Neuberger Berman Raises $4.9B for Global Private Equity Secondary Fund 

Neuberger Berman has held the final close of NB Secondary Opportunities Fund V LP, the firm’s fifth global private equity secondary fund at $4.9 billion, surpassing its target of $3 billion.  

It is the successor to NB Secondary Opportunities Fund IV LP, which had commitments of $2.5 billion. 

The fund will be led by the same leadership team as SOF IV, consisting of Peter Bock, Ethan Falkove, Frank Guglielmo, Boriana Karastoyanova, Victor Ko, Philipp Patschkowski, Tristram Perkins, Ben Perl and Brian Talbot. 

Neuberger Berman’s secondary funds target GP-led and LP-led transactions in the private equity middle market, with an emphasis on concentrated, high-conviction deals. 

The fund has been in the market since March 2020, receiving support from limited partners such as City of Milwaukee Employees’ Retirement System and Alaska Retirement Management Board, each committing $100 million, and Vermont State Retirement Systems, which committed $70 million.