Neuberger Berman, a private, independent, and employee-owned investment manager, announced the final closing of NB Strategic Capital Fund II, with total capital commitments exceeding $4 billion. This figure includes additional capital committed by limited partners to co-invest alongside the fund.
This amount surpassed the fund’s initial target of $2.5 billion, representing a fourfold increase from the predecessor fund, NB Strategic Capital Fund I, which held its final close in 2020 at just over $955 million.
The fund’s diverse investor base spans North America, Europe, Asia, and Latin America, comprising corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high-net-worth individuals.
Neuberger Berman is an experienced and scaled investor in GP-led secondaries, having led or co-led over 40 single and multi-asset continuation fund transactions, representing over $15 billion of cumulative transaction value. And NB Strategic Capital II is now positioned as one of the most significant funds dedicated to the GP-led secondary market, which expanded 44%, reaching a record $75 billion of transaction value last year alone.
The fund and Neuberger Berman’s other pools of private equity capital enhance the deployment capabilities available to the secondaries team to lead GP-led continuation vehicle transactions. And this fund is highly complementary to Neuberger Berman’s broader GP-centric strategy, which partners with sponsors across their capital structure and throughout the private equity ecosystem.
In private markets, Neuberger Berman has $135+ billion of assets under management across primaries, co-investments, secondaries, direct lending, capital solutions, and other strategies. And this includes over $20 billion in assets under management across its flagship private equity secondaries funds and other secondary vehicles.
KEY QUOTES:
“We are grateful to both existing and new investors for the confidence they have placed in our team and the support they have shown us. We are excited by the market opportunity in GP-led secondaries, which continues to grow rapidly, and we believe will continue to be an important source of liquidity for private markets and attractive investment opportunities for our investors.”
Tristram Perkins, Global Co-Head of Secondaries at Neuberger Berman
“Our private markets platform has been purposely built to partner with leading private equity managers. By combining our team’s fundamental approach to asset underwriting and Neuberger Berman’s broad-based industry research and differentiated resources as a global asset manager, we are well-positioned to continue serving as a preferred partner to GPs.”
Ben Perl, Global Co-Head of Secondaries at Neuberger Berman
