Asset manager, Neuberger Berman, has raised $507 million for its third fund, the NB Global Floating Rate Income Fund, The Wall Street Journal reports. The closed-end investment company, which aimed to raise about $200 million, will invest in floating-rate senior secured leveraged loans issued by U.S. and European companies, for a portfolio of around 75 loans across 15 industries. The company has issued 107.2 million U.S. dollar shares and 244 million sterling shares, which will be listed on the London Stock Exchange. Oriel Securities and Dexion Capital acted as the joint global co-ordinators and joint bookrunners of the deal.

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