Neuberger Berman closed its latest co-investment fund, NB Strategic Co-Investment Partners IV, with $2.1 billion.
The fund, which was oversubscribed, exceeded its fundraising target, spokesman Alexander Samuelson said in an email.
The new fund is 40% larger than the prior fund in the series, the $1.5 billion NB Strategic Co-Investment Partners III, which closed in December 2015.
The latest fund will invest in diversified portfolio of direct co-investments in buyout and growth equity transactions alongside private equity managers.
Investors in the new fund include $4.5 billion Vermont State Employees' Retirement Systems, Montpelier.