NEUBERGER BERMAN AND EMPOWER ANNOUNCE COLLABORATION TO EXPAND ACCESS TO PRIVATE EQUITY FOR RETIREMENT PLAN PARTICIPANTS

(MENAFN- PR Newswire)

NEW YORK, May 14, 2025 /PRNewswire/ -- Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce its partnership with Empower, the second-largest retirement services provider in the U.S., to introduce private equity investments in defined contribution retirement plans. This pioneering program offers individuals access to a high-quality private equity solution, previously limited to institutional investors and the ultra-wealthy.

This collaboration underscores Neuberger Berman and Empower's shared commitment to democratizing private markets investment strategies. Empower supports 19 million Americans saving for retirement through workplace plans. By integrating private equity into defined contribution plans, participants can diversify their portfolios and potentially enhance returns, helping to maximize their retirement savings.

"Our partnership with Empower creates a seamless and cost-effective private equity investment experience for participating employers that Empower serves." said Michelle Rappa, Managing Director and Retirement Client Advisor for Neuberger Berman. "This milestone reflects our joint dedication to broaden investment opportunities for retirement plan participants."

Empower's initiative enables access to private markets-a historically high-performing asset class that has been largely out of reach for defined contribution plans-helping millions of participants grow their retirement savings. Access to these investments requires employer approval and the use of Empower's managed account platform to tailor investments based on individual risk tolerance and financial goals. The program utilizes collective investment trusts to integrate private equity alongside existing plan options.

Peter von Lehe, Managing Director and Head of Private Markets Investment Solutions and Strategy at Neuberger Berman, commented, "We are honored to partner with Empower to deliver innovative solutions to help enable plan participants to achieve their unique long-term retirement goals. Empower's private markets program provides investors the potential for compelling risk-adjusted returns and a way to access a diversified portfolio of institutional-quality private equity investments through the strength, scale and expertise of Neuberger Berman."

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit for more information. Data as of March 31, 2025.

About NB Private Markets

NB Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. NB Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions globally including public and private pension funds, endowments, insurance companies, sovereign wealth funds, family offices and intermediaries. As of December 31, 2024, NB Private Markets managed over $135 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. NB Private Markets has an experienced, diverse and stable team of over 440 professionals with a global presence in 15 offices across the United States, Europe, and Asia (as of March 31, 2025).

About Empower

Recognized as the second-largest retirement services provider in the U.S.¹ by total participants, Empower administers approximately $1.8 trillion in assets for 19 million investors² through the provision of retirement plans, advice, wealth management, and investments.

Media Contact: Fiona Kehily, +44 20 3214 9087, [email protected]

1.	Pensions & Investments DC Recordkeeper Survey (2024). Ranking measured by total number of participants as of December 31, 2023.
2.	As of March 31, 2025. Assets under administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

All Neuberger Berman information is as of December 31, 2024, unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history/timeline includes the history of all firm subsidiaries, including predecessor entities and acquisitions.

Pension & Investments, Best Places to Work in Money Management 2024: The Pensions & Investments, Best Places to Work in Money Management annual survey is designed to recognize the best employers in the money management industry. Neuberger Berman participated in the category among organizations with over 1,000 employees. Pensions & Investments partnered with a third-party research firm to conduct a two-part survey process of employers and their employees. The first part, worth approximately 20% of the total evaluation, consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. The second part, worth the remaining 80% of the total evaluation, consisted of an employee survey to measure the employee experience. The combined scores determined the top companies. Pensions & Investments, owned by Crain Communications Inc., is the 50-year-old global news source of money management and institutional investing. Neuberger Berman pays a fee to participate in the Pensions & Investments employee survey.

NB Private Markets Investor Commitments as of December 31, 2024. Aggregate Committed Capital represents total commitments to active vehicles (including commitments in the process of documentation or finalization) managed by NB Private Markets. Includes estimated allocations of dry powder for diversified portfolios consisting of primaries, secondaries, and co-investments. Therefore, amounts may vary depending on how mandates are invested over time.

This material is being issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit /disclosure-global-communications for the specific entities and jurisdictional limitations and restrictions. The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2025 Neuberger Berman Group LLC. All rights reserved.

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