The Private Funds Placement Group advises fund sponsors on all aspects of the fund raising process including competitive positioning and market assessment, investor introductions, marketing materials, due diligence, asset raising and documentation and its personal are based in both Europe and the US.
The group has served as a placement agent to funds across a 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 Private Funds Placement Group will be renamed as Evercore Private Funds Group, with an initial staff of eight professionals.
Evercore expects the Private Funds Group to grow as it establishes a wide presence in the US and expands its reach across continental Europe and the Middle East.
However, as part of the agreement, Neuberger Berman will receive earnout payments which provide them with an economic interest in the success of the group for a period of time.
Ralph Schlosstein, president and CEO of Evercore, said: “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, said: “We look forward to working with Evercore in ways that leverage both our relative strengths in the private funds business.”
Richard Anthony, who will head the Evercore Private Funds Group, said: “The team and I are excited to join Evercore and we believe that their position in the market of providing independent advice will enable us to best serve our clients and grow our business.”
