Neuberger Berman is seeking to raise a $500m private equity fund of funds, FN's sister publication Private Equity News reports.

According to a filing with the US Securities and Exchange Commission, the fund will include two separate buyout portfolios, one dedicated to small and mid-cap buyout funds and another for large-cap buyouts. It will be able to back managers specialising in distressed and special situations investments as well as straightforward buyouts.