Neuberger Berman has raised $5.3 billion for its Dyal Capital Partners III. The New York-headquartered firm began fundraising in 2014 with a $2.5 billion target.
Its previous fund raised $2.2 billion in 2015.
Investors that committed to Dyal Capital Partners III include the Alaska Permanent Fund, the New Jersey Division of Investment and the University of Michigan.
The fund will target minority equity capital opportunities in financial services sectors in North America and Europe.