Private Equity – Small & Emerging Managers

Private Equity – Small & Emerging Managers
11/9/2019 7:27 AM Private Equity – Small & Emerging Managers September 17, 2019 Patricia Miller Zollar, Managing Director, NB Private Equity

Today’s Presenter Patricia Miller Zollar is a Managing Director of Neuberger Berman and a leader of the Firm’s Private Investment Portfolios practice. She is a member of the Co-Investment, Private Investment Portfolios, and NorthBound Investment Committees. Additionally, Ms. Zollar sits on the Limited Partner Advisory Boards of a number of funds including those managed by Arcadius Capital Partners, Argand Partners, Base10 Ventures, Clearlake Capital, GenNx360 Capital Partners, Linx Partners, Vista Equity Partners and The Vistria Group. Before the management buyout of Neuberger, Ms. Zollar co-headed and co-founded the Lehman Brothers Partnership Solutions Group, a Wall Street business focused on developing strategic opportunities with women- and minority-owned financial services firms. The innovation of the Partnership Solutions Group was chronicled in a case study for the Harvard Business School. Before rejoining Lehman Brothers in 2004, Ms. Zollar was a vice president in the Asset Management Division of Goldman Sachs. Ms. Zollar began her career as a Certified Public Accountant in the Audit Division of Deloitte & Touche. She received her MBA from Harvard Business School and her BS, with highest distinction, from North Carolina A&T State University, where she formerly served as Chairperson of the Board of Trustees and which conferred her an honorary Doctorate degree. Ms. Zollar is a member of the Executive Leadership Council, the Economic Club of NY, the Harvard Business School Alumni Board and a former member of the executive board of the National Association of Investment Companies. She also serves on the executive board of The Apollo Theater.

NB Private equity overview

Neuberger Berman Overview
11/9/2019 7:27 AM 11/9/2019 7:27 AM Neuberger Berman Overview Neuberger Berman: $333 bn(1) EQUITY FIXED INCOME ALTERNATIVES $101bn $151bn $90bn AUM and Committed Capital Culture HISTORY OWNERSHIP depth Stability 80 100% ~2,000 96% Years Investing Independent, Employee-Owned Employees Across 32 Cities Globally Retention Rate(2) Awarded Last 5 Consecutive Years By Pension & Investments(3) ESG Integration Across Investment Platform 2012: Signatory of PRI A+: 2018 & 2019 Assessment Report ESG Strategy and Governance(4) A+: 2018 & 2019 Assessment Report Indirect Private Equity(4) As of June 30, Firm assets under management (AUM) includes $101.5 billion in Equity assets, $150.6 billion in Fixed Income assets and $81.0 billion in Alternatives assets. Alternatives “AUM and Committed Capital” includes assets under management for non-Private Equity businesses and Committed Capital since inception for the Private Equity businesses. Committed Capital since inception reflects all contractual commitments, including those still in documentation, to fund investments, including those which have since been realized, advised by NB Alternatives Advisers LLC and its affiliates or predecessors (the oldest mandate of which was founded in 1981). Average retention level for senior investment professionals (i.e., managing directors, senior vice presidents and Principals) (including retirements) 2013 – 2018. Among organizations with over 1,000 employees by Pensions & Investments. . For additional information on the criteria for the award, please visit Awarded by UN-supported Principles for Responsible Investment. Please refer to the Performance Information Footnotes for more information on the PRI scores.

A leader in Private Equity
11/9/2019 7:27 AM 11/9/2019 7:27 AM A leader in Private Equity Co-investments $15 bn(1) 30+ years as a private equity investor Committed ~$10 billion annually to private equity over the past 3 years Unique position in the private equity ecosystem Committed to First Time Funds Represent 8% of primary commitments since 2009 Represent 14% of co- investments since 2009 Primaries $20 bn(1) $70+ Billion Secondaries $9 bn(1) Direct Private Credit $4 bn Direct Specialty Strategies $5 bn GP Manager Stakes $18 bn Note: As of March Represents aggregate committed capital since inception in 1987including commitments in the process of documentation or finalization. Includes estimated allocations of dry powder for diversified portfolios consisting of primaries, secondaries, and co-investments. Therefore, amounts may vary depending on how mandates are invested over time.

