Neuberger Berman closes fifth private equity secondary fund at $4.9 billion

Neuberger Berman Group closed its fifth global private equity secondary fund, the NB Secondary Opportunities Fund V, or SOF V, at $4.9 billion, far exceeding its target of $3 billion.

SOF V is the successor to NB Secondary Opportunities Fund IV, which had commitments of $2.5 billion, said in a news release Monday.

Investors in the fund include $5.4 billion Vermont State Retirement Systems, Montpelier; $40.4 billion Alaska Retirement Management Board, Juneau; and $5.6 billion Milwaukee City Employes’ Retirement System.

The fund will be led by the same senior leadership team as SOF IV, comprising Peter Bock, Ethan Falkove, Frank Guglielmo, Boriana Karastoyanov, Victor Ko, Philipp Patschkowski, Tristram Perkins, Ben Perl and Brian Talbot.

Neuberger Berman had $418 billion in assets under management as of June 30.