Global Investors Fuel Surge in Demand
Backers of the fund include pension funds, insurance companies, foundations, family offices, and high-net-worth individuals across North America, Europe, and Asia—evidence of the global chase for private equity exposure that skips traditional fund layers.
“This fund enables our clients to participate in distinct investment opportunities we originate by being a flexible and value-added capital solutions provider to our GP partners,” said Joana Rocha Scaff, head of Europe private equity at Neuberger Berman. “We often co-underwrite new transactions or invest mid-life in existing sponsor-owned companies—typically for growth or partial liquidity.”
A Growing Force in Co-Investments
The firm now boasts over $40 billion in co-investment capital under management, a staggering figure that places it in the upper echelons of private equity secondary and co-investment specialists. The success of Fund V underlines a market dynamic where investors seek transparency, control, and lower fees—all hallmarks of co-investment structures.
The legal team at Ropes & Gray guiding the fund included asset management partners Lindsey Goldstein, Peter Laybourn, and Joel Wattenbarger, along with tax partner Jay Milkes.
With markets fragmented and private equity managers looking for nimble capital partners, Neuberger Berman’s strategy appears not just well-timed—but essential for next-generation private market access.
