Neuberger Berman Raises $7.3B for Private Debt Vehicle 

Neuberger Berman has closed its private debt fund, NB Private Debt, at $7.3 billion (including leverage)—surpassing its original target. The fund will primarily invest in senior-secured, first-lien and unitranche loans to high-quality, U.S. private equity-owned companies. 

“Capital preservation is our first priority,” said Susan Kasser, Head of Private Debt at Neuberger Berman. “Since inception, our annualized default and loss rates remain low—just 0.02% and 0.01%, respectively—as our assets under management continue to grow.” 

Launched in 2013, Neuberger’s private debt business now manages approximately $24.3 billion across evergreen and closed-end vehicles. The firm leads or co-leads 98% of originated loans and has the capacity to commit over $800 million per transaction. In the past two years alone, dedicated client capital in the strategy has increased by more than 81%. 

In August, Neuberger expanded its capabilities by launching the NB Asset-Based Credit Fund, its first interval fund designed to deliver high current income via short-duration, asset-based credit across receivables lending, consumer and small-business financing, real assets, revenue-based loans and public asset-backed securities. 

Neuberger’s broader private markets platform—established in 1987—now oversees approximately $169 billion in capital, spanning private equity (primaries, secondaries and co-investments), private debt, capital solutions and specialty strategies. 

Kirkland & Ellis served as legal counsel to the Fund.