Fund database › Private Equity
Neuberger BermanLU2931940923Class A EUR
The NB Private Equity Open Access Fund is Neuberger Berman's ELTIF answer to its own Part II strategy: co-investments, buyouts and growth across Europe, North America and Asia, launched in 2025, designed for retail investors.
During the two-year build-up phase there is no redemption right — exits run through matching; thereafter quarterly redemption with roughly one quarter's notice and a quantified net quarterly gate.
Subscription from EUR 10,000 for retail and professional investors alike, recommended holding period five years; registered for distribution in roughly eighteen countries, including Germany.
The retail counterpart to the NB Global Private Equity Access Fund — same manager, different legal framework and staggered liquidity: investors seeking immediate tradability are better served by the Part II original, those needing the ELTIF's protective framework, here. The LIQID NXT products use the same platform as a white label.
Figures for class A EUR (LU2931940923) · product data 9 Oct 2026 · sources: prospectus (as at January 2026; CSSF authorisation of the sub-fund 28 Nov 2024), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Jul 2025, the unit price has gained 12.5% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
14 monthly values · Source: secondary source (data portal), price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Jan 2025; a reliable NAV series of the class is available from Jul 2025.
What the prospectus permits: Direct private equity co-investments alongside leading PE sponsors; predominantly buyouts (small/mid-cap and large-cap), opportunistically special situations, growth capital and credit; opportunistically also the secondary market.
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
42 holdings; the five largest account for 26.6% of the fund. 17.1% is held in the liquidity reserve — enough for 10 months of maximum redemptions.
How the reserve is invested: France BTF (zero coupon) 6.6% · Germany Bubill (zero coupon) 6.5% · Spain Letras del Tesoro (zero coupon) 4.0%. It covers 10 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 10 co-investments; 1 name not disclosed.
Undisclosed developer of AI models, shown anonymously in the factsheet.
Action (Zwaagdijk, Netherlands) is Europe’s largest non-food discount retailer, with a broad, frequently changing range of household goods, decorations, toiletries and toys.
Solenis is a global producer of specialty chemicals and water treatment solutions for water-intensive industries such as pulp and paper, municipalities, and hygiene and cleaning.
Nord Anglia Education is the world's largest operator of international premium private schools (K-12, day and boarding schools) …
Mavis Tire Express Services is an independent US tire retail and automotive service chain headquartered in Millwood (New York), with a large store network across numerous states.
U.S. provider of cybersecurity software focused on email security, data loss prevention and security awareness training for enterprises, headquartered in Sunnyvale, California.
Value-added distributor of engineered products for industrial flow, valve and pump technology and automation, combining components with engineering, assembly and service capabilities.
True Potential is a vertically integrated UK wealth manager based in Newcastle, offering a digital investment platform, proprietary investment funds and financial advice to retail investors.
Ryan LLC is a U.S. provider of tax advisory, tax recovery and tax technology services for businesses, covering sales and use taxes, property taxes and severance taxes, among others …
Brooks Automation, based in Chelmsford, Massachusetts, supplies vacuum robotics, automation and contamination control solutions for semiconductor manufacturing and equipment makers (OEMs).
Positions and shares according to the provider; 1 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; 5.7% is not allocated to any block in the source; holdings as at 31 Jul 2026, reserve as at 31 Dec 2025; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.18%, class A EUR is well below the median of the asset class (2.60%). On top comes a performance fee of 12.50% above a hurdle of 8%.
For 10,000 EUR this means roughly 218 EUR per year; the cheapest class with a cost figure is Z EUR (0.33%, from 10,000 EUR).
For 10,000 EUR, a one-off up to 200 EUR on purchase, nothing on redemption at present; the board may charge up to 5% (500 EUR) — therefore not included in the liquidity score.
Based on the PRIIPs key information document of class A EUR, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 15 business days later.
complete AML/KYC documentation by Subscription Cut-Off, otherwise postponement
exceptionally 13:00 CET on the last business day 20 calendar days before the Valuation …
Price = NAV per share on this day.
