Neuberger Berman Announces Close of Second NB Private Equity Impact Fund, Expanding Private Markets Sustainable Investments Platform to Over $1.3 Billion

New York, 24 April, 2025 – Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the final close of NB Private Equity Impact Fund II (“Impact Fund II”) with $300 million in commitments, achieving its target fund size. This milestone expands the firm’s private markets sustainable investments platform to over $1.3 billion in dedicated private equity impact and sustainable real assets strategies across its platform of commingled and custom account portfolios.

Building on the success of its predecessor, which closed in 2021, Impact Fund II seeks to offer a diversified portfolio of private equity impact investments for clients who seek compelling risk-adjusted returns while also investing in direct and fund investments that are aligned with positive social and environmental themes. Impact Fund II was designed for clients seeking to make sustainable investments in private equity.

As of March 31, 2025, Impact Fund II has committed to eight investments, including five direct investments and three fund investments. Investments include market-leading businesses with sound capital structures that are generally focused on essential products and services contributing to social and environmental solutions. Examples include: a water pump company facilitating agricultural irrigation and industrial water efficiency, an innovative health care delivery model to improve patient triage, and an education company enabling dynamic digital learning for students and workers.

Jennifer Signori, Managing Director and Head of Private Markets Sustainable Investments at Neuberger Berman commented, “We are honored to partner with our investors and deliver an investment solution to help them achieve their financial objectives while having a positive social and environmental impact with their capital. We think this offers investors the potential for compelling risk-adjusted returns and a differentiated way to access private equity impact investments through the strength and scale of our platform.”

The Fund’s diverse investor base includes public and private pension funds, insurance companies, foundations, family offices and individuals. Investors are global, including from Europe, North America and Asia.

Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Neuberger Berman.

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. In 2024, Neuberger Berman was named #1 Best Place to Work in Money Management by Pensions & Investments for firms with more than 1,000 employees, marking its fourth top ranking—the most of any firm in the category. Overall, the firm has placed #1 or #2 for 11 consecutive years. Visit www.nb.com for more information. Data as of December 31, 2024.

About NB Private Markets

NB Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. NB Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions globally including public and private pension funds, endowments, insurance companies, sovereign wealth funds, family offices and intermediaries. As of December 31, 2024, NB Private Markets managed over $135 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. NB Private Markets has an experienced, diverse and stable team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia (as of March 31, 2025).