Neuberger Berman has held the final close of NB Strategic Co-Investment Partners V at $2.8bn, surpassing its $2.25bn target and highlighting growing appetite for GP-aligned co-investment strategies.

The oversubscribed fund will target a globally diversified portfolio of direct equity co-investments alongside leading private equity sponsors. Backers include public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals from across the globe.

The close brings Neuberger Berman’s total capital raised for co-investments and customised accounts to nearly $6bn since the beginning of 2024. The firm now manages over $40bn in committed co-investment capital and $140bn in total private markets assets.

“We are grateful to our investors for supporting us in this successful fundraise and continue to be excited by the market opportunity in co-investments,” said Joana Rocha Scaff, Head of Europe Private Equity at Neuberger Berman. “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.”

David Morse, Global Co-Head of Co-Investments, added: “Fund V stands to benefit from our leading private markets platform, with over $140bn of assets under management [..] and active investment relationships with over 380 lead sponsors.”

Fund V’s strategy includes co-underwriting new transactions and investing mid-life in sponsor-owned portfolio companies, providing capital for growth initiatives and partial realisations. Legal counsel for the fund was provided by Ropes & Gray LLP.

Neuberger Berman remains a key player in the growing co-investment space, which offers limited partners more selective deal access and reduced costs relative to traditional fund structures.

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