Neuberger Private Equity Open Access Fund
Managed by Neuberger Berman
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Neuberger Private Equity Open Access Fund
Key Statistics
Fund Size
€110M
Target Return
16.9%
Annualized Return
N/A
Launch Year
2025
Min. Investment
€10,000
Availability
Open through selected distributors
Structure
SICAV Part II (ELTIF 2.0)
Product Category
Open-end
Domicile
Luxembourg
GP Type
Single
Liquidity Level
Semi-liquid
Management Fee
2.5%
Carry
Carried interest on returns above cost plus an 8% annual hurdle; rate not disclosed in the KID (estimated cost impact 1.40% p.a., Class A EUR)
Hurdle Rate
8%
ISIN
LU2931940923
Currencies
EUR
Investor Eligibility
Retail
Liquidity Options
Monthly subscriptions
Highlights
Key Information Document (KID) – EU Funds
KID Risk Indicator
4 out of 7
Annual Returns (KID Scenarios)
Stressed
-7.42%
Moderate
12.56%
Favorable
16.92%
Average Total Cost Level (KID)
4.5%
Allocations
Investment Strategy
Industry Focus
Information about fund
Neuberger Private Equity Open Access Fund at a Glance
Neuberger Private Equity Open Access Fund, called NB Private Equity Open Access Fund until August 2026, is a sub-fund of NB Alternative Funds SICAV S.A., a Luxembourg Part II company, authorised by the CSSF as an ELTIF 2.0 on 28 November 2024. Managed by Neuberger Berman AIFM S.à r.l., it makes direct buyout co-investments alongside established private equity sponsors, mainly in Europe and North America, and is passported for retail and professional investors in 18 EEA states including the Netherlands.
Key Figures (KID 1 September 2026)
First Close
€110M
2 September 2025; 16 transactions committed
Minimum
€10,000
Most share classes; retail EUR Class A launched 30 June 2025
Ongoing Costs
2.50%
Class A EUR; Class I 1.67%, Class M 2.65%
Annual Cost Impact
4.5%
Class A over 5 years incl. 1.40% carried-interest impact
Hurdle
8%
Carried interest only above cost plus 8% p.a.
Risk Indicator
4 / 7
5-year moderate scenario 12.56% p.a.; stress -7.42%
Terms & Liquidity
| Structure | Luxembourg Part II SICAV sub-fund, ELTIF 2.0, 50-year term (extendable three times by one year); SFDR Article 8 |
| Strategy | Direct co-investments in buyouts (small/mid and large-cap) with opportunistic special situations, growth and credit; about 15% liquid sleeve; leverage up to 140% (commitment method) |
| Subscriptions | Monthly |
| Ramp-up | No redemptions until the second anniversary of the first closing (around mid-2027), unless extended |
| Redemptions | Quarterly thereafter with 90 calendar days' notice; net redemptions capped at 5% of NAV per quarter, pro rata above that |
| Matching | Board may match redemptions with new subscriptions (Art. 19(2a) ELTIF), fee to the fund of up to 10% during ramp-up and 5% after |
| Entry charge | Up to 2.00% (Class A), up to 3.00% (Class M), none on Class I |
| ISIN | LU2931940923 (Class A EUR); LU2931941061 (Class I EUR) |
Points to weigh: the fund is in its ramp-up phase with no redemptions until about mid-2027 and no calendar-year performance record; all-in costs for the retail class run at around 4.5% a year in the KID; the headline management fee and carried-interest rate sit in a non-public supplement; and the sibling Neuberger Global Private Equity Access Fund (USD, non-ELTIF, professional investors, over USD 1 billion) is a different product.
Deepdive & Related Funds
NB Global Private Equity Access Fund
NB Global Private Equity Access Fund is Neuberger Berman’s evergreen private equity fund for European and Asian wealth investors: a Luxembourg Part II SICAV launched in December 2022 investing directly via co-investments (~80%) and GP-led secondaries (~20%) alongside leading managers. Passed $1 billion in September 2025; holdings include Action, Nord Anglia, Solenis and Proofpoint. Monthly dealing with a 5% quarterly gate, 1.00–2.90% fees by class plus 12.5% over an 8% hurdle, from €/$10,000.
Amundi Private Markets ELTIF
Amundi Private Markets ELTIF (“Amundi Prima”) is an evergreen Luxembourg ELTIF launched in November 2024 by Europe’s largest asset manager, run by Amundi Alpha Associates. It allocates flexibly across private equity, private debt and infrastructure in Europe’s real economy (energy transition, digital, social and territorial projects). €1,000 minimum, monthly subscriptions, quarterly redemptions capped at 5% of NAV, SFDR Article 8, KID risk 5/7. Fund size and returns are not yet published.
Other Neuberger Berman Funds
Apollo Global Private Markets ELTIF
Apollo Global Private Markets ELTIF (AGPM) is a perpetual, semi-liquid ELTIF 2.0 sub-fund of the Luxembourg-domiciled Apollo Private Markets SICAV. AGPM focuses on long-term capital growth by investing in the equity of established private companies globally, via secondaries and co-investments sourced across the Apollo platform, with quarterly redemption windows for investors.
BlackRock Private Equity Fund (BPE)
The BlackRock Private Equity Fund (BPE) is an evergreen ELTIF managed by BlackRock Private Equity Partners, giving European wealth investors a global private equity portfolio of direct co-investments alongside third-party sponsors plus secondaries, focused on buyout and growth deals. The fund offers monthly subscriptions from EUR 10,000, and quarterly redemptions are limited to 5% of NAV.
Bridgepoint Generations
Bridgepoint Generations is Bridgepoint’s first private-wealth product: a Luxembourg open-ended evergreen fund launched in 2025 with platform S64, giving direct exposure to middle-market private equity alongside Bridgepoint’s funds and to infrastructure alongside ECP, plus co-investments and secondaries. Fully funded at launch and expected to hold 80–100 companies when fully invested; size, fees and redemption terms are not published.
CollerEquity
CollerEquity is a flagship private equity secondaries fund developed by Coller Capital, specifically tailored for private wealth investors. This fund offers eligible professional and qualified non-U.S. investors the opportunity to participate in the private equity secondary market, which involves acquiring existing stakes in private equity funds from current investors. By focusing on this market, CollerEquity provides investors with access to a diversified portfolio of private equity assets, potentially enhancing their investment returns. The fund is available to investors in various regions, including those residing in Singapore, Hong Kong, Australia, and New Zealand.
CVC-PE Global Private Equity
CVC-PE is CVC’s evergreen private equity vehicle for private investors: a Luxembourg SICAV launched in January 2025 that invests directly in companies alongside CVC’s buyout funds, mainly in Europe and North America. It reached €1.7 billion of aggregate value by June 2026 with more than 20% annualised performance since inception. Quarterly gated redemptions, €100,000 minimum via selected distributors; fee levels are not fully public.
EQT Nexus (ENXF)
EQT Nexus is EQT’s evergreen semi-liquid private markets fund. It is a Luxembourg-domiciled UCI (SICAV – UCI Part II). The fund’s Master Fund invests in EQT’s current and future private equity and value-add infrastructure funds as well as co-investments. The fund is currently sized at EUR 1.58bn (Jul 2026) and has a minimum subscription price of EUR 25,000 for share class A EUR-Z. Subscriptions can be made on a monthly basis and redemptions on a quarterly basis. Net redemptions are capped at 5% of the fund’s NAV on a quarterly basis.
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