Key Takeaways
- Sector: GP stakes.
- Geography: United States.
Analysis
Neuberger Berman has successfully closed its NB Strategic Capital Fund II, amassing over $4 billion in commitments, significantly surpassing its initial $2.5 billion target.
This fund represents a substantial increase from its predecessor, which closed at $955 million in 2020, and underscores the firm's commitment to the growing GP-led secondaries market.
The fund attracted a diverse group of investors from North America, Europe, Asia, and Latin America, including public and corporate pensions, insurance firms, endowments, foundations, family offices, and high-net-worth individuals.
Tristram Perkins, Global Co-Head of Secondaries at Neuberger Berman, highlighted the accelerating opportunity in GP-led transactions, stating, "We are excited by the market opportunity in GP-led secondaries, which continues to grow rapidly, and we believe will remain a key source of liquidity for private markets and attractive returns for investors."
Neuberger Berman has emerged as a leading player in the GP-led space, having led or co-led more than 40 continuation fund transactions, representing over $15 billion in cumulative transaction value.
The firm's latest fund positions it among the largest dedicated players in a segment that grew 44% in 2024, reaching a record $75 billion in transaction volume.
Ben Perl, also Global Co-Head of Secondaries at the firm, emphasized the strategic role the fund plays within Neuberger’s broader GP-centric approach, stating, "By combining rigorous underwriting with Neuberger’s global platform and sector research, we aim to continue serving as a preferred partner to GPs navigating liquidity needs across the capital structure."
The close of NB Strategic Capital Fund II adds to Neuberger Berman’s $135 billion private markets platform, which spans primaries, secondaries, co-investments, direct lending, and other strategies.
The firm now manages over $20 billion in secondaries capital alone, underscoring its deepening commitment to one of private equity’s most dynamic segments.