NEW YORK, NY, Neuberger Berman Group, one of the world's leading employee-owned investment management firms, said it has raised approximately $720 million for NB Crossroads 2010 Fund, a fund focused on investing in premier private equity funds and co-investments alongside premier funds. Since January 2010, Neuberger Berman has raised over $1.5 billion in its private equity fund of funds platform.

The firm began investing its first private equity fund of funds in 1987, bringing cumulative total private equity commitments to more than $12 billion. Neuberger Berman's approximately 175 private equity professionals are based in New York, Dallas, London and Hong Kong.

"We see attractive investment opportunities in private equity in the coming years, but it is important to be selective," said Tony Tutrone, global head of alternatives for Neuberger Berman. "This fund will enable our clients to capitalize on those opportunities as well as our deep private equity relationships and industry knowledge."

"We are pleased with continued client interest in our private equity capabilities, reflecting our more than 25 years of dedication to generating performance through careful investment selection,'' said John Buser, managing director and, along with Mr. Tutrone, a member of Neuberger Berman's Fund of Funds Investment Committee. "Our global investment team conducts extensive due diligence on numerous private equity fund and co-investment opportunities, enabling us to select the most attractive private equity investments."

Annually, the fund team reviews more than 300 investment opportunities and conducts approximately 500 meetings with managers. NB Crossroads 2010 has committed to 19 funds, 7 co-investments, and acquired 15 secondary interests in private equity funds, as of October 31, 2011.

Neuberger Berman managed approximately $17 billion in alternatives assets for institutional and individual investors as of September 30, 2011. Along with private equity fund and co-investments, the firm's alternatives teams invest in hedge funds.

About Neuberger Berman

Established in 1939, Neuberger Berman is one of the world's leading independent and employee-controlled asset management companies, managing approximately $183 billion in assets as of September 30, 2011. Neuberger Berman provides a broad range of global investment solutions to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products. For more information, please visit our website at www.nb.com.