Neuberger Berman Closes $2.8B Co-Investment Fund
Neuberger Berman has announced the final closing of NB Strategic Co-Investment Partners V, raising more than $2.8 billion in capital commitments — well above its original target of $2.25 billion. The close marks another milestone for the firm’s co-investment platform, which has now raised approximately $6 billion in client capital for co-investments since January 2024, bringing its total co-investment assets under management to over $40 billion.
Fund V will build a high-quality, diversified global portfolio of direct equity co-investments alongside top-tier private equity managers, targeting a broad mix of industries, deal sizes, and vintages. The strategy aims to capitalize on Neuberger Berman’s long-standing relationships with premier general partners, allowing investors to access unique deal flow and attractive pricing.
“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,” said Joana Rocha Scaff, head of Europe Private Equity at Neuberger Berman.
The latest co-investment vehicle drew commitments from a broad base of global institutional investors, including public and private pension funds, insurance companies, family offices, foundations, and high-net-worth clients.
The closing of Fund V follows a series of strong fundraising efforts for Neuberger Berman in 2025, including $4 billion for NB Strategic Capital Fund II, a general partner-led secondaries fund; a $1.05 billion real estate private equity secondaries fund; and a $1.6 billion specialty finance fund that closed in February.
More broadly, the co-investment and secondaries markets remain a key growth area for large private markets allocators, underscored by recent closings such as StepStone’s $3.77 billion StepStone Real Estate Partners V, Apollo’s $8.5 billion Accord+ strategy, and Ardian’s $30 billion ninth secondaries platform.
Founded in 1939, Neuberger Berman manages more than $538 billion in assets across equities, fixed income, private equity, real estate, and hedge fund portfolios. Ropes & Gray LLP served as legal counsel to NB Strategic Co-Investment Partners V.