INDEPENDENT VERDICT
Neuberger PRIMA Generations Fund LP is a newly formed 2026 private-equity vehicle that had not completed its first reported sale when its September 17 Form D was filed. The filing shows $0 sold, zero investors, an indefinite offering and Rule 506(b) / Section 3(c)(7), but the legal identity is already unusually clear: Neuberger PRIMA Generations Fund GP LLC is the general partner, Neuberger Berman Investment Advisers LLC is explicitly named as investment adviser, and J. Douglas Kramer, Gabriel Cahill and Joseph V. Amato appear in the GP governance chain. The most distinctive fact is hidden in the issuer-history field: the same CIK previously carried the name "Neuberger PSG PRIMA (NGS) LP" before being renamed Neuberger PRIMA Generations Fund LP. That means the Generations branding changed before the first reported sale rather than representing a later rebranding of an already funded vehicle. The fund also sits beside an established PRIMA family—including PRIMA IX, X and XI—so the correct research question is how Generations differs from those earlier Principal Strategies / PRIMA vehicles rather than whether Neuberger is a new private-markets sponsor.
THE NAME CHANGED BEFORE THE FUND RAISED PUBLICLY REPORTED CAPITAL
Neuberger PRIMA Generations Fund LP, CIK 0002152070 and SEC File No. 021-597973, was organized in Delaware in 2026 and filed its new Form D on September 17. The SEC record preserves "Neuberger PSG PRIMA (NGS) LP" as the previous issuer name. Under the current name, the vehicle is classified as a private equity fund, offers pooled investment fund interests, relies on Rule 506(b) and Section 3(c)(7), has an indefinite offering and states that the first sale has yet to occur. It reports $0 sold, zero investors, no commissions or finder fees and a $0 Form D minimum. Neuberger Berman BD LLC, CRD 2908, is nevertheless identified as the sales-compensation recipient for solicitation across all U.S. states. The presence of the affiliated broker-dealer before any completed sale shows that distribution infrastructure was already in place even though the offering had not yet recorded capital.
The GP / adviser chain is more transparent than many newly formed private funds. Neuberger PRIMA Generations Fund GP LLC is explicitly described as general partner; Neuberger Berman Investment Advisers LLC is explicitly described as investment adviser. J. Douglas Kramer and Gabriel Cahill are identified as managing directors of the GP, while Joseph V. Amato is chief executive officer of the GP. Ephraim Lemberger signed the filing as senior vice president of the general partner. Neuberger Berman Investment Advisers is independently registered with the SEC under CRD 124687 and SEC File No. 801-61757. This means the sponsor connection does not depend on website inference or a similar trade name: the adviser relationship is stated directly in the Form D.
PRIMA IS AN EXISTING NEUBERGER PRIVATE-MARKETS FAMILY, NOT A NEW 2026 LABEL
The "PRIMA" name predates Generations by years. SEC records show Neuberger Berman Principal Strategies PRIMA Fund LP dating to 2018, with Neuberger Berman Investment Advisers named in its management structure. More recently, Neuberger PSG PRIMA X LP and Neuberger PSG Prima XI LP filed in 2026, again from 1290 Avenue of the Americas and again naming Neuberger Berman Investment Advisers. PRIMA X uses its own PRIMA X Associates GP, while PRIMA XI uses the broader Neuberger Berman Principal Strategies PRIMA Associates structure. These are separate legal vehicles and should not be treated as prior vintages of Generations unless fund documents explicitly establish that sequence, but together they show that "PRIMA" is part of a repeat Neuberger private-markets architecture rather than a one-off marketing invention.
Independent portfolio evidence gives the older PRIMA family more substance. CAZ Strategic Opportunities Fund's SEC financial statements disclose an investment in Neuberger PSG PRIMA IX LP and classify that exposure as "Growth." At March 31, 2026 the CAZ fund reported approximately $2.52 million of fair value in PRIMA IX; earlier 2025 reporting showed roughly $5.02 million. This is useful third-party evidence that at least one historic PRIMA vehicle was an actual institutional private investment and was categorized by an outside investor as growth exposure. It does not prove that Generations follows the same strategy, and FilingDossier does not transfer PRIMA IX's classification automatically to the new fund.
GENERATIONS LAUNCHES INSIDE A MUCH LARGER PRIVATE-MARKETS PLATFORM
Neuberger's own June 30, 2026 materials report approximately $613 billion of firmwide AUM. The same official platform presentation breaks out roughly $177 billion in private markets, including approximately $111 billion of private equity, $51 billion of private credit, $11 billion of private real assets and $5 billion of specialty alternatives. Separate Neuberger materials describe the private-markets organization as active since 1987 and managing more than $165 billion of investor commitments as of March 31, 2026 across primaries, co-investments, secondaries, private credit and specialty strategies. These platform figures establish manager scale but are not Generations Fund assets and should never be substituted for the new fund's currently reported $0 Form D sales.
