Neuberger Berman: $4B Secondary Fund Close
- Neuberger Berman, a leading investment firm, has successfully closed its NB Strategic Capital Fund II with $4 billion in commitments.
- Exceeding its initial $2.5 billion target, the NB Strategic Capital Fund II attracted a diverse group of global investors.
- Neuberger Berman specializes in GP-led secondary transactions, having led or co-led over 40 single and multi-asset continuation fund deals.
Neuberger Berman closed its NB Strategic Capital Fund II, securing a substantial $4 billion for GP-led secondary investments.Exceeding its initial target,the fund highlights robust investor interest in the secondary market,attracting commitments from global pension plans,endowments,and family offices. This latest success builds on Neuberger BermanS strong track record, which includes over $15 billion in transactions. With this meaningful fund raise, the firm, boasting over $135 billion in private market assets, is poised to lead further growth and innovation. This news, covered by News Directory 3, underscores the dynamism of the secondary market. Discover what’s next for Neuberger Berman.
Neuberger Berman Closes $4B GP-Led Secondary Fund
Updated June 09, 2025
Neuberger Berman, a leading investment firm, has successfully closed its NB Strategic Capital Fund II with $4 billion in commitments. This notable capital raise underscores the firm’s strength in the rapidly expanding secondary market, particularly in GP-led secondary investments. The fund’s predecessor,NB Strategic Capital Fund I,closed in 2020 with $955 million.
Exceeding its initial $2.5 billion target, the NB Strategic Capital Fund II attracted a diverse group of global investors. These include corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high-net-worth individuals spanning north America, Europe, Asia, and Latin America. This broad investor base highlights the widespread interest in GP-led secondary opportunities.
Neuberger Berman specializes in GP-led secondary transactions, having led or co-led over 40 single and multi-asset continuation fund deals. These transactions represent a total value exceeding $15 billion. Tristram Perkins, global co-head of Secondaries at Neuberger Berman, noted the expansion of the GP-led secondaries market and the firm’s enthusiasm for the opportunities it presents.
This latest fund closure follows other successful fundraises for Neuberger Berman in 2025. These include a $1.05 billion real estate private equity secondary fund and a $1.6 billion specialty finance fund closed in Febuary. The secondary market continues to demonstrate strong momentum, evidenced by recent fundraises from firms like StepStone, Apollo, and Ardian.
With over $135 billion in private market assets, including $20 billion in private equity secondaries funds and related vehicles, Neuberger Berman is positioned to drive further innovation and growth in the secondary investment landscape.
What’s next
Neuberger Berman plans to continue leveraging its expertise in GP-led secondaries to identify and capitalize on emerging opportunities in the market, delivering value to its diverse investor base.