Neuberger Berman Nears First Close for $5 Billion Secondary Fund

Neuberger Berman is closing in on a $5 billion goal for its flagship fund to buy secondary private equity stakes as investors flock to the strategy.

The New York-based manager is expected raise at least half of its target in its initial phase of fundraising, also called a first close, by the end of this year, according to people familiar with the matter. That would come on top of $4 billion Neuberger already raised this year for a related strategy.