NB Alternative Funds SICAV S.A. - (subfund) NB Direct Private Equity Fund 2022 ELTIF

NB Alternative Funds SICAV S.A. - (subfund) NB Direct Private Equity Fund 2022 ELTIF is a closed-end ELTIF launched by Neuberger Berman in 2021 and domiciled in Luxembourg, where it is structured as a SICAV sub-fund operating under the UCI Part II framework and authorised under the ELTIF 1.0 regime. The vehicle invests in private equity, with a buyout focus, and is denominated in EUR. It was built for pan-European retail distribution, with a minimum ticket of 25,000 EUR and a summary risk indicator of 6, placing it toward the upper end of the scale used across packaged products.

Mechanically, this is a drawdown-style closed-end structure rather than an open-ended semi-liquid one: capital is committed for a fixed multi-year term with a hard lock-up, there is no standing redemption facility, and investors should expect to hold to the end of the fund's life, with distributions arriving as underlying portfolio companies are realised. Valuation is struck on a quarterly basis, which sets the cadence for reporting and for any secondary transfer pricing. Costs sit at for management, within a total cost ratio of , a figure that is directly comparable with the other 163 private equity vehicles tracked here.

Within the coverage universe of 494 funds, it is one of 117 private equity products domiciled in Luxembourg, and one of 347 Luxembourg-domiciled vehicles overall, so the structural template is a common one and the differentiators are portfolio construction and pricing. Fund size stands at , and the underlying exposure is distributed across regions as shown in . Figures are as of 31 Aug 2026.