Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the final close of NB Secondary Opportunities Fund V LP, the firm’s fifth global private equity secondary fund. SOF V closed at $4.9 billion, surpassing its target of $3.0 billion. It is the successor to NB Secondary Opportunities Fund IV LP, which had commitments of $2.5 billion.
Commenting on the closing, Tristram Perkins, Global Co-Head of Secondaries, said, “We are grateful to both existing and new investors for the confidence they have placed in our team and the support they have shown us. We are excited by the market opportunity, which continues to grow rapidly across both traditional LP and complex GP-led secondaries. We remain focused on delivering long-term results for our limited partners.”
Brian Talbot, Chairman and founding member of the team, added, “Our team, which continues to grow globally, has decades of experience providing tailored, bespoke liquidity solutions for both limited partners and general partners and we are proud of the consistent, targeted investment approach to secondary investing we have utilized dating back to 1991.”
Ben Perl, Global Co-Head of Secondaries, said, “As the secondary market continues to grow in both size and complexity, our fundamental approach to private company underwriting, supported by our access to NB’s broad-based industry research and vast private markets relationships across primaries, co-investments, direct lending and secondaries, continues to position us as a preferred partner for LPs and GPs, that we believe provides the opportunity to source differentiated investment opportunities globally.”
SOF V’s diverse investor base includes corporate and public pension plans, sovereign wealth funds, endowments, foundations, insurance companies, family offices, and high net worth individuals. Investors are global, including from North America, Europe, Asia and Latin America.
The fund will be led by the same senior leadership team as SOF IV, consisting of Peter Bock, Ethan Falkove, Frank Guglielmo, Boriana Karastoyanova, Victor Ko, Philipp Patschkowski, Tristram Perkins, Ben Perl and Brian Talbot.
Goodwin Procter LLP served as legal counsel to Neuberger Berman.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,500 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader for excellence in Environmental, Social and Governance (ESG) practices, a designation awarded to fewer than 1% of investment firms. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $418 billion in client assets as of June 30, 2022. For more information, please visit our website at www.nb.com.