Neuberger Berman has closed NB Strategic Capital Fund II at over $4bn, establishing one of the largest GP-led secondaries funds raised to date and significantly strengthening its foothold in the continuation vehicle market.

The fund, which exceeded its original $2.5bn target, marks a fourfold increase over the firm’s 2020 predecessor vehicle. Additional co-investment capital further expands its capacity for dealmaking.

Strong demand from both existing and new limited partners helped drive the oversubscribed raise. The investor base spans North America, Europe, Asia, and Latin America, including pensions, insurers, endowments, family offices, and high-net-worth individuals.

“We are excited by the market opportunity in GP-led secondaries, which continues to grow rapidly, and we believe will remain a key source of liquidity for private markets and attractive returns for investors,” said Tristram Perkins, Global Co-Head of Secondaries at Neuberger Berman.

Neuberger Berman has emerged as a leading player in the GP-led secondaries space, having led or co-led more than 40 continuation fund transactions representing over $15bn in total value. The close of Fund II positions the firm among the top tier of managers in a market that grew 44% in 2024, reaching a record $75bn in volume.

Ben Perl, Global Co-Head of Secondaries, added, “By combining rigorous underwriting with Neuberger’s global platform and sector research, we aim to continue serving as a preferred partner to GPs navigating liquidity needs across the capital structure.”

The fund adds to Neuberger Berman’s $135bn private markets platform, with over $20bn now dedicated to secondaries, reinforcing its commitment to one of the fastest-growing segments in private equity.

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com. 

Can`t stop reading? Read more.