67 14 13 25 12 98% NB Private Equity Team Senior Leadership Team
Jim Bowden Managing Director 42 Years of Experience Boston Kent Chen Head of Asia PE Managing Director 26 Years of Experience Hong Kong Paul Daggett Managing Director 20 Years of Experience Dallas Maura Kennedy Head of Impact Managing Director 16 Years of Experience New York Michael Kramer Managing Director 23 Years of Experience New York David Morse Co-Head of Co-investments Managing Director 33 Years of Experience New York Philipp Patschkowski Managing Director 15 Years of Experience London Joana Rocha Head of Europe PE Managing Director 20 Years of Experience London Jonathan Shofet Head of Private Investment Portfolios / Managing Director 22 Years of Experience New York David Stonberg Co-Head of Co-investments Managing Director 28 Years of Experience New York Elizabeth Traxler Managing Director 17 Years of Experience New York Peter von Lehe Head of Investment Solutions & Strategy / Managing Director 25 Years of Experience New York Jacquelyn Wang Managing Director 17 Years of Experience New York Patricia Zollar Head of Emerging Managers Managing Director 32 Years of Experience New York 130+ Team work on our Custom and Commingled Funds 67 Investment Professionals across Primaries, Co-invests and Secondaries 14 Client Solutions Professionals 13 Legal & Compliance Professionals 25 Finance & Operations Professionals 12 Operational Due Diligence, Risk & ESG Professionals 98% Retention Level of Senior Investment Team Note: As of August 2019.

Why private equity?

Current Private Equity Investment Landscape
Late Cycle Valuations Aggressive Leverage

Private Markets and the Investment Landscape
Private Markets Relative Strengths Better Information Current Vulnerabilities Control Entry & Exit Timing Late Cycle Strategic & Operational Control High Valuation Long-Term Alignment High Leverage Diversification Muted Volatility

Private Equity Returns Through Cycles
Global Private Equity Fund Net IRR By Vintage Source: Cambridge Index Global Private Equity Index IRR Statistics as of September 30, 2018, which is the most recent available. This data was provided to Neuberger Berman by Cambridge Associates at no charge. Past performance is not an indicator, guarantee or projection of future performance.

Long-Term Outperformance of Global Private Equity vs. Public Markets
11/9/2019 7:27 AM Long-Term Outperformance of Global Private Equity vs. Public Markets Comparison of horizon returns – public vs. private 20 Year 15 Year 10 Year 5 Year For illustrative purposes only. The benchmark performance is presented for illustrative purposes only to show general trends in the market for the relevant periods shown. The investment objectives and strategies of the benchmarks may be different than the investment objectives and strategies of a particular private fund, and may have different risk and reward profiles. A variety of factors may cause this comparison to be an inaccurate benchmark for any particular type of fund and the benchmarks do not necessarily represent the actual investment strategy of a fund. It should not be assumed that any correlations to the benchmark based on historical returns would persist in the future. Past performance is no guarantee of future results. Indexes are unmanaged and are not available for direct investment. Source: Cambridge Associates. Represents pooled horizon IRR and first quartile return for the Global All Private Equity Index from Cambridge Associates as of March 31, 2019, which is the latest data available. Past performance is not indicative of future results. Index is unmanaged and not available for direct investment. Past performance is not an indicator, guarantee or projection of future performance.

Private Markets: Benefits of Operating Control
Revenue Growth Rates: PE-Owned Companies vs. Public Companies Past performance is not indicative of future results. Source: CEPRES, HIS, Bain & Company’s Global Private Equity Report Based on blended average of 4,800 private equity-owned companies compared with an identically weighted basket market growth rates for their respective industries and regions. PE-Owned represents the revenue growth rates of the private equity owned companies sourced by CEPRES. Market represents the market growth rates for the underlying industries that the sourced private equity owned companies are a part of and is not representative of any public equity market performance.

