Neuberger Berman has raised $4 billion for NB Strategic Capital Fund II, a general partner-led secondary fund, cementing its position in the fast-growing secondary market with one of the largest fundraises in the sector. This fund dwarfs its predecessor, NB Strategic Capital Fund I, which closed at $955 million in 2020, and focuses on GP-led secondary investments, with additional capital from limited partners earmarked for co-investments. 

Surpassing its $2.5 billion target, NB Strategic Capital Fund II attracted a diverse global investor base, including corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high-net-worth individuals from North America, Europe, Asia, and Latin America. 

Specializing in GP-led secondary transactions, Neuberger Berman has led or co-led over 40 single and multi-asset continuation fund deals, totaling more than $15 billion in transaction value. “The GP-led secondaries market is expanding rapidly, and we’re thrilled by the opportunities it presents,” said Tristram Perkins, global co-head of Secondaries at Neuberger Berman. 

This milestone follows other 2025 successes for the firm, including a $1.05 billion real estate private equity secondary fund and a $1.6 billion specialty finance fund closed in February. The secondary market’s strong momentum is further underscored by recent fundraises like 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. 

With over $135 billion in private market assets, including $20 billion in private equity secondaries funds and related vehicles, Neuberger Berman continues to drive innovation and growth in the secondary investment landscape.