UK - The Universities Superannuation Scheme has invested US$135m in the Neuberger Berman Secondary Opportunities Fund II.
The USS becomes the largest investor in the formerly Lehman Brothers-owned investment management firm's £1.15bn alternative fund.
USS head of alternative assets Mike Powell said: "This investment gives us a fantastic opportunity to gain more exposure to the secondary private equity returns with a highly experienced team, and strengthen our relationship with NB Alternatives.
"The transaction was led by our co-investment team at USS, an area of increasing focus as we continue to expand our private equity investment programme."
Following the USS transaction, the Lehman Brothers Estate retains an interest of about £33m in the fund.
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