Asset Managers - PE Investment?

Hey guys - I've been noticing that some of the bigger asset management firms (Neuberger Berman in particular) have these Private Equity investment funds. I understand the basic concept of what they do (co-investment, debt funding, secondary sales, etc.), but I was wondering what the experience is like at the junior level for some of these guys? I'm assuming you spend less time evaluating raw opportunities, and more time analyzing companies brought to you by sponsors, is that correct?

Does anyone have a view on Pay, Lifestyle, Exit Ops, etc? Seems like it could be a good niche and could easily morph into a more traditional PE shop, unless I'm missing something?

Thanks!

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