The latest news in investment offerings, financial products and other services relevant to wealth advisors and their clients.

Neuberger Berman
Neuberger Berman has closed NB Strategic Co-Investment Partners V, aka Fund V, netting more than $2.8 billion in capital commitments. The figure beat its $2.25 billion target.

The new fund aims to build a portfolio of direct equity co-investments alongside private equity firms, spanning industries, private equity managers and different vintage years of investment.

When the new fund is added to the mix, Neuberger Berman has raised about $6 billion in client capital dedicated to co-investments since January last year, the firm said in a statement this week.

“This fund enables our clients to participate in distinct investment opportunities we originate by being a flexible and value-added capital solutions provider to our GP partners, especially by acting as co-underwriters of new transactions and investing mid-life in existing sponsor-owned portfolio companies, typically providing capital for growth and partial realizations,” Joana Rocha Scaff, Neuberger’s head of Europe private equity, said.  

Ropes & Gray LLP served as legal counsel to the fund.

In total, Neuberger Berman manages $538 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. 

Vestmark, BlackRock, Dynasty Financial Partners, iCapital
Vestmark, the wealth management software and services provider, has launched a tax-managed unified managed account (UMA) solution. 

The offering has been built in partnership with iCapital, BlackRock, and Dynasty Financial Partners. 

Vestmark said the solution is aimed at registered investment advisors seeking to meld subscription-based alternative investments with traditional vehicles. These include exchange-traded funds, mutual funds, equity and fixed income separately managed accounts, and direct indexing – all within a single custodial account.

The offering integrates iCapital’s technology platform, allowing Dynasty advisors to incorporate subscription-based alternatives into UMA portfolios using asset allocation models co-developed with BlackRock.

“The wealth management industry has long anticipated UMAs that truly deliver on the promise of simplicity and efficiency. With what we are launching today, Vestmark is fulfilling that promise,” Karl Roessner, CEO of Vestmark, said.