Neuberger Berman has once again demonstrated its dominance in the private markets space, closing its fifth co-investment fund with $2.8 billion in capital commitments, smashing through its $2.25 billion target. The asset manager, advised by Ropes & Gray LLP, unveiled the milestone Wednesday in a statement that points to intensifying limited partner appetite for co-investment opportunities in a volatile market.
The fund—officially titled NB Strategic Co-Investment Partners V—outpaces its 2021 predecessor, which closed at $2.1 billion, and dwarfs the $1.25 billion raised in Fund III back in 2016. It marks another chapter in the firm’s growing legacy, having now raised roughly $6 billion for co-investments since January 2024 alone.
A Platform Decades in the Making
“Fund V stands to benefit from our leading private markets platform, with over $140 billion AUM, built over 35 years,” said David Morse, Neuberger Berman’s global co-head of co-investments. He highlighted the firm’s 195+ private markets professionals and relationships with over 380 lead sponsors as instrumental to its edge in deal flow and opportunity sourcing.
The fund will assemble a diversified portfolio of direct equity co-investments, aligning alongside private equity firms across industries, sponsor types, enterprise values, and vintage years, providing investors with rare access to handpicked mid- and late-life deals.
