Neuberger Berman Closes NB Strategic Co-investment Partners V Fund Above Target at $2.8 Billion

Neuberger Berman has successfully raised approximately $6 billion in client capital across its co-investment focused commingled funds and custom accounts over the past 18 months

New York, July 16, 2025 – Neuberger Berman, a global, private, employee-owned investment manager, is pleased to announce the successful close of NB Strategic Co-Investment Partners V (“Fund V” or the “Fund”). The Fund closed with over $2.8 billion in capital commitments, surpassing its target of $2.25 billion as well as the predecessor fund size, underscoring the growing investor appetite for GP-centric strategies and reinforcing Neuberger’s position as a leading global private equity co-investment manager with over $40 billion¹ of dedicated co-investment capital under management across its platform.

Fund V seeks to build a high-quality, diversified and global portfolio of direct equity co-investments alongside premier private equity firms with diversification across industries, private equity managers, enterprise value and vintage years. The Fund has a diverse investor base that includes public and private pension funds, insurance companies, foundations, family offices and high net worth clients globally. Fund V builds on Neuberger’s experience managing co-investment strategies for nearly 20 years across market cycles and further demonstrates the firm’s reputation as a preferred capital solutions provider.

“We are grateful to our investors for supporting us in this successful fundraise and continue to be excited by the market opportunity in co-investments,” said Joana Rocha Scaff, Neuberger’s Head of Europe Private Equity. “This Fund enables our clients to participate in distinct investment opportunities we originate by being a flexible and value-added capital solutions provider to our GP partners, especially by acting as co-underwriters of new transactions and investing mid-life in existing sponsor-owned portfolio companies, typically providing capital for growth and partial realizations.”

Including Fund V, Neuberger has raised approximately $6 billion in client capital dedicated to co-investments since January 2024, underscoring the strong appetite from investors globally for Neuberger ’s co-investment strategy, which seeks to partner with premier lead sponsors in the private equity ecosystem.

David Morse, Global Co-head of Co-Investments, added, “Fund V stands to benefit from our leading private markets platform, with over $140 billion of assets under management, built over 35 years. With a large, global and experienced team of 195+ private markets investment professionals and active investment relationships with over 380 lead sponsors, we believe we are in a strong position to continue to generate compelling investment opportunities.”

Ropes & Gray LLP served as legal counsel to the Fund.

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 $538 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of June 30, 2025

About Neuberger Private Markets

Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of March 31, 2025, Neuberger Private Markets manages over $140 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia.

Media Contact:

Fiona Kehily, +44 20 3214 9087, Fiona.Kehily@nb.com