Key Takeaways
- • NB Private Markets Access Fund surpassed $2 billion in net asset value as of March 31, 2025, demonstrating sustained institutional and financial advisor demand for the evergreen private equity structure since its January 2021 inception.
- • The Fund employs a multi-manager approach leveraging Neuberger Berman's differentiated deal flow and partnerships with leading private equity sponsors to source and execute investments in high-quality, growing private companies across a diversified portfolio.
- • Structured as a 1933 and 1940 Act registered, continually offered closed-end fund, the Access Fund addresses traditional private equity complexity by offering simplicity, fee efficiency, flexibility, and continuous access—features that differentiate it from conventional fund structures.
- • Capital deployment has accelerated in recent years, with significant capital committed over the past three years, reflecting growing institutional appetite for accessible private equity exposure through a registered vehicle.
Summary
Neuberger Berman's NB Private Markets Access Fund has established itself as a substantial evergreen private equity vehicle, reaching $2 billion in net asset value approximately five years after commencing investment operations in January 2021. According to SEC filings as of March 31, 2025, the Fund held approximately $1.55 billion in net assets, demonstrating consistent growth trajectory and institutional adoption among both financial advisors and institutional investors seeking direct exposure to private company investments.
The Fund's operational model centers on a multi-manager approach that distinguishes it from traditional private equity fund structures. Rather than operating as a single discrete fund with defined vintage years and redemption restrictions, the Access Fund leverages Neuberger Berman's platform capabilities and deep partnerships with leading private equity sponsors to source attractive investment opportunities. This architecture enables the Fund to access differentiated deal flow while maintaining portfolio diversification across multiple investment managers and sectors within the private equity landscape.
Structurally, the Fund operates as a registered investment company under both the Securities Act of 1933 and the Investment Company Act of 1940, providing continuous offering availability to investors. This registration status creates operational advantages over traditional private equity structures: the Fund offers simplified access, enhanced fee efficiency, ongoing liquidity mechanisms, and the regulatory oversight inherent to registered vehicles. The evergreen structure eliminates the discrete vintage-year model, allowing continuous capital deployment and capital return flexibility within a single streamlined vehicle.
Recent performance metrics underscore institutional appetite for this simplified private equity access model. The Fund has recorded substantial capital commitments over the preceding three years, indicating accelerated deployment activity and growing recognition among asset allocators seeking exposure to private markets without the complexity, illiquidity, and fee structures characteristic of traditional closed-end private equity partnerships. The consistent net asset growth and continued capital inflows signal successful execution of Neuberger Berman's differentiated positioning within the competitive private equity access landscape.
The Fund's operational model centers on a multi-manager approach that distinguishes it from traditional private equity fund structures. Rather than operating as a single discrete fund with defined vintage years and redemption restrictions, the Access Fund leverages Neuberger Berman's platform capabilities and deep partnerships with leading private equity sponsors to source attractive investment opportunities. This architecture enables the Fund to access differentiated deal flow while maintaining portfolio diversification across multiple investment managers and sectors within the private equity landscape.
Structurally, the Fund operates as a registered investment company under both the Securities Act of 1933 and the Investment Company Act of 1940, providing continuous offering availability to investors. This registration status creates operational advantages over traditional private equity structures: the Fund offers simplified access, enhanced fee efficiency, ongoing liquidity mechanisms, and the regulatory oversight inherent to registered vehicles. The evergreen structure eliminates the discrete vintage-year model, allowing continuous capital deployment and capital return flexibility within a single streamlined vehicle.
Recent performance metrics underscore institutional appetite for this simplified private equity access model. The Fund has recorded substantial capital commitments over the preceding three years, indicating accelerated deployment activity and growing recognition among asset allocators seeking exposure to private markets without the complexity, illiquidity, and fee structures characteristic of traditional closed-end private equity partnerships. The consistent net asset growth and continued capital inflows signal successful execution of Neuberger Berman's differentiated positioning within the competitive private equity access landscape.
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