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NB Private Equity Partners
Neuberger Berman manages NB Private Equity Partners as a London-listed permanent capital vehicle deploying ~$883M into private equity funds and...
NB Private Equity Partners
NB Private Equity Partners launched in 2007 as a publicly traded vehicle on the London Stock Exchange, designed to grant investors access to Neuberger Berman's larger private equity platform through a listed structure. The Guernsey-domiciled company is managed by NB Alternatives Advisers, a subsidiary of Neuberger Berman Group, which traces its independent management lineage to the 2009 buyout from Lehman Brothers' estate. Its headquarters sits in Dublin, with additional operational oversight conducted from Neuberger's London office. The vehicle pursues both primary fund commitments and direct co-investments alongside Neuberger Berman's broader institutional private equity platform. Asset-class exposure spans buyout funds, growth equity, venture capital, distressed debt, secondaries, and special situations. The portfolio skews toward US and European managers, though specific underlying fund names and direct co-investments are not detailed in public filings. Co-investments allow the vehicle to avoid double-fee layers on select transactions, a structural feature Neuberger Berman emphasizes for its permanent capital vehicles. Total assets sit near $883 million, per regulatory submissions, making this a smaller listed alternative within the permanent capital landscape when compared to peers like HarbourVest Global Private Equity or ICG Enterprise Trust. The firm operates as an externally managed investment company, meaning it has no direct employees of its own; all investment decisions flow through the Neuberger Berman investment committees chaired by senior partners. Neuberger Berman does not separately disclose a dedicated head count for this vehicle. Its listed structure is the defining architectural feature. Unlike traditional private equity limited partnerships, NB Private Equity Partners trades daily on the London Stock Exchange, offering liquidity to shareholders even as the underlying assets remain illiquid. This creates a discount-to-nav risk that institutional allocators must monitor, but it also removes the capital-call unpredictability of conventional fund commitments for family offices seeking simplified treasury management.
General information
Firm type
Generic
Year founded
2007
AUM
$500 million–$1 billion (Altss estimate)
Location
Region
Europe
Country
Ireland
City
Dublin
Corporate office
Dublin, Ireland
Additional offices
London, United Kingdom
Principals
Peter von Lehe
Chairman
Filipe C. Dinis
Investment Committee Member
Gregory Jacobs
Investment Committee Member
Sector focus
Frequently asked questions
Who runs investment decisions at NB Private Equity Partners?
The vehicle is managed by NB Alternatives Advisers, an indirect subsidiary of Neuberger Berman Group. Investment decisions are made by Neuberger Berman's private equity investment committees, which include senior figures such as Peter von Lehe, Filipe C. Dinis, and Gregory Jacobs. NBPE has no standalone management team; it relies entirely on Neuberger Berman's infrastructure.
How does the listed structure affect an investor's experience compared to a traditional private equity fund?
Shares trade daily on the London Stock Exchange, providing liquidity that a standard private equity drawdown fund cannot offer. However, the share price frequently diverges from the underlying net asset value, creating discount or premium risk. Allocators must weigh this pricing volatility against the benefit of avoiding capital calls and lockups.
Does NB Private Equity Partners commit to funds or only execute direct co-investments?
NBPE does both. The mandate includes primary fund commitments to private equity partnerships managed by third-party GPs, as well as direct co-investments alongside Neuberger Berman's broader institutional platform. Co-investments reduce the blended fee burden on the portfolio.
What is the relationship between NB Private Equity Partners and Neuberger Berman?
NBPE is an externally managed investment company. NB Alternatives Advisers, a wholly owned subsidiary of the Neuberger Berman Group, serves as the investment manager. Neuberger Berman became an independent, employee-owned firm in 2009 after acquiring itself from the Lehman Brothers bankruptcy estate.
Where does NB Private Equity Partners concentrate its investments geographically?
The portfolio leans toward the United States and Western Europe, mirroring Neuberger Berman's overall private equity footprint. Specific country allocations are not detailed in public filings, but Neuberger Berman's broader platform maintains a predominantly developed-market orientation.
How is NB Private Equity Partners different from Neuberger Berman's institutional private equity funds?
NBPE is a permanent capital vehicle listed on a public exchange, while Neuberger Berman's institutional private equity funds follow traditional drawdown structures with finite lives. Permanent capital eliminates the need for periodic re-ups and provides Neuberger Berman with a stable fee base, but it also subjects investors to public-market pricing dynamics.
Does NB Private Equity Partners maintain philanthropic structures, and how are they separated?
No separate philanthropic foundation is associated with NBPE. The vehicle is a commercial investment company with no disclosed charitable mission or linked foundation. Any philanthropic activity by Neuberger Berman operates independently of this listed entity.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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