Key Takeaways
- • Neuberger Berman announced the final close of NB Private Debt V with $7.3 billion raised, inclusive of leverage, exceeding the fund's original target.
- • The fund targets senior secured, first-lien and unitranche loans to high-quality U.S. private equity-owned companies, with investors from North America, South America, Europe, the Middle East and Asia.
- • Neuberger's private debt business manages $24.3 billion across evergreen and closed-end funds and has grown client capital dedicated to the strategy by more than 81% over the past two years.
- • Annualized default and loss rates since inception are reported at 0.02% and 0.01%, respectively, as of September 30, 2025.
- • The firm's broader private markets platform manages $169 billion in client capital, with the private debt unit able to commit over $800 million per transaction.
Summary
Neuberger Berman, the employee-owned global investment manager, announced the final close of NB Private Debt V (the "Fund"), which raised $7.3 billion inclusive of leverage and exceeded its original target. The Fund invests in senior secured, first-lien and unitranche loans to high-quality U.S. private equity-owned companies. Its investor base comprises a diverse group of global institutions across North America, South America, Europe, the Middle East and Asia.
Susan Kasser, Head of Neuberger Berman Private Debt, said the firm is grateful for investor trust and emphasized that capital preservation is the first priority. She cited annualized default and loss rates since inception of 0.02% and 0.01%, respectively, noting these figures are as of September 30, 2025 and that past performance is not indicative of future results.
The private debt business, launched in 2013, manages $24.3 billion across evergreen and closed-end funds, leads or co-leads 98% of originated loans, and can commit over $800 million per transaction. Including the Fund, client capital dedicated to the strategy has risen more than 81% over the past two years, according to the firm.
Anthony Tutrone, Head of Neuberger Berman Alternatives, said the firm's private markets platform is designed to support the private equity ecosystem rather than compete with it, providing deal flow, selectivity and information advantages. Neuberger Private Markets, established in 1987, manages $169 billion in client capital across private equity (primaries, secondaries and co-investments), private debt, capital solutions and specialty strategies, with a team of over 440 professionals in 15 offices. Kirkland & Ellis served as legal counsel to the Fund.
Susan Kasser, Head of Neuberger Berman Private Debt, said the firm is grateful for investor trust and emphasized that capital preservation is the first priority. She cited annualized default and loss rates since inception of 0.02% and 0.01%, respectively, noting these figures are as of September 30, 2025 and that past performance is not indicative of future results.
The private debt business, launched in 2013, manages $24.3 billion across evergreen and closed-end funds, leads or co-leads 98% of originated loans, and can commit over $800 million per transaction. Including the Fund, client capital dedicated to the strategy has risen more than 81% over the past two years, according to the firm.
Anthony Tutrone, Head of Neuberger Berman Alternatives, said the firm's private markets platform is designed to support the private equity ecosystem rather than compete with it, providing deal flow, selectivity and information advantages. Neuberger Private Markets, established in 1987, manages $169 billion in client capital across private equity (primaries, secondaries and co-investments), private debt, capital solutions and specialty strategies, with a team of over 440 professionals in 15 offices. Kirkland & Ellis served as legal counsel to the Fund.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.