Neuberger Berman, a global, private, employee-owned investment manager, announced 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.

"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.

Kirkland & Ellis served as legal counsel to the Fund.