Neuberger Berman Fund of Funds and Secondary

Neuberger Berman Fund of Funds and Secondary

Neuberger Berman traces its lineage to 1939, though its modern architecture was forged in the 2009 management buyout that separated it from Lehman Brothers — an event that handed control to employee-owners and permanently shaped its investment culture. The fund-of-funds and secondary business sits inside a firm whose portfolio managers and senior investment professionals collectively hold the equity, a structure that resets incentives around multi-decade alignment rather than quarterly public-market pressures. George Walker, Chairman and CEO, and Joseph Amato, President and Chief Investment Officer, run the overall firm, with dedicated investment committees executing the private-markets fund-of-funds strategy. The wealth generation behind the firm is institutional — no single family stands behind it; instead it is owned by its own senior investment staff. The group allocates across private equity buyout, growth equity, venture capital, private credit, real estate, infrastructure, and hedge fund strategies, deploying through primary fund commitments, secondary purchases of LP interests, and direct co-investments alongside underlying GPs. The secondary practice is a material differentiator, active in GP-led continuation-vehicle transactions and traditional LP portfolio sales — two sourcing channels that give the team a view of manager quality that pure primary allocators cannot replicate. Geographic coverage spans North America, Europe, and Asia, with confirmed commitments to funds in each region. The platform manages capital for pension funds, sovereign wealth funds, insurers, and high-net-worth individuals through commingled vehicles and customized separate accounts. Firm-wide, Neuberger Berman manages approximately $480 billion as of early 2025, with the alternatives platform encompassing over $100 billion across private equity, real estate, private credit, hedge funds, and specialty strategies. The employee-ownership model — roughly 2,800 professionals, with over 700 investment staff — means that the fund-of-funds group benefits from the broader firm's manager-relations infrastructure and co-investment sourcing capacity, a structural advantage over standalone fund-of-funds boutiques. No dated operational event specific to the fund-of-funds and secondary group is verifiable from the last 24 months. The distinguishing architecture of this business is its position inside an employee-owned asset manager with a permanent capital base — a hybrid that allows the fund-of-funds team to operate with the patience of an endowment-style allocator while drawing on the origination network of a large institutional platform. That dual identity colors everything from secondary pricing discipline to the willingness to make long-duration GP relationships before committing to fund sizes.