Neuberger Berman Closes $2.8B Co-Investment Fund Exceeding Target

Neuberger Berman has successfully closed its NB Strategic Co-Investment Partners V fund with $2.8 billion in investor commitments, significantly exceeding its $2.25 billion target. This oversubscribed fund aims to invest in a globally diversified portfolio of direct equity co-investments alongside leading private equity firms, spanning various industries, managers, and deal stages. Investors include public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals worldwide, reflecting strong demand for co-investment strategies that offer more selective deal access and potentially lower costs than traditional fund structures. Since January 2024, Neuberger Berman has raised nearly $6 billion for co-investment vehicles and customized accounts, managing over $40 billion in committed co-investment capital and $140 billion in total private markets assets. Fund V's strategy involves co-underwriting new transactions and investing mid-life in sponsor-owned portfolio companies, providing capital for growth initiatives and partial realizations. Neuberger Berman highlights this fundraise as a testament to growing investor appetite for GP-aligned co-investments and the firm's strong market position and relationships with over 380 lead private equity sponsors.