Neuberger Berman Fund of Funds and Secondary

The secondary team participates in both GP-led continuation-vehicle transactions — where a sponsor rolls portfolio companies into a new vehicle to extend hold periods — and traditional LP-interest portfolio sales. This dual mandate reflects the group's permanent-capital structure, which allows it to evaluate complex secondary opportunities without the forced liquidity timelines that constrain some competitors.

Neuberger Berman completed a management buyout from Lehman Brothers in 2009, and the firm remains owned by its senior investment professionals and portfolio managers. For the fund-of-funds group, this means investment decisions are made by individuals who hold equity in the overall franchise — aligning time horizons between the allocator and the GPs it backs. There is no external shareholder pressure to harvest fees or grow assets at the expense of return quality.

The group manages capital for institutional clients including public and corporate pension funds, sovereign wealth funds, insurance companies, and high-net-worth individuals, primarily through commingled fund-of-funds vehicles and customized separate accounts. The separate-account capability allows large investors to tailor their private-markets exposure while leveraging the group's manager selection and secondary execution.