AltStreet
SEC filing record
Primary Source · SEC.gov

NB Insurance-Linked Strategies Fund LP

Fund Vehicle2026 vintage506(b), 3(c)
Latest signalSold increasedForm D/A · 2026-04-228 events: 3 sold increased, 3 investors increased, 2 large raiseLast filing 2026-04-22

Raised

$1.8B

Investors

85

Min Invest

None stated

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AltStreet Analysis

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Generated from EDGAR primary sources

NB Insurance-Linked Strategies Fund LP is a Cayman Islands-domiciled pooled investment fund managed by NB Alternative Advisers LLC, raising capital under Rule 506(b) and Section 3(c). This amended filing reports $1.77 billion raised from 85 investors. The fund focuses on insurance-linked securities and operates as part of the NB Insurance-Linked Strategies platform.

This insurance-linked fund represents a large institutional vehicle in the ILS space, utilizing the standard 506(b) private placement exemption typical of offshore alternative investment funds. The $1.77 billion raise and 85-investor base reflects institutional participation at scale, consistent with established insurance-linked securities platforms targeting qualified purchasers and institutional allocators.

Data Flags

generalOffshore domicile (Cayman Islands) filing Form D indicates cross-border structure with U.S. investor solicitation
total_amount_soldVery large raise ($1.77B) relative to investor count (85) suggests average commitment of approximately $20.8M per investor, indicating institutional-only capitalization

EDGAR Filing Data

Form D — Primary Source

View on SEC.gov
CIK Number0001758906
Entity NameNB Insurance-Linked Strategies Fund LP
ExemptionRule 506(b), Section 3(c), Section 3(c)(7)
What the exemption meansRule 506(b) of Regulation D: securities may be sold to an unlimited number of accredited investors and up to 35 non-accredited investors who meet the rule's sophistication standard, without general solicitation or advertising. Section 3(c) of the Investment Company Act of 1940: the issuer is a pooled investment vehicle relying on an exclusion from registration as an investment company. Section 3(c)(7) of the Investment Company Act: the fund is excluded from investment-company registration because every investor is a qualified purchaser, generally an individual with at least $5 million in investments or an institution with at least $25 million.
Entity TypeLimited Partnership
Jurisdiction of OrganizationCayman Islands
Issuer Address1290 Avenue of the Americas, 24th Floor, New York, NY 10104
Phone(212) 476-8800
Industry / Fund TypePooled Investment Fund · Hedge Fund
Investment Company ActExcluded under Section 3(c)(7) (qualified purchasers only)
Securities TypePooled Investment Fund
First Sale Date—
Filing DateApril 22, 2026
Accession Number0001758906-26-000001
Total Offering AmountIndefinite
Total Amount Sold$1,771,067,225
Total Investors85
Non-Accredited InvestorsNone
Minimum Investment$0 (no stated minimum)
Offering DurationIntended to last more than one year
Sales Commissions$100,000 (to Alternative Access Capital, LLC and 2 others)
Finders' Fees$0
Net Asset Value RangeDecline to Disclose
State (Issuer Address)NY
Amendment Count6 amendments filed

Filings on Record

Every filing AltStreet's ledger holds for this CIK, newest first. Each opens the SEC archive folder.

D/AApril 22, 2026D/AApril 16, 2025D/AFebruary 28, 2024D/AOctober 30, 2023D/AJanuary 6, 2021D/AJanuary 3, 2020DJanuary 2, 2019

Capital Raise Timeline

7 Form D filings from Jan 2, 2019 to Apr 22, 2026, the latest a D/A.

Checking access…

In the Terminal

Filing events

8

latest Apr 22, 2026

Critical / warning

0 / 1

4 watch · 3 info

Statements extracted

0

none on file

NAV prints

0

none on file

Offering chains

1

raising

Latest event Sold increase · Apr 22, 2026

SEC.gov
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  • 1 offering timeline: velocity, share raised, first-sale lag, stalled flags

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Regulatory Activity

Filing events on this entity detected by AltStreet's EDGAR monitoring.

Apr 2026Form D amendment
SEC.gov
Apr 2026Form D amendment
SEC.gov

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Related Persons (Form D)

Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.

N/A NB Alternative Advisers LLC

Promoter · Dallas, TX

David Kupperman

Executive Officer · New York, NY

Cedric Drui

Executive Officer · New York, NY

Peter DiFiore

Executive Officer · New York, NY

Placement Agents and Sales Compensation (Form D)

Who the issuer reported paying to sell the securities (Form D Item 12), with the FINRA registration number the filer gave. Source: SEC.gov.

Alternative Access Capital, LLCCRD 129469 on BrokerCheck

Associated broker-dealer: None · Larkspur, CA · Soliciting in CA, IL, NY, OH, PA

Alt Fund Distributors, LLCCRD 146547 on BrokerCheck

Associated broker-dealer: None · New York, NY · Soliciting in AK, AZ, CA, CO, CT, FL, IL, IN, KS, LA, MA, MD, ME, MI, MN, MO, NC, NE, NH, NJ, NV, NY, OH, OR, PA, RI, TN, TX, VA, WA, WI

Neuberger Berman BD LLCCRD 2908 on BrokerCheck

Associated broker-dealer: None · New York, NY · Soliciting in all states

Questions About NB Insurance-Linked Strategies Fund LP

Each answer is built from the values on the SEC filing and the AltStreet ledger, not from the issuer's marketing.

