United States $538 Billion Investment Manager Neuberger Berman Raised $2.8 Billion for 5th Direct Equity Co-Investment Fund (NB Strategic Co-Investment Partners V, Fund Will Co-Invest with Private Equity Firms (GPs) Including Acting as Co-Underwriters of New Transactions & Investing in Existing Sponsor-Owned Portfolio Companies
19th July | Hong Kong
United States investment manager Neuberger Berman ($538 billion AUM) has raised $2.8 billion for its 5th direct equity co-investment fund (NB Strategic Co-Investment Partners V, co-investing with private equity firms (GPs) including acting as co-underwriters of new transactions & investing in existing sponsor-owned portfolio companies. Announcement (16/7/25): “Neuberger Berman, a global, private, employee-owned investment manager, is pleased to announce the successful close of NB Strategic Co-Investment Partners V (“Fund V” or the “Fund”). The Fund closed with over $2.8 billion in capital commitments, surpassing its target of $2.25 billion as well as the predecessor fund size, underscoring the growing investor appetite for GP-centric strategies and reinforcing Neuberger’s position as a leading global private equity co-investment manager with over $40 billion of dedicated co-investment capital under management across its platform. Fund V seeks to build a high-quality, diversified and global portfolio of direct equity co-investments alongside premier private equity firms with diversification across industries, private equity managers, enterprise value and vintage years. The Fund has a diverse investor base that includes public and private pension funds, insurance companies, foundations, family offices and high net worth clients globally. Fund V builds on Neuberger’s experience managing co-investment strategies for nearly 20 years across market cycles and further demonstrates the firm’s reputation as a preferred capital solutions provider. Including Fund V, Neuberger has raised approximately $6 billion in client capital dedicated to co-investments since January 2024, underscoring the strong appetite from investors globally for Neuberger ‘s co-investment strategy, which seeks to partner with premier lead sponsors in the private equity ecosystem.” In 2025 June, Neuberger Berman announced the raise of $4 billion for the 2nd secondary market fund (NB Strategic Capital Fund II) from investors in Americas, Europe & Asia (Corporates & public pension plans, endowments, insurers, family offices, HNWIs). NB Strategic Capital Fund I had raised $955 million in 2020.
“ United States $538 Billion Investment Manager Neuberger Berman Raised $2.8 Billion for 5th Direct Equity Co-Investment Fund (NB Strategic Co-Investment Partners V, Fund Will Co-Invest with Private Equity Firms (GPs) Including Acting as Co-Underwriters of New Transactions & Investing in Existing Sponsor-Owned Portfolio Companies “
Joana Rocha Scaff, Neuberger’s Head of Europe Private Equity: ”We are grateful to our investors for supporting us in this successful fundraise and continue to be excited by the market opportunity in co-investments. This Fund enables our clients to participate in distinct investment opportunities we originate by being a flexible and value-added capital solutions provider to our GP partners, especially by acting as co-underwriters of new transactions and investing mid-life in existing sponsor-owned portfolio companies, typically providing capital for growth and partial realizations.”
David Morse, Global Co-head of Co-Investments: ”Fund V stands to benefit from our leading private markets platform, with over $140 billion of assets under management, built over 35 years. With a large, global and experienced team of 195+ private markets investment professionals and active investment relationships with over 380 lead sponsors, we believe we are in a strong position to continue to generate compelling investment opportunities.”
Neuberger Berman – Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $538 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees).
Neuberger Private Markets – Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of March 31, 2025, Neuberger Private Markets manages over $140 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia.
United States $515 Billion Investment Manager Neuberger Berman Raised $4 Billion for 2nd Secondary Market Fund (NB Strategic Capital Fund II) from Investors in Americas, Europe & Asia (Corporates & Public Pension Plans, Endowments, Insurers, Family Offices, HNWIs), NB Strategic Capital Fund I Raised $955 Million in 2020
6th June – United States investment manager Neuberger Berman ($515 billion AUM) has raised $4 billion for the 2nd secondary market fund (NB Strategic Capital Fund II) from investors in Americas, Europe & Asia (Corporates & public pension plans, endowments, insurers, family offices, HNWIs). NB Strategic Capital Fund I had raised $955 million in 2020. Announcement (5/6/25): “Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the final close of NB Strategic Capital Fund II (the “Fund”) at just over $4.0 billion of total capital commitments, with additional capital committed by limited partners to co-invest alongside the Fund. The amount surpassed the Fund’s initial target of $2.5 billion and represents a four-fold increase from the predecessor fund, NB Strategic Capital Fund I, which held a final close in 2020 at just over $955 million. The Fund’s diverse investor base spans North America, Europe, Asia and Latin America, featuring corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high net worth individuals. Neuberger Berman is a highly experienced and scaled investor in GP-led secondaries, having led or co-led over 40 single and multi-asset continuation fund transactions, representing over $15 billion of cumulative transaction value. NB Strategic Capital II is now positioned as one of the largest funds dedicated to the highly attractive GP-led secondary market, which in 2024 alone expanded 44%, reaching a record $75 billion of transaction value. Together, the Fund and Neuberger Berman’s other pools of private equity capital enhance the deployment capabilities available to the secondaries team to lead GP-led continuation vehicle transactions. This Fund is highly complementary to Neuberger Berman’s broader GP-centric strategy, which partners with sponsors across their capital structure and throughout the private equity ecosystem. In private markets, Neuberger Berman has over $135 billion of assets under management across primaries, co-investments, secondaries, direct lending, capital solutions, and other strategies. This includes over $20 billion in assets under management across its flagship private equity secondaries funds and other secondary vehicles.”
Tristram Perkins, Global Co-Head of Secondaries at Neuberger Berman:” We are grateful to both existing and new investors for the confidence they have placed in our team and the support they have shown us. We are excited by the market opportunity in GP-led secondaries, which continues to grow rapidly, and we believe will continue to be an important source of liquidity for private markets and attractive investment opportunities for our investors.”
Ben Perl, Global Co-Head of Secondaries at Neuberger Berman:” Our private markets platform has been purposely built to partner with leading private equity managers. By combining our team’s fundamental approach to asset underwriting and Neuberger Berman’s broad-based industry research and differentiated resources as a global asset manager, we are well-positioned to continue serving as a preferred partner to GPs.”
Neuberger Berman – Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 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. 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 eleven years (firms with more than 1,000 employees)
NB Private Markets – NB Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. NB Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions globally including public and private pension funds, endowments, insurance companies, sovereign wealth funds, family offices and intermediaries. As of December 31, 2024, NB Private Markets managed over $135 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. NB Private Markets has an experienced, diverse and stable team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia (as of March 31, 2025).
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