That broader scale makes the "Generations" positioning more interesting because Neuberger can build private-equity products using multiple implementation methods: primary fund commitments, secondaries, co-investments and customized portfolios. However, the September Form D does not reveal which of those methods applies to Generations. It does not disclose portfolio companies, underlying managers, target size, vintage allocation, geography, growth-versus-buyout mix, continuation exposure or whether the vehicle is designed for a specific client segment. The prior "NGS" abbreviation also remains unexplained publicly. Investors should therefore resist expanding NGS or inferring a multigenerational wealth strategy from the final fund name without offering documents.
FINAL ASSESSMENT
Neuberger PRIMA Generations Fund has one of the clearest sponsor chains among the recent pre-first-sale filings: the SEC identifies its GP, investment adviser, senior GP officers and affiliated broker-dealer, while the same regulatory record preserves the previous "Neuberger PSG PRIMA (NGS) LP" name. Its relationship to the broader PRIMA family is also supported by older SEC filings and independent institutional ownership evidence for PRIMA IX. What remains unknown is the economic purpose of the new Generations variant.
For investors, the most useful diligence questions are therefore not whether Neuberger exists or whether the fund has filed with the SEC. They are why the issuer was renamed before first sale, what "Generations" and the former "NGS" designation mean, whether the fund allocates to primary funds, growth investments, secondaries or co-investments, how it differs from PRIMA IX-XI, and what fee layers apply when Neuberger-managed or third-party private funds sit beneath it. Until the first amendment records actual subscriptions, the fund should be described as a fully established legal offering with $0 publicly reported sales—not as a closed or funded private-equity vehicle.
SEC SNAPSHOT
Brand: Neuberger Berman / Neuberger
Reviewed Vehicle: Neuberger PRIMA Generations Fund LP
Previous SEC Name: Neuberger PSG PRIMA (NGS) LP
CIK: 0002152070
SEC File No.: 021-597973
Film No.: 261386905
Form D Filing Date: September 17, 2026
Jurisdiction: Delaware
Year Organized: 2026
Entity Type: Limited Partnership
Principal Business Address: 1290 Avenue of the Americas, 10th Floor New York, New York 10104
Phone: 800-223-6448
Industry: Pooled Investment Fund
Fund Classification: Private Equity Fund
Federal Exemption: Rule 506(b)
Investment Company Act Exclusion: Section 3(c)(7)
Filing Type: New Notice
First Sale: Yet to occur
Offering Duration: One year or less
Offering Amount: Indefinite
Amount Sold: $0
Investors: 0
Minimum Investment Reported: $0
Sales Commissions: $0
Finders' Fees: $0
Aggregate NAV: Declined to disclose
GP / ADVISER CHAIN
General Partner: Neuberger PRIMA Generations Fund GP LLC
Investment Adviser: Neuberger Berman Investment Advisers LLC
Investment Adviser CRD: 124687
SEC Adviser File No.: 801-61757
GP Managing Director: J. Douglas Kramer
GP Managing Director: Gabriel Cahill
GP Chief Executive Officer: Joseph V. Amato
Form D Signer: Ephraim Lemberger
Signer Title: Senior Vice President of General Partner
DISTRIBUTION
Sales Compensation Recipient: Neuberger Berman BD LLC
CRD: 2908
Solicitation: All U.S. states
Sales Commissions Reported: $0
Finders' Fees: $0
Research Significance: The affiliated broker-dealer distribution structure was established before the issuer recorded its first sale.
NAME-CHANGE EVIDENCE
Previous Name: Neuberger PSG PRIMA (NGS) LP
Current Name: Neuberger PRIMA Generations Fund LP
CIK: Unchanged at 0002152070
Capital Raised Before Current Filing: $0 publicly reported
Research Significance: The branding change occurred before the fund's first reported sale, so it is not a post-fundraising rebrand of an existing portfolio.
Meaning of NGS: Not publicly confirmed
Reason for Name Change: Not publicly confirmed
HISTORICAL PRIMA FAMILY
Neuberger Berman Principal Strategies PRIMA Fund LP
CIK: 0001818173
Organized: 2018
Investment Adviser: Neuberger Berman Investment Advisers LLC
Historical Address: 190 South LaSalle Street, Chicago
Neuberger PSG PRIMA X LP
CIK: 0002112748
Organized: 2026
Address: 1290 Avenue of the Americas, New York
General Partner: Neuberger PSG PRIMA X Associates LP
Investment Adviser: Neuberger Berman Investment Advisers LLC
Neuberger PSG Prima XI LP
CIK: 0002112736
Organized: 2025
Address: 1290 Avenue of the Americas, New York
Promoter / GP Structure: Neuberger Berman Principal Strategies PRIMA Associates LP
Research Significance: PRIMA Generations is part of a wider legal naming family, but public filings do not prove that X, XI and Generations are sequential vintages of one identical strategy.
PRIMA IX INDEPENDENT PORTFOLIO EVIDENCE
Underlying Vehicle: Neuberger PSG PRIMA IX LP
Independent Investor: CAZ Strategic Opportunities Fund
Investment Classification: Growth
March 31, 2026 Fair Value: Approximately $2.52 million
Earlier 2025 Fair Value: Approximately $5.02 million
Redemption Frequency: None / not applicable in CAZ disclosure
Research Significance: Provides third-party SEC evidence that an earlier PRIMA vehicle was a real institutional private-market investment.
