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In a stunning show of private equity muscle, Neuberger Berman has closed its NB Strategic Capital Fund II with over $4 billion in investor commitments, a figure that more than quadruples its 2020 predecessor and signals a seismic moment in the increasingly complex secondaries market.

Private Equity’s Second Act: A Bold Continuation

Initially targeting $2.5 billion, the fund’s massive oversubscription marks a watershed achievement for the asset manager, turning what was once a niche strategy into a commanding force. The new vehicle catapults Neuberger Berman’s position in the general partner-led (GP-led) secondary market, which exploded 44% last year to reach $75 billion in transaction value.

“Our private markets platform was built to be a partner of choice for elite private equity managers,” said Ben Perl, Neuberger Berman’s global co-head of secondaries.

The firm’s distinctive approach to underwriting assets, combined with in-house research muscle and its global reach, positions the $4 billion fund as one of the largest GP-led secondaries funds ever raised.

Strategy: Deep Pockets, Deeper Relationships

NB Strategic Capital Fund II is designed to fuel the firm’s leadership in continuation vehicle transactions, allowing the secondaries team to write bold, flexible checks across multi-asset and single-asset deals. The fund works in tandem with Neuberger Berman’s broader GP-centric strategy, a framework that targets partnerships across all layers of the capital stack in the private equity ecosystem.

Investors: Global Backing from Institutions to Family Offices

Support for the fund came from a diverse international roster:

• Corporate and public pension plans

• Endowments and foundations

• Insurance companies and high-net-worth individuals

• Spanning across North America, Europe, Asia, and Latin America

This surge of confidence suggests institutional hunger for creative liquidity solutions in the private markets is reaching fever pitch.

“We are honored by the trust shown by both long-standing and new investors,” said Tristram Perkins, co-head of secondaries. “The GP-led space is evolving quickly, and we see enormous potential ahead.”

Track Record: $15B in Deals and Climbing

Neuberger Berman’s secondaries team is no rookie squad. They’ve led or co-led over 40 continuation fund transactions, accounting for more than $15 billion in aggregate deal value—a résumé that reinforces their growing dominance in one of the fastest-changing corners of private finance.

Legal Powerhouse Behind the Scenes

Guiding this massive fundraise was elite law firm Simpson Thacher & Bartlett LLP, fielding a seasoned team:

• Lauren King, funds partner

• Benjamin Rippeon and Jacqueline Clinton, tax partners

• Julia Kohen, credit partner

Their role ensured the complex structure and cross-border commitments were ironclad and regulation-ready.