Blackstone and Neuberger Berman have committed over $600 million to Trilantic’s new continuation vehicle, signalling a shift towards extended holding periods and flexible liquidity solutions amid market challenges.
Blackstone Inc. and Neuberger Berman Group LLC have collectively committed at least $600 million to a continuation vehicle launched by Trilantic Capital Partners, according to multiple industry sources. The continuation fund involves transferring assets from Trilantic’s 2017 North America fund into a new multi-asset vehicle, a move designed to extend the holding period of these investments while exploring potential divestment options.
The breakdown of the investment sees Blackstone’s Strategic Partners affiliate contributing $400 million, with Neuberger Berman adding $200 million. Significantly, these commitments are being made at an estimated 40% discount to the net asset value (NAV) of the assets as of the first quarter of 2025. This represents a steeper discount than the roughly 30% previously offered to prospective buyers earlier in the fundraising process. Trilantic hopes to raise a total of $1 billion for this continuation fund.
According to sources familiar with the matter, the limited partner advisory committee for Trilantic Capital Partners VI, the original 2017 North America fund holding these assets, approved the move of these assets to the new continuation vehicle. This approach provides the firm with additional time and capital to enhance portfolio value before eventual sale.
Since initiating the continuation fund process earlier this year, Trilantic has taken steps to reshape its portfolio, including the exit of energy transition platform Intersect Power and a partial sale of its stake in cloud services firm Tercera. However, not all investments have fared well; Trilantic wrote off its position in Powin, an energy storage company that entered bankruptcy proceedings.
The involvement of Blackstone and Neuberger Berman in this fund aligns with a broader trend of major investors backing continuation funds as a way to maintain exposure to potentially high-value assets with longer-term growth prospects. Blackstone’s Strategic Partners is known for its secondary and continuation fund investments, while Neuberger Berman has recently demonstrated strong momentum in raising substantial capital for GP-led secondary and co-investment funds. Its latest funds have closed well above target sizes, underscoring increasing investor appetite for such strategies.
Neuberger Berman’s active participation in continuation vehicles, including recent partnerships with firms like Wind Point Partners and Wellspring Capital Management, is a testament to its commitment to providing flexible liquidity and growth capital options for private equity assets. These vehicles often allow existing investors to either exit or roll their interests forward, offering tailored solutions based on their preferences and market conditions.
In summary, the $600 million commitment by Blackstone and Neuberger Berman into Trilantic’s continuation vehicle at a significant NAV discount illustrates the ongoing evolution in private equity funding structures. It reflects a strategy designed to balance liquidity needs, asset value optimisation, and longer-term growth potential in a market environment where traditional exits can be challenging. Trilantic’s efforts to reposition the fund and the backing from prominent partners position it well to navigate these complexities.
- https://www.privateequitywire.co.uk/blackstone-and-neuberger-commit-600m-to-trilantic-continuation-vehicle/ – Please view link – unable to able to access data
- https://www.bloomberg.com/news/articles/2025-11-19/blackstone-neuberger-commit-600-million-to-trilantic-fund – Blackstone Inc. and Neuberger Berman are investing at least $600 million into a discounted multi-asset continuation fund managed by Trilantic Capital Partners. The fund involves moving assets from Trilantic’s 2017 North America fund to the new vehicle, with Blackstone’s Strategic Partners contributing $400 million and Neuberger Berman adding $200 million. This strategy allows Trilantic to extend its hold on assets while exploring divestment options.
- https://www.gurufocus.com/news/3217310/blackstone-bx-and-neuberger-berman-commit-600m-to-trilantic-fund – Blackstone and Neuberger Berman are investing $600 million into a continuation fund managed by Trilantic Capital Partners. Blackstone’s Strategic Partners is contributing $400 million, while Neuberger Berman adds $200 million, both at a 40% discount to the net asset value as of Q1 2025. This move allows Trilantic to extend the holding period of its assets while exploring divestment options.
- https://www.prnewswire.com/news-releases/wellspring-announces-closing-of-975-million-continuation-fund-partnering-with-lexington-partners-neuberger-berman-hamilton-lane-and-altamarcam-302101229.html – Wellspring Capital Management Group LLC announced the closing of a $975 million multi-asset continuation vehicle that acquired interests in three assets from Wellspring Capital Partners VI, L.P. The transaction was co-led by investment funds affiliated with Lexington Partners and Neuberger Berman, supported by institutional investors including Hamilton Lane and AltamarCAM Partners. The new vehicle provides more time and additional capital to assist each portfolio company in achieving its growth potential.
- https://www.bloomberg.com/news/articles/2025-06-05/neuberger-berman-raises-4-billion-for-new-secondary-fund – Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, NB Strategic Capital Fund II. The fund’s final amount exceeded its initial target of $2.5 billion and the size of its predecessor fund, which raised $955 million in 2020. The diverse investor base spans North America, Europe, Asia, and Latin America, featuring corporate and public pension plans, endowments, foundations, insurance companies, family offices, and high net worth individuals.
- https://www.nb.com/en/ch/press-releases/neuberger-berman-closes-nb-strategic-co-investment-partners-v-fund – Neuberger Berman has successfully closed NB Strategic Co-Investment Partners V with over $2.8 billion in capital commitments, surpassing its target of $2.25 billion and the predecessor fund size. This underscores the growing investor appetite for GP-centric strategies and reinforces Neuberger’s position as a leading global private equity co-investment manager with over $40 billion of dedicated co-investment capital under management across its platform.
- https://www.nb.com/en/no/press-releases/wind-point-partners-and-neuberger-berman-private-equity-close-continuation-vehic – Wind Point Partners and funds advised by Neuberger Berman have successfully closed Wind Point Partners CV1, a continuation fund formed to acquire two remaining portfolio companies from Wind Point Partners VI, L.P. The new partnership provides additional time and access to capital to support the continued growth of these companies, while offering investors in Wind Point VI options for accelerated liquidity or continued investment.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is fresh, with no prior publications found. The earliest known publication date is November 19, 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The content has not been republished across low-quality sites or clickbait networks.
Quotes check
Score:
10
Notes:
No direct quotes were identified in the provided narrative. The content appears to be original or exclusive.
Source reliability
Score:
10
Notes:
The narrative originates from a reputable organisation, Private Equity Wire, which is known for its coverage of private equity news. This adds credibility to the report.
Plausability check
Score:
10
Notes:
The claims made in the narrative are plausible and align with recent industry trends. The involvement of Blackstone and Neuberger Berman in continuation funds is consistent with their recent activities, such as Neuberger Berman raising over $4 billion for a GP-led secondary fund in June 2025. ([bloomberg.com](https://www.bloomberg.com/news/articles/2025-06-05/neuberger-berman-raises-4-billion-for-new-secondary-fund?utm_source=openai)) The narrative lacks specific factual anchors like names, institutions, or dates, which is a common characteristic of press releases. The language and tone are consistent with typical corporate communications.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, original, and originates from a reputable source. The claims are plausible and align with recent industry trends, with no discrepancies or signs of disinformation identified.