Neuberger Berman Raises $2.8 Billion to Co-Invest With PE Firms

Neuberger Berman has raised more than $2.8 billion for a new fund that invests side by side with private equity firms, stepping in to provide much-needed liquidity to a market where exits have become more challenging.

The investment manager secured more commitments than its initial target of $2.25 billion for NB Strategic Co-Investment Partners V, according to a statement reviewed by Bloomberg News.

Neuberger will use most of the money for so called mid-life deals, Joana Rocha Scaff, the firm’s head of Europe private equity, said in an interview. It will invest in assets that buyout firms have held ...