 | 31-May-2023 |
30-Jun-2023 | 20-Jun-2023 | 1-May-2023 | 30-Jun-2023 | 30-Jun-2023 |
31-Jul-2023 | 21-Jul-2023 | 1-Jun-2023 | 31-Jul-2023 | 31-Jul-2023 |
31-Aug-2023 | 21-Aug-2023 | 30-Jun-2023 | 31-Aug-2023 | 31-Aug-2023 |
29-Sep-2023 | 19-Sep-2023 | 31-Jul-2023 | 29-Sep-2023 | 29-Sep-2023 |
31-Oct-2023 | 20-Oct-2023 | 1-Sep-2023 | 31-Oct-2023 | 31-Oct-2023 |
30-Nov-2023 | 20-Nov-2023 | 29-Sep-2023 | 30-Nov-2023 | 30-Nov-2023 |
29-Dec-2023 | 19-Dec-2023 | 30-Oct-2023 | 29-Dec-2023 | 29-Dec-2023 |
* This operating calendar (the “Operating Calendar”) is subject to change in the discretion of the Manager and/or the Advisor of NB Specialty Finance Income Fund (CAD) (the “Fund”) pursuant to the terms of the Fund’s Offering Memorandum (the “OM”) and Declaration of Trust (“DoT”). The Operating Calendar is also subject to, and qualified in its entirety by, the terms of the OM and the DoT. Any decision with respect to subscriptions, redemptions, or any related activities should be made based upon the information contained in the OM, DoT, and other definitive documents of the Fund. Terms used but not defined herein shall have the meanings ascribed to them in the OM.
[1] Subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse by Neuberger Berman and its personnel of material information regarding issuers of securities that has not been publicly disseminated.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States (as such term is defined in Regulation S under the U.S. Securities Act) (the ‘‘United States’’) or to, or for the account or benefit of, U.S. Persons (as defined in the U.S. Securities Act). This does not constitute an offer to sell or solicitation of an offer to buy any of these securities in the United States.