Private Markets: Muted Volatility and Lower Correlations
Fourth Quarter 2018 Case Study1 Performance Russell 2000 -20.2% ProShares Russell 2000 (2x Leverage) -38.3% NB Co-Investment Universe -0.9% Correlation to Public Markets2 S&P 500 Russell 2000 Russell 2500 Russell Midcap MSCI ACWI Global Mega Cap PE Funds 0.61 0.59 0.63 0.62 US Large Cap PE Funds 0.54 0.57 0.58 0.60 US Mid Cap PE Funds 0.27 0.17 0.20 0.23 0.28 US Small Cap PE Funds 0.44 0.38 0.41 0.53 Source: Russell, Bloomberg, NB Private Equity analysis. NB Co-Investment Universe based on 261 co-investments completed across the NB Private Equity platform. Source: Cambridge Associates LLC Private Investments database. Data as of September 30, Vintage years included are 1995 – 2015 for Mega-Cap and 1988 – 2015 for Large, Mid, and Small Cap. By Cambridge benchmark definitions, mega funds do not date back further than Funds raised after 2015 are considered too young to have produced meaningful results. Data shows the correlation between the return of each sub grouping and the return of respective public mPME. Mega is defined as >$10 billion from – 2015, >$3.5 billion from 200 – 2005, and >$1B 1995 – Large is defined as $1B to $10B from 2006 – 2015, $1B to $3.5B from 2000 – 2005, $750M to $1B from 1997 – 1999, $200M to $500M from 1995 – 1996, >$500M from 1993 – 1994, and $300M from 1988 – Mid is defined as $350M to $1B from 2000 – 2015, $250M to $750M from 1997 – 1999, $200M to $500M from 1995 – 1995, $100M to $500M from 1993 – 1994 and $100M to $300M from 1988 to Small is defined as <$350M from 2000 – 2015, <$250M from 1997 – 1998, <$200M from 1995 – 1996, and <$100M from 1998 to 1994.

Standard Deviation / Risk %
11/9/2019 7:27 AM 11/9/2019 7:27 AM Private Equity: Risk/Return Profile 30% Bonds 50% Stocks 20% Private Equity 30% Bonds 55% Stocks 15% Private Equity 30% Bonds 60% Stocks 10% Private Equity Returns % 30% Bonds 65% Stocks 5% Private Equity 30% Bonds 70% Stocks 0% Private Equity Standard Deviation / Risk % Source: FactSet. Portfolio Risk/Return Profile 25 Years Ended 12/31/2018. Past performance is not indicative of future results. Please refer to the Endnotes for information on indices. Bonds represented by the Barclays U.S. Aggregate Index, stocks represented by the S&P 500, private equity represented by the Cambridge Associates Private Equity Index.

U.S. Valuation Multiples
11/9/2019 7:27 AM U.S. Valuation Multiples Purchase Price Multiples EV/EBITDA Multiple Source: S&P Leveraged Buyout Quarterly Review and S&P Capital IQ. As of Q Note: Valuations represent EV / EBITDA multiples. U.S. public multiples are based on the S&P 500 Index.

SMALL & Emerging manager landscape

What are Small & Emerging Managers?
11/9/2019 7:27 AM What are Small & Emerging Managers? Definitions vary based on client goals and we customize based on the following criteria: 1.) Diverse Firms 2.) Small Funds 3.) Newer Funds 4.) Independent Firm or New Strategies Within Larger Firms

Small & Emerging Manager Landscape
First Time Funds represent 24% of total funds closed and capital raised in 2018 345 $147bn 1,423 Total Funds Closed in 2018 $608bn Aggregate Capital Raised in 2018 Source: Preqin as of June 30, 2019.

