Neuberger Berman’s latest fund launch showcased the increased interest in private equity secondaries, drawing $4.9 billion in its close of the NB Secondary Opportunities Fund V (SOF V) earlier this week.
The $418 billion firm’s previous secondaries fund had commitments of $2.5 billion, officials added saying that the SOF V’s closer handily surpassed its target of $3 billion.
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.
“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,” said Perkins, global co-head of secondaries at the firm, in a statement. “We are excited by the market opportunity, which continues to grow rapidly across both traditional LP and complex GP-led secondaries.”
The asset management firm’s secondary investing approach was launched in 1991.
NB’s Global Co-Head of Secondaries Perl added that the firm’s access to industry research and vast private markets relationships across primaries, co-investments, direct lending and secondaries continues to position Neuberger Berman as a preferred partner for both LPs and GPs.
