# Neuberger Next Generation Connectivity Fund

Neuberger Next Generation Connectivity Fund is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 2021
- **Assets under management:** Undisclosed
- **Website:** nxgfund.com

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Infrastructure
- Enterprise Software
- Industrial Tech
- Mobility & Transportation

## People

- Hari Ramanan — Portfolio Manager
- Yan Taw (YT) Boon — Portfolio Manager

## Questions

### 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.

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Last updated: 2026-06-03T20:00:00.000Z

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