Small & Emerging Managers in the Market
NB Small & Emerging Manager Tracked Universe Timing to Market Fund Size ($ in millions) Average Fund Size: ~$355 million Median Fund Size: ~$300 million Minimum Fund Size: $50 million Maximum Fund Size: $1 billion Total: 105 Managers Note: Data collected from Neuberger Berman investment team and third party sources. There is no guaranty that these funds will be available for investment. Managers may be included in more than one criteria listed above.

Small & Emerging Managers in the Market (cont’d)
NB Small & Emerging Manager Tracked Universe Investment Strategy Sector Focus Note: Data collected from Neuberger Berman investment team and third party sources. There is no guaranty that these funds will be available for investment. Managers may be included in more than one criteria listed above.

Why Private equity SMALL & Emerging Managers?

Value Proposition of Small & Emerging Managers
11/9/2019 7:27 AM Value Proposition of Small & Emerging Managers Differentiated networks and niche investment strategies Opportunity for attractive performance Invest in the small businesses that lead economic recoveries Focus on less competitive and attractively priced transactions Conservative use of leverage in financing transactions Drive results through intense engagement within their portfolios Strong alignment of interest

Potential Benefits of Investing in Small & Emerging Managers
11/9/2019 7:27 AM Potential Benefits of Investing in Small & Emerging Managers Opportunity to capture the differentiated network of diverse managers 1.1% Firms owned by women and minorities manage only 1.1% of the total assets under management (1) 2.1% / 3.8% Among all active private equity funds (established since 2004), 2.1% are managed by women-owned firms and 3.8% are managed by minority-owned firms (2) 25% / 28% Diverse funds often have top-quartile returns, with 25% of women-owned and 28% of minority-owned funds in the top quartile, on average (3) 11bps+ Minority-owned firms‘ median Sharpe ratios were 5 points higher over 5 years, and 11 points higher over 10 years (4) 40 bps+ Fidelity Investments Survey reveals that women performed better than men when it comes to investing by an average of 40 basis points, or 0.4 percent, in (5) _______________________ Sources: 1. Knight Foundation as of May Pension & Investments as of May Investment News as of May Pension & Investments as of February Fidelity Investments as of May 2017 (Comparing the investing behavior of eight million retail customers from Jan 2016 – Dec 2016; measures average of monthly annualizing returns over 12 months from Jan 2016 – Dec 2016).

Emerging Manager Performance
11/9/2019 7:27 AM Emerging Manager Performance Small funds have historically generated strong performance NET IRR BY VINTAGE YEAR Funds below $1bn Source: Preqin as of June 30, Excludes venture/growth funds. Past performance is not indicative of future results.

Emerging Manager Performance - Dispersion
11/9/2019 7:27 AM Emerging Manager Performance - Dispersion Smaller funds have historically generated a larger dispersion of returns, highlighting the importance of manager selection DISPERSION OF PRIVATE EQUITY RETURNS (FOR VINTAGE YEARS ) Asset Class Fund Size Source: ThomsonOne as of Q3 2018, which is the latest data available. Reflects the average of the upper, median and lower quartile funds within each category with vintages Range of years chosen as earlier vintages have incomplete data and performance of 2016 and 2017 vintage funds are not yet meaningful. Past performance is not indicative of future results.

First Time Fund Performance
First time funds on the NB Private Equity Platform have outperformed more established funds over the past 3, 5 and 10 years First Time Fund Performance By Time Period Note: Information is as of September 30, Past performance is not indicative of future results. The data set includes primary investments that are in fund(s) which are considered first time institutional funds between January 1, 2009 and January 1, See further detail in Endnote A.

11/9/2019 7:27 AM Company Size Small & Emerging Managers generally invest in smaller companies. ($ in millions) Source: PitchBook. Data as of December 31, Emerging Managers includes those with less than $1bn of AUM or first time funds.

11/9/2019 7:27 AM Valuation Multiples Purchase price multiples for smaller companies have been increasing over time. EV/EBITDA Multiple Source: S&P Leveraged Buyout Quarterly Review and S&P Capital IQ. As of Q Note: Valuations represent EV / EBITDA multiples.

