# NB Alternatives Advisers LLC

> NB Alternatives Advisers LLC is an SEC-registered investment advisory firm in Dallas, TX, registered since 2009, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated September 29, 2026.

- CRD: 149822
- Filed as: NB ALTERNATIVES ADVISERS LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Dallas, TX
- Filing period: October 2026
- Form ADV filing dated: September 29, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/149822
- AdvisorCensus page: https://advisorcensus.com/firm/nb-alternatives-advisers-llc-dallas-tx-149822

## Quick answers

**How is NB Alternatives Advisers LLC compensated?**
On its Form ADV (Item 5.E, October 2026), NB Alternatives Advisers LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**Where is NB Alternatives Advisers LLC located?**
NB Alternatives Advisers LLC's principal office is in Dallas, TX, according to its Form ADV; the October 2026 filing also lists 12 other offices (Schedule D, Section 1.F).

**Is NB Alternatives Advisers LLC registered with the SEC or a state?**
NB Alternatives Advisers LLC is an SEC-registered investment advisory firm, registered since 2009. Status as filed: Approved. CRD 149822.

**How much does NB Alternatives Advisers LLC manage?**
NB Alternatives Advisers LLC reports $160,242,886,816 in regulatory assets under management in its Form ADV filing dated September 29, 2026 (88% discretionary).

**How have NB Alternatives Advisers LLC's assets and staff changed since 2021?**
In the Form ADV data for NB Alternatives Advisers LLC: Regulatory assets under management: $69,157,497,770 in the October 2021 data and $160,242,886,816 in the October 2026 data, up 132%. Total employees: 224 in October 2021 and 417 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does NB Alternatives Advisers LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (192); insurance companies (61); pension and profit sharing plans (but not the plan participants or government pension plans) (48).

**Which custodians does NB Alternatives Advisers LLC use?**
NB Alternatives Advisers LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of America, N.A. and U.S. Bancorp as custodians holding 10% or more of its separately managed account assets.

**Does NB Alternatives Advisers LLC report any disciplinary disclosures?**
Reports 5 disclosure items on Form ADV Item 11: yes answers to 11.C(1) (SEC or CFTC finding of a false statement or omission), 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order), and 11.D(2) (another regulator's finding of a violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/149822

**What changed in NB Alternatives Advisers LLC's recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 200 to 224. Regulatory assets under management went from $135,009,325,687 to $160,242,886,816 (+19%). Changed its office addresses in Zurich. Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Bank of America, N.A.
- U.S. Bancorp

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $160,242,886,816
- Discretionary: $141,684,824,942
- Non-discretionary: $18,558,061,874

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 2 | $544,225,808 |
| Banking or thrift institutions | 28 | $11,865,163,192 |
| Investment companies | 16 | $4,156,657,003 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 192 | $89,083,112,765 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 48 | $22,937,315,622 |
| Charitable organizations | 4 | $491,436,584 |
| State or municipal government entities (including government pension plans) | 9 | $7,874,974,490 |
| Other investment advisers | 4 | $465,953,845 |
| Insurance companies | 61 | $20,045,814,654 |
| Sovereign wealth funds and foreign official institutions | 9 | $1,355,985,031 |
| Corporations or other businesses not listed above | 6 | $1,422,247,822 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for investment companies (and business development companies)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Educational seminars/workshops

### Firm details
- Registered since: 2009 (17 years)
- Employees: 417 total, 224 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 5 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/149822

### Other offices (Schedule D, Section 1.F), as of the October 2026 filing
- Avon, CO
- Boston, MA
- Hong Kong
- London
- Los Angeles, CA
- Madrid
- New York, NY
- Pembroke
- Redwood City, CA
- Singapore
- Tokyo
- Zurich

### Websites listed on Form ADV (Item 1.I)
- nb.com
- LinkedIn @NEUBERGER-BERMAN
- X @NEUBERGERBERMAN

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $69,157,497,770 | 224 | June 11, 2021 |
| October 2022 | $87,941,924,800 | 247 | June 29, 2022 |
| October 2023 | $104,690,106,431 | 296 | March 31, 2023 |
| October 2024 | $118,041,119,970 | 319 | April 5, 2024 |
| October 2025 | $135,009,325,687 | 368 | March 28, 2025 |
| October 2026 | $160,242,886,816 | 417 | September 29, 2026 |

Regulatory assets under management: $69,157,497,770 in the October 2021 data and $160,242,886,816 in the October 2026 data, up 132%.
Total employees: 224 in October 2021 and 417 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 200 to 224.
- Regulatory assets under management went from $135,009,325,687 to $160,242,886,816 (+19%).
- Changed its office addresses in Zurich.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. NB Alternatives Advisers LLC (CRD 149822): Form ADV filing data as of October 2026.