Neuberger Berman Closes $4B GP-Led Secondaries Fund, More Than 4x Its Predecessor

NB Strategic Capital Fund II Closes Above Target at $4B+ Neuberger Berman has successfully closed NB Strategic Capital Fund II with over $4 billion in commitments — significantly surpassing its initial $2.5 billion target. The fund represents a more than 4x increase from its predecessor, NB Strategic Capital Fund I, which closed at just $955 million in 2020. The rapid growth of this vehicle reflects the explosive expansion of the GP-led secondaries market. Investor Base and Market Dynamics The fund attracted a globally diverse investor base spanning North America, Europe, Asia, and Latin America. Investors include: Public and corporate pension funds Insurance companies and sovereign wealth funds Endowments, foundations, and family offices High-net-worth individuals Tristram Perkins, Global Co-Head of Secondaries at Neuberger Berman, noted: "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." Market Context: GP-Led Volume at Record Highs The fund close comes at a moment of peak momentum for GP-led secondaries. The segment grew 44% in 2024, reaching a record $75 billion in transaction volume. Continuation funds now represent approximately one-in-five sponsor-backed private equity exits, underscoring how deeply integrated GP-led transactions have become in the private equity exit playbook. "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." — Ben Perl, Global Co-Head of Secondaries, Neuberger Berman Neuberger Berman's GP-Led Track Record Neuberger Berman has now led or co-led more than 40 continuation fund transactions representing over $15 billion in cumulative transaction value. The firm manages over $20 billion in secondaries capital, embedded within a $135 billion private markets platform. The latest fund close further solidifies its position as a premier GP-centric secondaries partner. Why This Matters for Private Markets The Neuberger Berman raise signals that institutional capital continues to flow aggressively into GP-led secondaries infrastructure. With dry powder accumulating and traditional exit windows remaining constrained, continuation funds are becoming a structural feature — not an exception — of private equity portfolio management. Managers who have built dedicated GP-led platforms with long track records are best positioned to capture deal flow as this market segment matures.