Conservative Use of Leverage
11/9/2019 7:27 AM Conservative Use of Leverage Average debt multiples are increasing but have historically been lower for companies with EBITDA below $50mm. Debt/EBITDA Multiple for LBO’s Source: S&P Leveraged Buyout Quarterly Review and S&P Capital IQ. As of Q

Building a Small & Emerging Manager Portfolio
Sample Model Portfolio Portfolio Allocation Target NB Commentary Lower Middle Market Buyout Funds Rationale: Lower middle market buyout has the greatest number of fund managers, strategies and methods of value creation Investment Size: $10-$20mm per investment Special Situations Funds Rationale: Complements traditional buyout through the inclusion of value oriented managers Investment Size: $10-$15mm per investment Venture / Growth Funds Rationale: Venture capital has the highest potential upside but with higher volatility, while growth equity represents an attractive strategy to invest in growing companies on a minority basis Investment Size: $5-$10mm per investment Co-Investments & Secondaries Co-Investments Rationale: Potential for higher returns and greater fee and capital efficiency through enhanced deal selection Secondaries: Rationale: Greater capital efficiency with the potential for early distributions Investment Size: $3-$20mm per investment ~30% ~20% ~10% ~40% Note: There can be no assurance that the portfolio will achieve the targeted or desired diversification or asset allocations, that the portfolio will be able to or will ultimately elect to implement the assumptive investment strategy and approach described in the model. Asset class classifications are determined in the sole discretion of the general partner and/or investment manager and are subject to changes.

Investing in Small & emerging managers

Small & Emerging Managers – Investor Sentiment
11/9/2019 7:27 AM Small & Emerging Managers – Investor Sentiment “Our emerging manager program enables us to invest with the best of the best, period. It shouldn't matter who you know or what your background is, if you can deliver for New York City retirees, you deserve a shot — and that's what this program gives you." Scott M. Stringer, New York City Retirement Systems Comptroller “For Hostplus, developing and maintaining long-term partnerships with new investment managers is critical to securing privileged access to successor funds and future deal flow.” Sam Sicilia, CIO of Hostplus Superannuation Fund “Seven years ago, we had one African American private equity manager managing $7 million today, about $700 million of our portfolio is managed by minority and women managers.” Juan Martinez, VP and CFO of the John S. and James L. Knight Foundation “The people managing the assets for the end beneficiaries should be as diverse as the beneficiaries themselves.” Bert Feuss, SVP of Investments at Silicon Valley Community Foundation

Challenges Investors Face When Considering Small & Emerging Managers
11/9/2019 7:27 AM Challenges Investors Face When Considering Small & Emerging Managers The definition of Small & Emerging Managers is unclear to many LPs Vetting Small & Emerging Managers is difficult due to: limited track records uncertain deal attribution limited experience working as a team More established managers are perceived to be less risky General misconception that Small & Emerging Managers are low-return, social investors

Important Aspects for the Selection of Emerging Managers
11/9/2019 7:27 AM Important Aspects for the Selection of Emerging Managers We look to invest with GPs who exhibit the following: Focus on building a firm, not just a fund Strong and committed team Attractive track record of investing third-party capital Well-defined strategy Alignment of interests through GP commitment Institutional level terms Appropriate fund size Differentiated sourcing Robust due diligence and decision-making processes Combination of strong investment and operational capabilities Pricing, leverage and structuring discipline Note: For illustrative and discussion purposes only.

Building long-term relationships with small & emerging managers

Evolution and Graduation of Emerging Managers: Example
2007 (Then) 2019 (Now) Launch of first institutional fund; ~$1 bn investment professionals 15 operating professionals 2 in AUM (across private equity, credit and public equities) $~30 bn lines of business across which funds have been launched investment professionals 110+ operating professionals 90+ 6 Industry Recognition From: Note: For illustrative and discussion purposes only.

