Neuberger Berman Announces Close of $7.3 Billion Private Debt V

NEW YORK, Nov. 11, 2025 /PRNewswire/ -- Neuberger Berman, a global, private, employee-owned investment manager, is pleased to announce the final close of NB Private Debt V (the "Fund"). The Fund raised $7.3 billion, inclusive of leverage, exceeding its original target.

The Fund aims to invest in senior secured, first-lien and unitranche loans to high quality U.S. private equity owned companies. Its investor base is comprised of a diverse range of global institutions from North America, South America, Europe, the Middle East and Asia.

"We are deeply grateful for our investors' ongoing trust and support," said Susan Kasser, Head of Neuberger Berman Private Debt. "Capital preservation is our first priority. Since inception, our annualized default and loss rates remain low at just 0.02% and 0.01%, respectively, as our assets under management continue to grow."

Launched in 2013, Neuberger's private debt business manages $24.3 billion across evergreen and closed-end funds; leads or co-leads 98% of originated loans; and has the capacity to commit over $800 million per transaction. Including the Fund, client capital dedicated to the strategy has increased by more than 81% in the past two years, underscoring the strong demand for Neuberger's private debt offerings.¹

"Our private markets platform is built to support the private equity ecosystem—not compete with it. That alignment gives our private debt business strong deal flow, the ability to be highly selective, and meaningful information advantages—all of which translates into better outcomes for our clients," said Anthony Tutrone, Head of Neuberger Berman Alternatives. "As the needs of our investors and GP partners evolve, we're scaling our connectivity and capabilities, and private debt remains a core engine of that growth."

Neuberger's robust private markets platform, established in 1987, manages $169 billion in client capital, spanning private equity (primaries, secondaries, and co-investments), private debt, capital solutions and specialty strategies.²

Kirkland & Ellis served as legal counsel to the Fund.

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with 2900 employees in 26 countries. The firm manages $558 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm has been named the #1 Best Place to Work in Money Management by Pensions & Investments and has placed #1 or #2 for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of September 30, 2025.

About Neuberger Private Markets

Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of September 30, 2025 Neuberger Private Markets manages over $169 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia.

Media Contacts:
Soogyung Jordan: [email protected]

¹ As of September 30, 2025. Past Performance is not indicative of future results.
² As of September 30, 2025

SOURCE Neuberger Berman