NAV Publication Date = first business day after 14 business days following the Valuation …
after NAV publication: 3 business days after NAV publication
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last calendar day of the month |
| Cut-off | 20 calendar days before Valuation day · 12:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | NAV Publication Date = first business day after 14 business days following the Valuation Date; made available on the following business day |
| Payment | after NAV publication: 3 business days after NAV publication |
| Minimum investment | 10,000 EUR/USD, 100,000 SEK |
| Entry charge (max.) | 2% (distributor) |
| Subscription limit | The Board may limit net subscription orders by reference to the opportunity set without prior notice; oversubscription is scaled back pro rata |
| KYC / documents | complete AML/KYC documentation by Subscription Cut-Off, otherwise postponement |
| Revocation | Retail: cancellation without penalty within 2 weeks of the Subscription Cut-Off |
| Business day | banks open the whole day for non-automated business in Luxembourg and, where applicable, further places named in the supplement. |
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate), lock-up 24 months. How quickly the money arrives and what happens if many want out at once is set out below.
No redemption right during the ramp-up period.
Price = NAV per share on this day.
NAV at previous quarter-end (—)
at the latest 8 business days after NAV publication (—)
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within a year — on average 253 days from decision to cash.
Rank 55 of 112 · rank 17 of 38 in Private Equity · 3 months lock-up · no fixed redemption fee
Money typically within half a year — on average 162 days from decision to cash.
3 months lock-up — expired for existing holdings · no fixed redemption fee
Confidence medium — document older than 18 months · prospectus as at 28 Nov 2024 · score run 16 Oct 2026 · How 253 days become 29 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 90 calendar days before redemption day · 12:00 CET |
| Price | quarter-end |
| Payout | 3 business days after NAV publication (latest 8 business days) |
| Gate | 5% net of NAV at the previous quarter-end per quarter; in any event max. the amount under Art. 5 (6) ELTIF Delegated Regulation. |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 5% (discretionary) |
| Lock-up | fund-level, 24 months (fund launch) |
| Suspension | market closure/trading suspension, missing price sources, communication/IT failure, transfer restrictions, force majeure, suspension at target … |
| Liquidity tools | Gate of 5% net per quarter, redemption fee of up to 5%, further reduction/cessation of acceptance in exceptional cases, matching with a matching … |
| Switch / transfer | transfer to eligible investors only with the prior consent of the board of directors; dates set by the Board; in addition matching under. |
| Compulsory redemption | Prohibited Persons/ineligible investors; dissolution of a share class where the class NAV falls below EUR 5 million. |
Net redemptions (redemption orders less subscription orders for the same Redemption Cut-Off Time, aggregated across all share classes and calculated in EUR) are limited per calendar quarter to 5% of the NAV of all units outstanding as at the end of the preceding quarter; the board of directors may suspend the limit in part or in full.
The 5% gate is a NET figure (redemptions less subscriptions at the same cut-off, aggregated across all share classes, calculated in EUR) and relates to the NAV at the end of the previous quarter. Unlike in the sister sub-fund F032, excess orders are NOT cancelled but are automatically deemed resubmitted for the next redemption date until they are met in full (investors may cancel them in writing).
Dates calculated from the prospectus rules (bank holidays: LU); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
13 classes. All cost and risk figures on this page refer to the basis class A EUR; the cheapest class with a cost figure is Z EUR (0.33%, from 10,000 EUR).
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus NB Alternative Funds SICAV S.A., Prospectus January 2026; Supplement VI: NB Private Equity Open Access Fund, p. 345-409 | Jan 2026 | — |
| Key information document (PRIIPs KID) | 11 Feb 2026 | — |
| Factsheet / monthly report | 30 Jun 2026 | — |
| NAV series secondary source (data portal), price feed / provider document | 31 Aug 2026 | Performance (01) |
| Positions and reserve | 31 Jul 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 90 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 253 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.18% p.a. according to the PRIIPs KID for class A EUR; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 12.50%.
10,000 EUR in class A EUR.
Yes. According to our evidence, the fund is open to retail investors in Germany (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the NB Private Equity Open Access Fund. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
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Apollo Global Management · ELTIF 2.0 · quarterly
Blackstone · Part II SICAV · quarterly
Brookfield Asset Management / Oaktree · Part II SICAV · quarterly
Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.