Neuberger Berman Loan Advisers IV LLC

The vehicle is managed by the Neuberger Berman private credit team, which is led by senior investment professionals including Joseph Amato (President and CIO — Equities) and George H. Walker (Chairman and CEO of the parent firm). Day-to-day loan origination and portfolio management decisions are made by dedicated credit officers within the firm (per Neuberger Berman public disclosures).

It is a limited liability company registered as a business development company (BDC) under the Investment Company Act of 1940. As a BDC, it must invest at least 70% of its assets in qualifying assets — primarily private, middle-market companies — and distribute at least 90% of its taxable income to shareholders. This structure provides retail and institutional investors access to private credit with regulatory oversight (per SEC filings).

Both. The vehicle invests in a mix of directly originated senior secured loans to middle-market companies and broadly syndicated loan positions. It also allocates to CLO mezzanine and equity tranches as part of its structured credit component. The strategy is designed to navigate liquidity, yield, and risk across private and public credit markets (per the firm's investment management description).

As a BDC, the vehicle is a closed-end fund that typically offers limited liquidity. Shares are not redeemable at net asset value on demand; instead, they are publicly traded (for listed BDCs) or offer periodic tender offers. Loan Advisers IV is organized as a non-traded BDC, meaning investors have access to liquidity through scheduled repurchase offers, not daily dealing. This aligns with the long-term, illiquid nature of direct lending (per SEC BDC regulations).

The portfolio spans industrials, healthcare, technology, business services, and financial services. The credit team favors companies with stable cash flows, established market positions, and senior secured structures. Sectors like real estate, commodities, and early-stage venture are typically excluded from direct lending mandates (per Neuberger Berman private credit literature).