Important Qualification: PRIMA IX's Growth classification should not automatically be assigned to PRIMA Generations.
NEUBERGER PLATFORM SCALE
Official Firmwide AUM: Approximately $613 billion
As Of: June 30, 2026
Official Private Markets Assets: Approximately $177 billion
Private Equity: Approximately $111 billion
Private Credit: Approximately $51 billion
Private Real Assets: Approximately $11 billion
Specialty Alternatives: Approximately $5 billion
Private Markets History: Active since 1987
Private Markets Investor Commitments: More than $165 billion as of March 31, 2026 in separate Neuberger materials
Private Markets Capabilities: Primaries Co-investments Secondaries Private credit Specialty strategies
Important Distinction: All figures above are platform-level and do not represent PRIMA Generations Fund assets.
WEBSITE / ENTITY PENETRATION
Official Domain: nb.com
Neuberger Berman Investment Advisers: Confirmed
CRD: 124687
SEC 801: 801-61757
New York Headquarters Match: Confirmed
Neuberger Berman BD: Confirmed
CRD: 2908
PRIMA Generations Public Strategy Page: Not identified in the reviewed official materials
Portfolio: Not publicly confirmed
Target Fund Size: Not publicly confirmed
Meaning of "Generations": Not publicly confirmed
Meaning of Previous "NGS": Not publicly confirmed
FIVE FACTS UNIQUE TO THIS CASE
- The issuer changed its name from Neuberger PSG PRIMA (NGS) LP to Neuberger PRIMA Generations Fund LP before its first reported sale.
- The September 17, 2026 Form D still reports $0 sold, zero investors and first sale yet to occur.
- Neuberger Berman Investment Advisers LLC is explicitly named as investment adviser rather than inferred from branding.
- The broader PRIMA family predates Generations and includes Principal Strategies PRIMA Fund, PRIMA IX, PRIMA X and PRIMA XI structures.
- Independent SEC financial statements from CAZ Strategic Opportunities Fund show a real investment in PRIMA IX and classify that historic vehicle as Growth, while no public evidence yet establishes that Generations uses the same mandate.
CORE INVESTOR QUESTIONS
- Why was Neuberger PSG PRIMA (NGS) LP renamed before first sale
- What did "NGS" stand for
- What does "Generations" refer to in the final investment mandate
- How does Generations differ from PRIMA IX, X and XI
- Is Generations a primary fund-of-funds vehicle
- Does it make direct co-investments
- Can it purchase secondary fund interests
- What proportion of the portfolio is expected to be growth versus buyout
- Will it invest in Neuberger-managed funds
- If so, are underlying management fees offset
- Can Neuberger-affiliated funds and third-party funds both receive allocations
- What target fund size is being marketed
- What is the actual investor minimum despite the $0 Form D field
- What management fee and carried-interest structure applies
- Which administrator, auditor, custodian and legal counsel serve the fund
- When is the first closing expected
- Are investors admitted through additional parallel or feeder vehicles
ENTITY-SPECIFIC RISKS
The fund had not completed a reported first sale as of September 17, 2026. The investment strategy is not described in detail in the Form D. The meaning of the current "Generations" name and previous "NGS" designation is not publicly explained. Historical PRIMA vehicles should not automatically be treated as identical predecessors. If the fund uses a multi-manager structure, underlying fund fees could create fee layering. If it invests in affiliated Neuberger vehicles, allocation and fee-offset policies become important. A $0 Form D minimum does not reveal the actual subscription minimum. Firmwide $613 billion AUM and $177 billion of private-market assets are not evidence of the new fund's capital raised. Prior PRIMA IX portfolio evidence does not establish Generations Fund performance or holdings. Rule 506(b) and SEC filing do not constitute SEC approval of the fund or investment strategy.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission Form D filed September 17, 2026 for Neuberger PRIMA Generations Fund LP. SEC issuer-history record showing previous name Neuberger PSG PRIMA (NGS) LP. SEC records for Neuberger Berman Investment Advisers LLC, CRD 124687 / SEC File No. 801-61757. FINRA / SEC records for Neuberger Berman BD LLC, CRD 2908. SEC Form D records for Neuberger Berman Principal Strategies PRIMA Fund LP. SEC Form D records for Neuberger PSG PRIMA X LP. SEC Form D records for Neuberger PSG Prima XI LP. CAZ Strategic Opportunities Fund SEC financial statements showing its investment in Neuberger PSG PRIMA IX LP. Neuberger official June 30, 2026 firm and private-markets platform materials.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering and does not represent SEC approval, endorsement or verification of Neuberger PRIMA Generations Fund, Neuberger Berman Investment Advisers or any underlying private-market investment. As of the September 17, 2026 filing, the fund reported no first sale, $0 sold and zero investors. Neuberger's firmwide and private-markets asset figures are separate platform measurements and should not be presented as assets of PRIMA Generations Fund.