Neuberger Berman has raised over $4bn for its latest GP-led secondaries vehicle, NB Strategic Capital Fund II, marking one of the largest fundraises to date in the rapidly expanding market for sponsor-backed continuation vehicles.
The close represents a major step forward for the firm’s secondaries platform, quadrupling the size of its 2020 predecessor fund, which closed at just under $1bn. The latest fund exceeded its original $2.5bn target, bolstered by strong demand from both existing and new LPs. Additional co-investment capital has also been committed alongside the fund, further expanding its dealmaking capacity.
The vehicle attracted a global investor base spanning North America, Europe, Asia, and Latin America, including public and corporate pensions, insurance firms, endowments, foundations, family offices, and high-net-worth individuals.
Tristram Perkins, Global Co-Head of Secondaries at Neuberger Berman, highlighted the accelerating opportunity in GP-led transactions. “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.”
Neuberger Berman has emerged as one of the most active investors in the GP-led space. The firm has now led or co-led more than 40 continuation fund transactions, representing over $15bn in cumulative transaction value. Its latest fund positions the firm among the largest dedicated players in a segment that grew 44% in 2024, reaching a record $75bn in transaction volume.
Ben Perl, also Global Co-Head of Secondaries at the firm, emphasised the strategic role the fund plays within Neuberger’s broader GP-centric approach. “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 close of NB Strategic Capital Fund II adds to Neuberger Berman’s $135bn private markets platform, which spans primaries, secondaries, co-investments, direct lending, and other strategies. The firm now manages over $20bn in secondaries capital alone, underscoring its deepening commitment to one of private equity’s most dynamic segments.
