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.
