Neuberger Berman's Secondary Opportunities Fund VI Reports Its First Sales: $1.89 Billion Onshore and $1.48 Billion Offshore
Form D amendments filed November 2, 2026 show the two Fund VI vehicles moving from no reported sales to $1,893,405,374 across 308 investors and $1,481,221,982 across 171, with a first sale on November 10, 2025 and a $500,000 minimum. A year after their own notices, Fund V's vehicles had reported about $1.91 billion and $682 million: the onshore figure is roughly level with its predecessor, the offshore figure is substantially higher.
Key facts
6- NB Secondary Opportunities Fund VI LP (CIK 2090845) reported $1,893,405,374 sold to 308 investors on a Form D/A filed November 2, 2026 (accession 0002090845-26-000001); its original notice of October 30, 2025 reported no sales.
- NB Secondary Opportunities Offshore Fund VI LP (CIK 2090844) reported $1,481,221,982 sold to 171 investors the same day (accession 0002090844-26-000001), also from a notice reporting no sales.
- Both filings give November 10, 2025 as the date of first sale, a $500,000 minimum, an indefinite offering amount, and Rule 506(b) with the Section 3(c)(7) exclusion (Section 3(c)(1) is not checked); neither says whether its total includes the other vehicle's, so AltStreet does not add the amounts or the investor counts.
- Both name the same recipients of sales compensation: Neuberger Berman BD LLC (CRD 2908), Stifel, Nicolaus & Company (CRD 793), Jefferies LLC (CRD 2347) and Merrill Lynch, Pierce, Fenner & Smith (CRD 7691) for all states, and Michael Colin McLane (CRD 4461016), associated with General Wellington Capital LLC (CRD 282139), for nine states; the clarification says placement agents may receive fees based on a percentage of commitments.
- A year after their August 14, 2020 notices, the Fund V vehicles reported $1,914,788,213 to 288 investors (onshore) and $681,713,213 to 96 (offshore) on amendments filed August 16, 2021; the amendments of August 18, 2022, the last on EDGAR for each, reported $3,388,634,393 to 595 and $1,612,554,393 to 188.
- Form D reports amounts sold to date for each filer; the program's size, and whether the two vehicles are one pool reported twice, are not in the filings.
Neuberger Berman's sixth secondaries program reported its first sales to the SEC on November 2, 2026. NB Secondary Opportunities Fund VI LP reported $1,893,405,374 sold to 308 investors on a Form D amendment (accession 0002090845-26-000001), and NB Secondary Opportunities Offshore Fund VI LP reported $1,481,221,982 sold to 171 investors (accession 0002090844-26-000001). Each vehicle's original notice, filed October 30, 2025, had reported no sales.
Measured against the predecessor program at the same point, the onshore vehicle is roughly level: NB Secondary Opportunities Fund V LP reported $1,914,788,213 to 288 investors a year after its August 2020 notice. The offshore vehicle reports substantially more than its predecessor did, $1,481,221,982 against $681,713,213 to 96 investors.
The two Fund VI filings give the same first sale date, November 10, 2025, the same $500,000 minimum and the same placement agents. Neither says whether its total includes commitments to the other vehicle, so the program's size cannot be read as the sum of the two, and the investor counts are kept separate for the same reason.
What the filings show
The amendments name the same five recipients of sales compensation. Four are broker-dealers listed for all states: Neuberger Berman BD LLC, the firm's own broker-dealer; Stifel, Nicolaus & Company; Jefferies LLC; and Merrill Lynch, Pierce, Fenner & Smith. The fifth is an individual, Michael Colin McLane (CRD 4461016), listed as associated with General Wellington Capital LLC (CRD 282139) for nine states: California, Connecticut, Florida, Louisiana, Massachusetts, New Jersey, New York, North Carolina and Texas. Both filings add that 'the placement agents may receive fees based on a percentage of capital commitments to the issuer by such agent's clients', that certain Neuberger employees will also receive sales commissions, and that affiliates of the general partner may receive payments from the proceeds, including management fees and incentive allocations. The amounts are described as not estimable.
| Vehicle | Notice | Amount sold | Investors | First sale |
|---|---|---|---|---|
| NB Secondary Opportunities Fund VI LP | Form D, October 30, 2025 | $0 | 0 | yet to occur |
| NB Secondary Opportunities Fund VI LP | Form D/A, November 2, 2026 | $1,893,405,374 | 308 | November 10, 2025 |
| NB Secondary Opportunities Offshore Fund VI LP | Form D, October 30, 2025 | $0 | 0 | yet to occur |
| NB Secondary Opportunities Offshore Fund VI LP | Form D/A, November 2, 2026 | $1,481,221,982 | 171 | November 10, 2025 |
Both vehicles claim Rule 506(b) and the Section 3(c)(7) exclusion (the general Section 3(c) box is also checked; Section 3(c)(1) is not), an indefinite offering amount and a $500,000 minimum.
Fund V at the same stage
The predecessor program filed its notices on August 14, 2020. On its first amendments, filed August 16, 2021, NB Secondary Opportunities Fund V LP reported $1,914,788,213 sold to 288 investors and its offshore vehicle $681,713,213 to 96. On the second amendments, filed August 18, 2022 and the last for each on EDGAR, the figures were $3,388,634,393 to 595 investors and $1,612,554,393 to 188. The same caveat applies to both programs: the filings do not say whether the onshore and offshore totals overlap.
Why it matters
For an investor weighing a secondaries allocation, the filings give dated, primary-source reported sales by vehicle a year into the raise, the investor count by vehicle, the minimum, and the names of the outside placement agents, who may receive fees based on a percentage of commitments. What they do not give is the program's size or its close: Form D reports amounts sold to date per filer, and the relationship between the two vehicles' totals is not stated.
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What the filings do not show
Form D reports amounts sold to date per filer and does not say whether a parallel vehicle's commitments are counted; AltStreet has not located a statement from Neuberger Berman on the relationship between the two Fund VI vehicles or on the program's target, and it has not contacted the firm for this report. Investor counts are per vehicle and may overlap. The filings do not establish any charge to an investor beyond the fee language quoted above.