Neuberger Berman’s NB Private Equity Impact Fund has held its final close with nearly $280m of commitments, according to a statement from the firm.

The strategy is backed by a global investor base that includes public and private pension plans, insurance companies and other financial institutions, endowments, foundations and family offices. Investors are represented across a broad geographic range, including North America, Europe, Asia and Australia.

The impact fund primarily invests in direct and fund investments that seek to achieve positive social and environmental outcomes that are aligned with the UN Sustainable Development Goals. The strategy’s investment themes include improving health outcomes, addressing climate change and energy needs and improving sustainable growth and employment.

As of the end of March, the impact fund has committed $132m to direct investments (co-investments), primary fund commitments and secondary transactions, each representing a compelling impact and investment thesis.

Investments include market-leading businesses that the firm believes have sound capital structures and that are generally focused on essential products and services that contribute to social and environmental solutions and therefore are less cyclical than the broader market. Examples include a point of use water filtration and dispenser company that is displacing plastic water bottles, a next-generation broadband technology platform and an online tutoring solution that delivers affordable tutoring to K-12 students, according to the firm.

The fund will be deployed by a global team of around 60 investment professionals. Around 35% of the fund’s senior leadership team is also comprised of women and underrepresented minority backgrounds, bringing a perspective uncommon in the industry, the firm noted.

Globally, Neuberger Berman manages $429bn in assets with $96bn of committed capital to private markets, according to the statement.