Neuberger Berman, a private investment manager, has raised $4.9 billion for its NB Secondary Opportunities Fund V LP, exceeding its initial target of $3 billion.

The fund is the successor to NB Secondary Opportunities Fund IV LP, which had commitments of $2.5 billion. SOF V’s investor base includes corporate and public pension plans, sovereign wealth funds, endowments, foundations, insurance companies, family offices and high-net-worth individuals.

“As the secondary market continues to grow in both size and complexity, our fundamental approach to private company underwriting, supported by our access to NB’s broad-based industry research and vast private markets relationships across primaries, co-investments, direct lending and secondaries, continues to position us as a preferred partner for LPs and GPs, that we believe provides the opportunity to source differentiated investment opportunities globally,” says Ben Perl, global co-head of Secondaries.

Goodwin Procter LLP served as legal counsel to Neuberger Berman.