What Neuberger Berman Capital Solutions does

Neuberger Berman Capital Solutions is a division within Neuberger Berman Group LLC that provides bespoke minority capital solutions to private equity-owned companies. The firm deploys four security structures — structured equity, junior debt, convertible instruments, and common equity — to support strategic M&A, minority recapitalizations, valuation establishment, and growth capital for mid-life assets. As of January 2026, the platform manages approximately $12 billion in AUM across three funds, has invested in over 90 companies, and writes checks of up to $800 million. The team is led by David Lyon (Head of Capital Solutions) with Managing Directors Nikhil Krishnan and J.T. Munch, and operates out of New York.

The firm's go-to-market is partnership-driven: deal flow originates through direct relationships with private equity sponsors and management teams, with named repeat partners including KKR, Blackstone, Leonard Green, Audax, Harvest Partners, Kohlberg & Company, OMERS, Summit Partners, Onex, and Ares. The platform targets four verticals — healthcare, business services, industrial services, and software & technology — and maintains a non-control ownership posture that preserves alignment with existing sponsors and management. Revenue is generated through management fees on committed capital under management and investment returns from portfolio realizations, exemplified by the ENTRUST Solutions Group exit to Leidos for approximately $2.4 billion in January 2026.

Name

Neuberger Berman Capital Solutions

Legal name

Neuberger Berman Group LLC

Website

https://nbcapitalsolutions.com

Company type

Private

Founded year

1939

Operating status

Operating

Short description

Neuberger Berman Capital Solutions is a division of Neuberger Berman that provides bespoke minority capital solutions — structured equity, junior debt, convertibles, and common equity — to private equity-owned companies across healthcare, business services, industrial services, and software & technology.

Ownership category

akta.pro rank

Product category

Private Capital Markets / Minority Investment Solutions

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industries

Mezzanine / Subordinated Debt (FSANADAC), Private Credit / Direct Lending (FSAAAHAG), Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)

Keywords

• Minority capital solutions
• Private credit investing
• Structured equity investments
• Junior debt financing
• Growth capital partner

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Management Fees and Investment Returns: NB Capital Solutions generates revenue through management fees on committed capital under management and investment returns from its portfolio companies. As of January 2026, the firm manages approximately $12 billion in AUM across its three funds, having made investments in over 90 companies.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Neuberger Berman Capital Solutions provides bespoke minority capital solutions to private equity-owned companies through flexible security structures including preferred equity, junior debt, convertible instruments, and common equity. The firm writes checks up to $800 million in non-control minority stakes, supporting strategic M&A financing, minority recapitalizations, valuation establishment, and growth capital across healthcare, business services, industrial services, and software and technology sectors.

Product overview

Neuberger Berman Capital Solutions operates as a single integrated investment platform offering bespoke minority capital solutions to industry-leading companies. The platform provides four primary security structures (Structured Equity, Junior Debt, Convertible Instruments, and Common Equity) designed to help private equity sponsors and management teams achieve strategic objectives including strategic M&A, minority recapitalization, valuation establishment, and growth capital. The firm manages approximately $12 billion in AUM across three funds, targeting North American companies across healthcare, business services, industrial services, and software & technology sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• NB Credit Opportunities Fund A credit opportunities fund within the NB Capital Solutions platform that invests in private equity-owned companies through bespoke minority capital solutions. The fund had a final close of approximately $2.5 billion, exceeding its $1.5 billion target, with a global investor base of institutional LPs.
• Preferred Equity Investments Equity capital provided through preferred equity structures that allow companies to access growth capital without surrendering control or material governance, designed for sponsors and management teams seeking growth capital with less dilution than common equity.
• Junior Debt Financing Junior debt capital with flexibility to be paid in kind, with or without warrants, offering debt-like obligations with structural downside protection. Used to provide flexible financing solutions to PE-owned companies.
• Convertible Instrument Investments Debt-like obligations with a pre-determined yield that can convert to equity, often used to cement valuations important to corporates or financial sponsors. Provides flexibility across the capital structure.
• Common Equity Investments Security providing alignment with other common equity shareholders, typically used in minority recapitalization scenarios. Offers partnership-oriented equity capital to PE-owned companies.

Quantifiable outcome

• Over 90 companies invested in across three funds since inception
• +2 more outcomes

Segments5 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Latham & WatkinscoreImplementation/ SI/ Consulting Partner · 23 December 2024Latham & Watkins served as legal advisor to NB Capital Solutions on the Yellowstone Landscape investment. The firm has been recognized as 2024 Americas Law Firm of the Year by Private Debt Investor.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Golub Capital: Major middle-market direct lender and private credit manager; while more unitranche-focused, increasingly competes for sponsor-backed flexible capital opportunities at the same scale as NB Capital Solutions' $12B AUM.
• Sixth Street: Leading global investment firm specializing in flexible, partnership-style capital solutions including junior debt, structured equity and minority investments in PE-backed companies; closest peer by mandate in offering bespoke non-control capital with large check capacity.
• Crescent Capital Group: Specialist middle-market private credit manager (owned by Sun Life) offering junior debt, mezzanine and minority equity to PE-backed companies; directly comparable by sector focus (healthcare, business services) and ticket size.
• Blackstone Credit: Largest private credit platform globally within Blackstone; offers flexible junior debt, mezzanine, structured equity and minority capital solutions to PE-owned companies, directly competing for the same co-investment opportunities alongside Blackstone's own flagship funds (NB co-invested alongside Blackstone in Sphera).
• Apollo Capital Solutions: Apollo's flexible capital and credit solutions platform providing hybrid capital, structured equity and junior debt to PE-owned companies; one of the largest scaled competitors pursuing the same non-control minority capital opportunity set as NB Capital Solutions.
• HPS Investment Partners: Specialist private credit manager offering senior, mezzanine, and structured equity solutions to PE-owned companies; highly comparable flexible mandate and mid-life asset focus as NB Capital Solutions.
• Ares Capital Solutions: Ares Management's private credit and capital solutions strategy focuses on bespoke financing solutions for PE-owned businesses across junior debt, structured equity and minority equity; directly comparable in mandate and ticket size (Ares co-invested with NB in Ryan).
• KKR Credit: Major private credit and capital solutions franchise within KKR offering junior debt, mezzanine, preferred equity and structured minority capital solutions; competes head-to-head with NB Capital Solutions for minority investments alongside KKR's flagship PE funds (KKR co-invested with NB in Flow Control Group).
• Antares Capital: Large private credit manager focused on sponsor-backed middle-market and upper middle-market financings; offers unitranche, junior debt and structured solutions, overlapping significantly with NB Capital Solutions' healthcare, business services, and industrial services verticals.

Emerging players

• Audax Private Equity (Capital Solutions affiliate): While primarily a PE sponsor, Audax is a frequent co-investment partner of NB Capital Solutions (FDH Aero, DISA, Veterinary Practice Partners), and its capital solutions activity makes it an adjacent, comparable minority capital provider in middle-market PE-backed deals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Neuberger Berman Capital Solutions