Home/Fund Intelligence/Managers/Neuberger Berman
Neuberger Berman
Manager file

NB Alternatives Advisers LLC

An SEC-registered investment adviser with USD 160.24 billion of regulatory assets, registered since 2009, that manages 17 insurance-dedicated funds in our database. This file brings together those funds and what the adviser reports to the SEC about itself.

SEC file801-70009
CRD149822
Regulatory assetsUSD 160.24 billion
Funds with an IDF Form D17
Registered since2009
Ask about these fundsForm ADV on IAPDAll managers
PPLI.com
Manager Rating
Four stars
out of five
Editorial assessment on UHNW criteria
Reviewed 4 November 2026 · Q4 2026 edition
Updated every quarter
Rating signed byNoam CohenEditor, Fund Intelligence
About the rating
The funds

Insurance-dedicated funds managed by Neuberger Berman

Funds and platform series in our database that file a Form D under an insurance-dedicated name and are managed by this adviser. Gross assets are as reported in the latest Form ADV that lists each fund.

Neuberger Berman
Neuberger Berman Insurance Fund IIIPrivate equity / private markets · SALI platformUSD 489.7 million
Neuberger Berman
Neuberger Berman Insurance Fund IVPrivate equity / private markets · SALI platformUSD 396.7 million
Neuberger Berman
Neuberger Berman Insurance Fund IXPrivate equity / private markets · SALI platformUSD 369.6 millionRating in preparation
Neuberger Berman
Neuberger Berman 2017 Private Equity Investment FundPrivate equity · SALI platformUSD 273.0 million
Neuberger Berman
Neuberger Insurance Fund XVPrivate equity / private markets · SALI platformUSD 247.0 millionRating in preparation
Neuberger Berman
Neuberger Berman Insurance FundPrivate equity / private markets · SALI platformUSD 240.1 million
Neuberger Berman
Neuberger Private Equity IDFPrivate equity · SALI platformUSD 222.9 million
Neuberger Berman
Neuberger Berman Insurance Fund XIIPrivate equity / private markets · SALI platformUSD 216.0 million
Neuberger Berman
Neuberger Berman Insurance Fund VPrivate equity / private markets · SALI platformUSD 214.9 million
Neuberger Berman
Neuberger Berman Insurance Fund VIPrivate equity / private markets · SALI platformUSD 153.5 millionRating in preparation
Neuberger Berman
Neuberger Berman Insurance Fund VIIIPrivate equity / private markets · SALI platformUSD 126.2 million
Neuberger Berman
Neuberger Berman Insurance Fund XPrivate equity / private markets · SALI platformUSD 123.7 million
Neuberger Berman
Neuberger Secondary IDFPrivate equity secondaries · SALI platformUSD 107.0 millionRating in preparation
Neuberger Berman
Neuberger Berman Insurance Fund XIPrivate equity / private markets · SALI platformUSD 98.1 million
Neuberger Berman
Neuberger Berman Insurance Fund VIIPrivate equity / private markets · SALI platformUSD 97.1 million
Neuberger Berman
Neuberger Berman Insurance Fund XIIIPrivate equity / private markets · SALI platformUSD 86.8 million
Neuberger Berman
Neuberger Berman Insurance Fund XIVPrivate equity / private markets · SALI platformUSD 78.5 million
The rating

Why NB Alternatives Advisers LLC has four stars

Neuberger Berman runs USD 160 billion of regulatory assets and has been registered with the SEC since 2009. Its Form ADV lists two matters. One concerns NB Alternatives Advisers itself, brought by the SEC in 2018; the other concerns another company in its group or an individual and counts for less. Its 13 rated insurance-dedicated funds range from four to five stars.

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

PPLI.comManager Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The adviser at a glance

Registration and size

Identity

Legal nameNB Alternatives Advisers LLC
SEC registrationRegistered investment adviser, 801-70009  IAPD
CRD number149822
Latest Form ADV29 September 2026  ADV
Registered with the SEC since31 March 2009

Assets and staff, as filed

Regulatory assets under managementUSD 160,243,000,000
Of which discretionaryUSD 141,685,000,000
Employees417
Of which investment advisory staff224
Private funds listed in Schedule D159

Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.

The record

Regulatory and legal record

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

202413 August 2024

Regulatory action by Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin): civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The BaFin alleged that in a single instance in 2021, NBSH willfully filed a voting rights notification of dropping below 3% Holdings in one German issuer six weeks after the filing deadline.

Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) · Settled 17 March 2026 · USD 580,000 · Concerns another company in the group · Form ADV, Item 11 disclosure
201817 December 2018

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: Dyal Capital funds. None of the insurance-dedicated funds in this file is named.

NBAA, without admitting or denying any wrongdoing, consented to the entry of an order by the SEC, with respect to certain of the Dyal Funds, according to which the Dyal Funds' manager did not appropriately allocate a portion of the Dyal Capital partner's business Services platform (the "BSP") expenses to certain Dyal Funds and did not have proper policies and procedures in place to ensure that all allocations were related to the utilization of the BSP.

US Securities and Exchange Commission · Order 17 December 2018 · USD 375,000 · Concerns the adviser itself · Form ADV, Item 11 disclosure

These are the matters NB Alternatives Advisers LLC reports in Item 11 of its Form ADV, filed 29 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.

Reader rating

How would you rate NB Alternatives Advisers LLC?

Tap a star to give your own rating, from one to five, then add your name and email and, if you wish, a comment. Reader ratings are shown separately and never change the PPLI.com Manager Rating, which rests only on what the filings report.

Loading reader ratings.

Your name and email are used only if the research desk needs to reply, and are never published. Comments go to the desk, which checks any factual point against the filings.

Sources

  1. Form ADV of NB Alternatives Advisers LLC, filed 29 September 2026: reports.adviserinfo.sec.gov, CRD 149822
  2. Adviser summary: adviserinfo.sec.gov/firm/summary/149822
  3. SEC investment adviser files, November 2026, for assets, staff and registration dates
  4. Form D filings of each fund listed: sec.gov EDGAR

About this file

Prepared by the PPLI.com research desk from the public filings listed, checked on 4 November 2026. Updated every quarter, or sooner when a new filing appears. To report an error, write to [email protected] with the filing that shows it.

Important. Educational research only, not an offer or a recommendation. A matter reported in Form ADV is a fact disclosed by the adviser, not a finding by PPLI.com.

File NB Alternatives Advisers LLCChecked 4 November 2026Published 4 November 2026
Private consultation →
Step 1 of 2

Tell us about yourself

Read our Privacy Policy before submitting. Share only the information needed to describe your question; do not include medical records or account credentials.

Continue →
✦Research assistant
✦PPLI.comResearch assistant
Explore PPLI questions and suitability factors
Ask a general question about PPLI, or explore the factors that affect suitability. Treat the answer as a starting point and check the linked sources.
Use the research with your own tax, legal and insurance advisers.
Preparing an answer
AI assistant. Educational information only. It does not determine eligibility or provide personal tax, legal, investment or insurance advice.