The private equity secondaries team of New York-based asset manager Neuberger Berman has agreed to acquire a diversified portfolio of 21 private equity investments from a European family office.

The portfolio will be purchased by NB Secondary Opportunities Fund II, a $1.7 billion fund raised in 2008. The total transaction size is approximately $200 million, but transaction terms and the identity of the seller were not disclosed.

The secondaries team is part of Neuberger Berman’s $14 billion alternatives business, which also includes private equity and hedge funds of funds as well as a private equity co-investment fund.

With this latest transaction, approximately 24 per cent of NB Secondary Opportunities Fund II has been committed. It currently manages $2.5 billion of dedicated secondary capital.

Neuberger Berman managed approximately $169 billion in assets for institutions and individuals at 30 September 2009.