Neuberger Berman Raises $4 Billion for New Secondary Fund

Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.

NB Strategic Capital Fund II also received additional capital commitments from its limited partners, according to a statement reviewed by Bloomberg News. The final amount exceeded the fund’s initial target of $2.5 billion as well as the size of its predecessor fund, which raised $955 million in 2020.