Neuberger Berman and Empower Announce Collaboration to Expand Access to Private Equity for Retirement Plan Participants

New York, May 14, 2025 – Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce its partnership with Empower, the second-largest retirement services provider in the U.S., to introduce private equity investments in defined contribution retirement plans. This pioneering program offers individuals access to a high-quality private equity solution, previously limited to institutional investors and the ultra-wealthy.

This collaboration underscores Neuberger Berman and Empower’s shared commitment to democratizing private markets investment strategies. Empower supports 19 million Americans saving for retirement through workplace plans. By integrating private equity into defined contribution plans, participants can diversify their portfolios and potentially enhance returns, helping to maximize their retirement savings.

“Our partnership with Empower creates a seamless and cost-effective private equity investment experience for participating employers that Empower serves.” said Michelle Rappa, Managing Director and Retirement Client Advisor for Neuberger Berman. “This milestone reflects our joint dedication to broaden investment opportunities for retirement plan participants.”

Empower’s initiative enables access to private markets—a historically high-performing asset class that has been largely out of reach for defined contribution plans—helping millions of participants grow their retirement savings. Access to these investments requires employer approval and the use of Empower’s managed account platform to tailor investments based on individual risk tolerance and financial goals. The program utilizes collective investment trusts to integrate private equity alongside existing plan options.

Peter von Lehe, Managing Director and Head of Private Markets Investment Solutions and Strategy at Neuberger Berman, commented, “We are honored to partner with Empower to deliver innovative solutions to help enable plan participants to achieve their unique long-term retirement goals. Empower’s private markets program provides investors the potential for compelling risk-adjusted returns and a way to access a diversified portfolio of institutional-quality private equity investments through the strength, scale and expertise of 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 $515 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. Neuberger Berman 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. Data as of March 31, 2025.

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).

About Empower

Recognized as the second-largest retirement services provider in the U.S.¹ by total participants, Empower administers approximately $1.8 trillion in assets for 19 million investors² through the provision of retirement plans, advice, wealth management, and investments.

Media Contact:

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