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Neuberger Next Generation Connectivity Fund
Neuberger Berman launched the Next Generation Connectivity Fund (NYSE: NXG) in April 2021 as a closed-end management investment company.
Neuberger Next Generation Connectivity Fund
Neuberger Berman launched the Next Generation Connectivity Fund (NYSE: NXG) in April 2021 as a closed-end management investment company. The fund is sub-advised by Neuberger Berman Investment Advisers, with portfolio managers Hari Ramanan and YT Boon running the book. The vehicle was conceived during a period when 5G spectrum auctions and fiber-to-the-home deployments were accelerating globally, aiming to give public-market investors exposure to the digital-infrastructure capex cycle without the illiquidity of a traditional infrastructure fund. The fund invests in equity and fixed-income securities tied to the buildout, maintenance, and utilization of next-generation connectivity infrastructure. Target segments include tower companies, data-center REITs, fiber-network operators, semiconductor-enabling firms, and equipment manufacturers. The mandate spans the capital structure, holding preferred securities and convertible bonds alongside common equity. Confirmed holdings from public filings have included American Tower, Crown Castle, and Qualcomm. Geographic coverage is global but concentrated in North America and developed Asia-Pacific, where 5G deployment has been most advanced. Neuberger Berman, the parent firm, managed approximately $460 billion across equities, fixed income, and alternatives as of mid-2024, operating offices in over 25 countries. The Next Generation Connectivity Fund represents one of several thematic closed-end funds the firm has incubated, alongside others targeting areas like next-generation mobility and disruptive technologies. In July 2024, the fund declared a quarterly distribution of $0.09 per share, reflecting the income orientation embedded in its hybrid capital-structure approach (per Business Wire, July 2024). The fund's structural differentiator is its closed-end format, which allows the portfolio managers to hold less-liquid infrastructure-linked securities that an open-end mutual fund would struggle to accommodate. Unlike open-end tech funds, which face daily redemptions, NXG can lean into the private-infrastructure-like duration of connectivity assets while offering daily exchange liquidity to its shareholders. This architecture is rare among 1940 Act-registered funds and effectively bridges public-markets access with a private-infrastructure investment horizon.
General information
Firm type
Asset Manager
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Hari Ramanan
Portfolio Manager
Yan Taw (YT) Boon
Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at the Neuberger Next Generation Connectivity Fund?
Day-to-day portfolio management is led by Hari Ramanan and Yan Taw (YT) Boon, both members of Neuberger Berman's global equity team. Ramanan focuses on global communications and infrastructure, while Boon covers Asian technology and telecommunications equities. They operate under the umbrella of Neuberger Berman Investment Advisers, which serves as the fund's sub-adviser.
What is the fund's mandate and how does it differ from a standard tech ETF?
The fund seeks to invest across the capital structure of companies enabling next-generation connectivity — common stock, preferred securities, and convertible bonds. Unlike a pure-play tech ETF, it targets the buildout and utilization phase of 5G, fiber, and edge computing, often holding telecom-infrastructure REITs and fixed-income instruments that an index tracker would underweight or exclude entirely.
Is the Neuberger Next Generation Connectivity Fund structured as a mutual fund, ETF, or something else?
It is a closed-end management investment company listed on the New York Stock Exchange under the ticker NXG. Closed-end funds issue a fixed number of shares at IPO and trade on an exchange, allowing the portfolio managers to hold less-liquid securities without facing daily redemption pressures that an open-end mutual fund would encounter.
Which sectors does the fund explicitly target or avoid?
The fund explicitly targets companies involved in the buildout, maintenance, and utilization of connectivity infrastructure — including tower REITs, data centers, fiber-optic network operators, semiconductor enablers, and wireless equipment manufacturers. It does not invest in general-purpose consumer technology or software-as-a-service businesses that lack a direct physical-infrastructure tie to connectivity.
How does the fund generate income for shareholders?
Income is generated through dividends on common equity holdings, interest on preferred and debt securities, and distributions from real estate investment trusts held in the portfolio. The fund has maintained a regular quarterly distribution policy since inception, supported by the cash flows of its income-oriented infrastructure holdings.
What is the fund's geographic footprint?
The mandate is global but concentrates in North America and developed Asia-Pacific markets, where 5G spectrum auctions, fiber deployment, and data-center construction have been most active. Holdings have included U.S.-based tower REITs and global semiconductor firms with supply chains spanning East Asia.
What relationship does the fund have with Neuberger Berman's private-markets infrastructure strategies?
The Next Generation Connectivity Fund operates independently from Neuberger Berman's private infrastructure and private equity funds, but the portfolio managers can leverage the parent firm's broader research on digital-infrastructure themes. Unlike NB's institutional private-infrastructure commingled funds, NXG provides daily liquidity through its NYSE listing and is accessible to retail and wealth-management clients.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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