NEUBERGER BERMAN ANNOUNCES INVESTMENT IN BENECON

NEW YORK, Feb. 21, 2024 /PRNewswire/ -- Neuberger Berman, an employee-owned, private, independent investment manager, announced that Neuberger Berman Private Markets has completed a significant minority investment in The Benecon Group ("Benecon" or "the Company"). Neuberger Berman Private Markets will join existing investor TA Associates ("TA"), a leading global private equity firm, who remains the majority owner of the Company.

Founded in 1991 by Samuel Lombardo and headquartered in Lititz, Pennsylvania, Benecon develops and administers self-funded medical benefit programs for small-and-medium sized businesses, offering a full suite of actuarial, compliance, finance and producer services to thousands of employers and hundreds of thousands of employees across the United States. Benecon's offering allows employers to effectively manage benefit plan expenditures and design programs that meet both the strategic needs of the employer and the personal needs of the employees. Benecon's subsidiary, ConnectCare3, provides wellness consulting and clinical services, including patient advocacy, nurse navigation and chronic disease management.

"We are delighted to partner with management and TA to support a shared vision for the Company's next phase of growth. Rising healthcare benefits costs and lack of transparency present a significant challenge for small and mid-sized employers and Benecon has pioneered a unique and compelling approach to address these issues," said Michael Smith, Managing Director, Neuberger Berman Private Markets. "We have long been impressed by Matt Kirk and his team and believe Benecon will continue to capitalize on a tremendous growth opportunity in an underserved market," added Andrey Borisovskiy, Principal, Neuberger Berman Private Markets.

"Benecon's growth is a testament to the performance of our talented team and to our reputation as a leader in developing and managing self-funded medical benefit programs," said Matthew Kirk, President & CEO of Benecon.  "We continue to execute on our expansion strategy, delivering industry-leading, self-funded healthcare solutions and are excited to continue furthering this mission with Neuberger Berman.  We look forward to working with TA Associates and Neuberger Berman.  Their investment affirms the strength of the platform and our future growth potential."

Latham & Watkins served as legal advisor to Neuberger Berman.

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with 2,800 employees in 26 countries. The firm manages $463 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. UNPRI named the firm a Leader, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of December 31, 2023.

About Neuberger Berman Private Markets
Neuberger Berman Private Markets is a leading global private equity investor with over 35 years of experience and has managed over $120 billion of commitments since inception through September 30, 2023 across primary funds, co-investments, secondary investments, private credit and specialty strategies. Its dedicated team of over 300 private markets professionals has a global presence with offices in the United States, Europe and Asia as of September 30, 2023.  Neuberger Berman Private Markets has committed over $28 billion over the past three years across primaries, co-investments and secondaries. For more information, please visit our website at www.nb.com.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries ? technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

Media Contact: Alex Samuelson, 212 476 5392, [email protected]

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