What is NB Insurance-Linked Strategies Fund LP?

NB Insurance-Linked Strategies Fund LP is a Cayman Islands limited partnership that filed a Form D with the SEC on April 22, 2026 as a hedge fund. The filing claims Rule 506(b), Section 3(c), Section 3(c)(7) for an offering of pooled investment fund interests. AltStreet links the issuer to NB Insurance-Linked Strategies Fund LP.

Is NB Insurance-Linked Strategies Fund LP legit?

AltStreet does not rate legitimacy; it reports the public record. NB Insurance-Linked Strategies Fund LP filed a Form D with the SEC on April 22, 2026 claiming Rule 506(b), Section 3(c), Section 3(c)(7). A Form D is a notice of an exempt offering, not a review or approval of it. The newest notice reports $1,771,067,225 sold to 85 investors. AltStreet's enforcement record (SEC, FINRA and state actions) shows no action naming the issuer as of today. The issuer is linked to NB Insurance-Linked Strategies Fund LP, which AltStreet has reviewed. Before investing, confirm the filing on EDGAR, check the seller's registration on FINRA BrokerCheck, and read the offering documents, which a Form D does not include.

Is NB Insurance-Linked Strategies Fund LP registered with or approved by the SEC?

No. A Form D is a notice that an issuer is selling securities under an exemption from registration, and the SEC does not review, approve, or pass on the merits of the offering. The filing shows that NB Insurance-Linked Strategies Fund LP claimed Rule 506(b), Section 3(c), Section 3(c)(7) and disclosed the items the form requires, such as the amount sold, the minimum investment, related persons, and anyone paid to sell the securities. It does not verify the issuer's claims or its business.

How much has NB Insurance-Linked Strategies Fund LP raised?

NB Insurance-Linked Strategies Fund LP reported $1,771,067,225 sold from 85 investors in an offering of indefinite size as of the Form D filed April 22, 2026.

Who can invest in NB Insurance-Linked Strategies Fund LP?

The offering relies on Rule 506(b), which permits sales to accredited investors and to no more than 35 non-accredited investors who meet a sophistication standard, and prohibits general solicitation. Because the fund also relies on Section 3(c)(7), each investor must be a qualified purchaser, generally an individual with at least $5 million in investments. The filing reports no non-accredited investors. The filing lists the minimum investment as $0, meaning no minimum was stated.

What is the minimum investment in NB Insurance-Linked Strategies Fund LP?

The Form D lists the minimum investment as $0, which means the issuer did not state a minimum on the form. The offering documents, not the Form D, set the actual subscription terms.

Who is selling NB Insurance-Linked Strategies Fund LP and how are they paid?

The Form D names Alternative Access Capital, LLC (CRD 129469), associated with None; Alt Fund Distributors, LLC (CRD 146547), associated with None; Neuberger Berman BD LLC (CRD 2908), associated with None as recipients of sales compensation soliciting in CA, IL, NY, OH, PA. Sales commissions are reported as $100,000 and finders' fees as $0. Form D allows these to be estimates.

Who is behind NB Insurance-Linked Strategies Fund LP?

The Form D lists 4 related persons: NB Alternative Advisers LLC, promoter (Investment Manager); David Kupperman, executive officer (Managing Director of NB ILS Associates LLC, the Issuer's General Partner); Cedric Drui, executive officer (Managing Director of NB ILS Associates LLC, the Issuer's General Partner); Peter DiFiore, executive officer (Managing Director of NB ILS Associates LLC, the Issuer's General Partner). Form D Item 3 requires executive officers, directors, and promoters of the issuer to be listed.

Where is NB Insurance-Linked Strategies Fund LP located?

The issuer's address on its SEC filings is 1290 Avenue of the Americas, 24th Floor, New York, NY 10104. Its phone number of record is (212) 476-8800. It is organized under the laws of Cayman Islands.

How long is the NB Insurance-Linked Strategies Fund LP offering open?

The issuer indicated that the offering is intended to last more than one year. An issuer must amend its Form D annually while a continuing offering stays open; 6 amendments are on record for this CIK.

How large is NB Insurance-Linked Strategies Fund LP?

The issuer declined to disclose its net asset value range on the Form D, which the form permits.

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Data Methodology

Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. EDGAR entity profiles and deal-level data are reviewed by AltStreet analysts with backgrounds in corporate finance and securities law — cross-referenced against offering circulars, audited financial statements, and primary regulatory filings before publication. Platform-provided information, where present, is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. Platforms may request factual corrections for demonstrable inaccuracies by contacting [email protected]. This page does not constitute investment advice.