Neuberger Berman is creating a 'next generation' SPAC platform having closed its latest fund – the Neuberger Berman Opportunistic Capital Solutions Fund – with USD1.95 billion in capital commitments following a private investment from CC Capital, according to a report by AlternativesWatch.

Neuberger Berman and CC Capital are to co-sponsor a series of SPACs with the fund entering into a USD200 million forward purchase agreement with each one. As well as scaled capital, the CC Neuberger SPAC structure, offers companies access to up to USD300 million in backstop capital, which Neuberger Berman says makes deals more likely to reach closure.

The backstop capital will be deployed on a first-come, first-served basis to offset potential SPAC shareholder redemptions.