Key Takeaways
- • Neuberger Berman closed its NB Strategic Co-Investment Partners V fund at $2.8 billion in capital commitments, exceeding the $2.25 billion target and bringing total co-investment capital raised to $6 billion since January 2024.
- • The Fund V vehicle targets direct equity co-investments alongside private equity sponsors across multiple industries, vintage years, and managers, positioning Neuberger as a flexible capital solutions provider for mid-life and new transaction co-underwriting opportunities.
- • Vestmark, in partnership with iCapital, BlackRock, and Dynasty Financial Partners, launched a tax-managed unified managed account (UMA) solution enabling registered investment advisors to integrate subscription-based alternative investments with traditional vehicles in a single portfolio.
- • The UMA collaboration addresses advisor demand for consolidated management of private assets and separately managed accounts (SMAs) within a tax-optimized structure, expanding access to private markets for wealth advisory clients.
- • Neuberger Berman manages $538 billion across equities, fixed income, private equity, real estate, and hedge fund portfolios for global institutions, advisors, and individuals.
Summary
Neuberger Berman achieved a significant fundraising milestone by closing NB Strategic Co-Investment Partners V at $2.8 billion in committed capital, surpassing its $2.25 billion target. The fund represents the firm's latest vehicle for direct equity co-investments alongside established private equity sponsors. Since January 2024, Neuberger has accumulated approximately $6 billion in dedicated co-investment capital from clients, signaling robust demand for flexible capital solutions in the alternative investment space.
The Fund V strategy emphasizes portfolio construction across multiple industries, private equity managers, and investment vintages. According to Joana Rocha Scaff, head of Europe private equity at Neuberger Berman, the fund functions as a "value-added capital solutions provider" to general partners, with particular focus on two deployment mechanisms: co-underwriting new transactions and investing mid-life in existing sponsor-owned portfolio companies to fund growth initiatives and partial realizations. This positioning reflects the broader institutional appetite for flexible co-investment vehicles that offer participation in originated deal flow while providing capital optionality to private equity sponsors. Ropes & Gray LLP provided legal counsel to the fund.
In a separate strategic development, Vestmark unveiled a tax-managed unified managed account solution developed in collaboration with iCapital, BlackRock, and Dynasty Financial Partners. The offering targets registered investment advisors seeking to consolidate subscription-based alternative investments alongside traditional vehicles—including ETFs, mutual funds, and separately managed accounts—within a single tax-optimized portfolio structure. This capability addresses a critical operational and compliance need for advisors managing increasingly diverse client asset allocations that blend liquid and illiquid holdings.
The Vestmark-led collaboration represents a notable convergence of major wealth management and alternative asset platforms, enabling advisors to deliver unified reporting and consolidated tax management across private and traditional markets. The integration of iCapital's alternative investment infrastructure, BlackRock's asset management scale, and Dynasty's practice management technology reflects the industry trend toward comprehensive platform solutions for high-net-worth and institutional clients navigating complex multi-asset portfolios.
Neuberger Berman's $538 billion in assets under management—spanning equities, fixed income, private equity, real estate, and hedge funds—underscores the firm's positioning as a substantial institutional capital provider capable of deploying meaningful co-investment commitments alongside sponsor-led initiatives.
The Fund V strategy emphasizes portfolio construction across multiple industries, private equity managers, and investment vintages. According to Joana Rocha Scaff, head of Europe private equity at Neuberger Berman, the fund functions as a "value-added capital solutions provider" to general partners, with particular focus on two deployment mechanisms: co-underwriting new transactions and investing mid-life in existing sponsor-owned portfolio companies to fund growth initiatives and partial realizations. This positioning reflects the broader institutional appetite for flexible co-investment vehicles that offer participation in originated deal flow while providing capital optionality to private equity sponsors. Ropes & Gray LLP provided legal counsel to the fund.
In a separate strategic development, Vestmark unveiled a tax-managed unified managed account solution developed in collaboration with iCapital, BlackRock, and Dynasty Financial Partners. The offering targets registered investment advisors seeking to consolidate subscription-based alternative investments alongside traditional vehicles—including ETFs, mutual funds, and separately managed accounts—within a single tax-optimized portfolio structure. This capability addresses a critical operational and compliance need for advisors managing increasingly diverse client asset allocations that blend liquid and illiquid holdings.
The Vestmark-led collaboration represents a notable convergence of major wealth management and alternative asset platforms, enabling advisors to deliver unified reporting and consolidated tax management across private and traditional markets. The integration of iCapital's alternative investment infrastructure, BlackRock's asset management scale, and Dynasty's practice management technology reflects the industry trend toward comprehensive platform solutions for high-net-worth and institutional clients navigating complex multi-asset portfolios.
Neuberger Berman's $538 billion in assets under management—spanning equities, fixed income, private equity, real estate, and hedge funds—underscores the firm's positioning as a substantial institutional capital provider capable of deploying meaningful co-investment commitments alongside sponsor-led initiatives.
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