Key Takeaways
- Geography: United States.
Analysis
Neuberger Berman has held the final close of NB Strategic Co-Investment Partners V at $2.8 billion, exceeding its $2.25 billion target. The oversubscribed fund underscores growing investor appetite for GP-aligned co-investment strategies and expands the firm’s global co-investment platform.
The fund will invest in a globally diversified portfolio of direct equity co-investments alongside top-tier private equity sponsors. Investors include public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals from across the globe.
The close brings Neuberger Berman’s total capital raised for co-investments and customised accounts to nearly $6 billion since early 2024. The firm now manages more than $40 billion in co-investment commitments and $140 billion across total private markets assets.
Joana Rocha Scaff, Head of Europe Private Equity, stated: “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. This fund enables our clients to participate in distinct investment opportunities we originate.”
David Morse, Global Co-Head of Co-Investments, added: “Fund V benefits from our leading private markets platform and our relationships with over 380 private equity sponsors worldwide.”
The strategy includes co-underwriting new transactions and investing mid-life in existing sponsor-owned portfolio companies to fund growth or partial exits. Ropes & Gray LLP served as legal counsel for the fund.
Neuberger Berman remains a prominent player in the expanding co-investment landscape, offering limited partners targeted access to select deals with lower cost structures compared to traditional private equity funds.