Relationship Evolution of First Time Funds across NB Private Equity
Identify future core positions Over the last 10 years NB Private Equity has committed: $600mm (19 funds) $800mm $900mm Capital Committed to First Time Funds Additional Capital Committed to Co-investments Additional Capital to Successor Funds Data from 2008 through See further detail in Endnote A.

appendix

11/9/2019 7:27 AM Endnotes Information is as of September 30, 2018 unless otherwise indicated. Past performance is not indicative of future results. The data set includes primary investments that are in fund which are considered first time institutional funds since January 1, In reviewing the performance information, please keep in mind the inherent limitations of the reliability of certain of the valuations upon which that performance presentation is made. The results are for illustrative purposes only and are not intended to predict the performance of any specific investment. Similarly, there can be no assurance that a fund will achieve, or be able to achieve, comparable results. This analysis includes funds managed by NB Alternatives and its predecessors-in-interest. Neuberger Berman and its affiliates are the successor to all of the predecessors’ operational assets, and employ substantially all of their key personnel, and NB Alternatives became either the advisor or sub-advisor to the Fund Accounts previously advised by the predecessors. The data does not include NB Private Equity’s dedicated commingled secondary funds and certain specialty funds which focus primarily on private debt investments, healthcare income generating strategies, brand licensing, purchasing minority interests in hedge and private equity fund managers, advisory mandates, or outsourced CIO programs. The track record presented includes investments made through vehicles managed by the Private Investment Portfolios and Co-Investment Investment Committee and their predecessor Investment Committees (collectively, the “IC”), with certain exceptions as set forth below. Investments that are included in the track record, which were not, however, approved by the Investment Committee (“IC”), include investments made by registered funds and funds focused on impact investing, each of which have one additional member on their IC. Investments that are excluded from the track record, which were, nonetheless, approved by the IC, include (i) equity co-investments made in conjunction with debt investments, with the debt investment required to be made in order to make the equity investment; (ii) debt investments only made by funds, which by their terms, contain specific debt investment allocations and investment objectives; (iii) Fund Account investments in other NB Private Equity managed funds. Data is net of underlying investment fees, expenses, and carried interest but gross of NB fees, expenses, and carried interest. Returns are presented on a gross basis because the governing documents of the commingled and custom funds do not provide a mechanism to appropriately allocate fees, expenses and carried interest to each investment across different fund complexes by vintage year and asset class. These related return results are unaudited.

