Neuberger Berman closed its latest co-investment fund, NB Strategic Co-Investment Partners IV, with $2.1 billion.

The fund, which was oversubscribed, exceeded its fundraising target, spokesman Alexander Samuelson said in an email.

The new fund is 40% larger than the prior fund in the series, the $1.5 billion NB Strategic Co-Investment Partners III, which closed in December 2015.

The latest fund will invest in diversified portfolio of direct co-investments in buyout and growth equity transactions alongside private equity managers.

Investors in the new fund include $4.5 billion Vermont State Employees’ Retirement Systems, Montpelier.

Source: Pensions & Investments

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