Disclaimer The information contained herein must be treated in a confidential manner and may not be reproduced, used or disclosed, in whole or in part, without the prior written consent of the Adviser or the Fund. Disclosure to persons other than the recipient potential Investor and their representatives is prohibited. This presentation (the "Presentation") is being furnished on a confidential basis to a sophisticated investor for informational and discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. Any such offer or solicitation shall be made pursuant to additional documentation relating to the Fund, which documentation describes risks related to an investment in the Fund as well as other important information about the Fund and its sponsor. The information set forth herein does not purport to be complete and is subject to change. This Presentation is qualified in its entirety by all of the information set forth in any such additional documentation. This Presentation does not constitute a part of any offering documentation of any Fund. Please refer to the Memorandum for important disclosures regarding various risks related to investment in the Fund. An investment in the Fund involves significant risks, including the risk of total loss of capital. This presentation may include information from other funds managed by the Adviser and its predecessors-in-interest. Neuberger Berman and its affiliates are the successor to all of the predecessors’ operational assets, and employ substantially all of their key personnel, and the Adviser became either the advisor or sub-advisor to the funds previously advised by the predecessors. Historical information contained herein is for illustrative purposes only; such information is based on market and other conditions at the time that may significantly change, and should not be relied upon. Past performance is not indicative of future results. There can be no assurance that investments marked with the footnote “Pending investments in process of documentation” will close, or that any of the terms of such transactions described herein or under discussion will be achieved. There can be no assurance that the Fund will achieve comparable results, that targeted diversification or asset allocations will be met or that the Fund will be able to implement its investment strategy and investment approach or achieve its investment objective. Where an unrealized investment has been valued by the general partner of the fund, there can be no assurance that these values will ultimately be realized upon disposition of the investments. The values of unrealized investments are estimated, inherently uncertain and subject to change. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, actual realized returns on unrealized investments may differ materially from the returns indicated herein. Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of the General Partner. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, this Presentation contains "forward-looking statements." Actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. No presentation or warranty is made as to future performance or such forward-looking statements. Financial or other projections described herein are illustrative and intended for discussion purposes only. Alternative assumptions may result in significant differences in such illustrative projections. Opportunities described in such illustrative projections may not be found nor is prospective performance of the type described guaranteed, and the Fund may not be able to achieve its objective or implement its strategy. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated through the date hereof. While such sources are believed to be reliable, neither the Fund, its General Partner, the Adviser nor their respective affiliates or employees assume any responsibility for the accuracy or completeness of such information. Unless otherwise indicated, returns are presented on a “gross” basis (i.e. they do not reflect the management fees, carried interest, transaction costs and other expenses that may be paid by Investors, which may be significant and may lower returns). Neither Neuberger Berman nor any of its affiliates have made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including but not limited to information obtained from third parties unrelated to Neuberger Berman), and they expressly disclaim any responsibility or liability therefore. In particular, no third party has prepared, reviewed or approved the information contained herein and, accordingly, no third party has made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any portion of the information contained herein. Neither Neuberger Berman nor any of its affiliates have any responsibility to update any of the information provided in this summary document. Fund terms described herein are summaries only and may be incomplete. Such summaries are qualified in their entirety by the Memorandum and fund documents, including the Partnership Agreement, which may change without notice.

Disclaimer (continued)
These materials and the information contained herein are not, and under no circumstances are to be construed as, an advertisement or a public offering of securities in Canada or any province or territory thereof. Under no circumstances are these materials and the information contained herein to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the deal registration requirement in the relevant province or territory of Canada in which such offer or sale is made. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon the merits of the investments described herein and any representation to the contrary is an offence. In Canada, NB Alternatives Advisers LLC relies on the “international investment fund manager exemption” under Multilateral Instrument Registration Exemptions For Non-Resident Investment Fund Managers in Ontario, Quebec and Newfoundland and Labrador, and the “international adviser exemption” under National Instrument Registration Requirements, Exemptions and Ongoing Registrant Obligations in Ontario. This material is general in nature and is not directed to any category of investors and should not be regarded as individualized, a recommendation, investment advice or a suggestion to engage in or refrain from any investment- related course of action. Neuberger Berman is not providing this material in a fiduciary capacity and has a financial interest in the sale of its products and services. Investment decisions and the appropriateness of this material should be made based on an investor's individual objectives and circumstances and in consultation with his or her advisors. This material may not be used for any investment decision in respect of any U.S. private sector retirement account unless the recipient is a fiduciary that is a U.S. registered investment adviser, a U.S. registered broker-dealer, a bank regulated by the United States or any State, an insurance company licensed by more than one State to manage the assets of employee benefit plans subject to ERISA, or, if subject to Title I of ERISA, a fiduciary with at least $50 million of client assets under management and control, and in all cases financially sophisticated, capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies. This means that “retail” retirement investors are expected to engage the services of an advisor in evaluating this material for any investment decision. If your understanding is different, we ask that you inform us immediately. © 2019 NB Alternatives Advisers LLC

Additional Disclosures
This material is provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the earlier of the dates specifies herein or the date of this presentation and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Neuberger Berman products and services may not be available in all jurisdictions or to all client types. Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct investment. Past performance is no guarantee of future results. All information as of the date indicated. Firm data, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history and timelines includes the history and business expansions of all firm subsidiaries, including predecessor entities and acquisition entities. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists. This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit for the specific entities and jurisdictional limitations and restrictions. The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. © 2019 Neuberger Berman Group LLC. All rights reserved.

Private Equity – Small & Emerging Managers

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