Clients
NB Alternatives Advisers serves 379 clients, 192 of them pooled investment vehicles. The average client has about $423 million with the firm, and high-net-worth clients hold 0% of its $160.2 billion in assets.
- Banking or thrift institutions28 clients7%
- Investment companies16 clients3%
- Pooled investment vehicles192 clients56%
- Pension and profit-sharing plans48 clients14%
- State or municipal government entities9 clients5%
- OtherInsurance companies, High-net-worth individuals, Charitable organizations, Other investment advisers, Sovereign wealth funds and foreign official institutions, Corporations and other businesses15%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| High-net-worth individuals | 2 | $544,225,808 | 0.3% | $272.1M |
| Banking or thrift institutions | 28 | $11,865,163,192 | 7.4% | $423.8M |
| Investment companies | 16 | $4,156,657,003 | 2.6% | $259.8M |
| Pooled investment vehicles | 192 | $89,083,112,765 | 55.6% | $464.0M |
| Pension and profit-sharing plans | 48 | $22,937,315,622 | 14.3% | $477.9M |
| Charitable organizations | 4 | $491,436,584 | 0.3% | $122.9M |
| State or municipal government entities | 9 | $7,874,974,490 | 4.9% | $875.0M |
| Other investment advisers | 4 | $465,953,845 | 0.3% | $116.5M |
| Insurance companies | 61 | $20,045,814,654 | 12.5% | $328.6M |
| Sovereign wealth funds and foreign official institutions | 9 | $1,355,985,031 | 0.8% | $150.7M |
| Corporations and other businesses | 6 | $1,422,247,822 | 0.9% | $237.0M |
| Total | 379 | $160,242,886,816 | 100% | $422.8M |
- Clients
- 2
- Regulatory AUM
- $544,225,808
- Share
- 0.3%
- Avg. per client
- $272.1M
- Clients
- 28
- Regulatory AUM
- $11,865,163,192
- Share
- 7.4%
- Avg. per client
- $423.8M
- Clients
- 16
- Regulatory AUM
- $4,156,657,003
- Share
- 2.6%
- Avg. per client
- $259.8M
- Clients
- 192
- Regulatory AUM
- $89,083,112,765
- Share
- 55.6%
- Avg. per client
- $464.0M
- Clients
- 48
- Regulatory AUM
- $22,937,315,622
- Share
- 14.3%
- Avg. per client
- $477.9M
- Clients
- 4
- Regulatory AUM
- $491,436,584
- Share
- 0.3%
- Avg. per client
- $122.9M
- Clients
- 9
- Regulatory AUM
- $7,874,974,490
- Share
- 4.9%
- Avg. per client
- $875.0M
- Clients
- 4
- Regulatory AUM
- $465,953,845
- Share
- 0.3%
- Avg. per client
- $116.5M
- Clients
- 61
- Regulatory AUM
- $20,045,814,654
- Share
- 12.5%
- Avg. per client
- $328.6M
- Clients
- 9
- Regulatory AUM
- $1,355,985,031
- Share
- 0.8%
- Avg. per client
- $150.7M
- Clients
- 6
- Regulatory AUM
- $1,422,247,822
- Share
- 0.9%
- Avg. per client
- $237.0M
Total
- Clients
- 379
- Regulatory AUM
- $160,242,886,816
- Share
- 100%
- Avg. per client
- $422.8M
What it does
NB Alternatives Advisers provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers and educational seminars. It is paid through a percentage of assets, fixed fees and performance-based fees.
NB Alternatives Advisers provided financial planning to 0 clients last fiscal year and advises 159 private funds.
88.4% of assets ($141.68B across 336 accounts) are managed with discretion; $18.56B across 43 accounts are not. 12% of clients are outside the U.S., and 15 clients received advice without assets under management last fiscal year.
What the accounts hold
- Other100%
- Private equity and private credit investments.100%
Custodians
NB Alternatives Advisers’ client accounts are held mainly at Bank of America, N.A., with 27% of managed assets, and U.S. Bancorp, with 5%. NB Alternatives Advisers has custody of $8.96B for 31 clients.
- Bank of America, N.A.Bank of America, N.A. · Charlotte, NC · $43.49B27%
- U.S. BancorpU.S. Bancorp · Wilmington, DE · $8.45B5%
- All other custodians$108.31B68%
Ownership and leadership
NB Alternatives Holdings LLC owns 75% or more of NB Alternatives Advisers, and Anthony Tutrone is its CEO.
- Owns 75% or more of NB Alternatives Advisers LLC
NB Alternatives Holdings LLC
Control person · since February 2009
- Owns 75% or more of NB Alternatives Holdings LLC
Neuberger Berman Group LLC
Control person · since February 2009
- Owns 75% or more of Neuberger Berman Group LLC
NBSH Acquisition, LLC
Control person · since May 2009
Leadership
- Anthony TutroneChief Executive Officer
- Joseph BertiniChief Compliance Officer
Staff
- 417 employees
- 224 in advisory functions
- 110 state-registered reps
- 169 broker-dealer reps
- 1 soliciting firm
Fees
NB Alternatives Advisers is paid through a percentage of assets under management, fixed fees (other than subscription fees) and performance-based fees.
NB Alternatives Advisers’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, NB Alternatives Advisers has 12 offices, with 6 listed addresses across 5 states.
California · 2 listed addresses
- 2400 Broadway, Suite 220 2nd Floor, Redwood City
- 10100 Santa Monica Boulevard, Los Angeles
Colorado · 1 listed address
- Basecamp Executive Suites, Avon
Massachusetts · 1 listed address
- 53 State Street, Boston
New York · 1 listed address
- 1290 Avenue of the Americas, New York
Texas · 1 listed address
- 2101 Cedar Springs Road, 12th Floor, Suite 1200, DallasHQ
Registration details
- Legal name
- NB Alternatives Advisers LLC
- Headquarters
- 2101 Cedar Springs Road, 12th Floor, Suite 1200, Dallas, TX 75201
- Phone
- 214-647-9500
- Website
- Not reported
- SEC file
- 801-70009
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does NB Alternatives Advisers have?
NB Alternatives Advisers has 379 clients and manages $160.2 billion for them, as of September 2026. They include 192 pooled investment vehicles, 61 insurance companies and 48 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 29 September 2026
What services does NB Alternatives Advisers offer?
NB Alternatives Advisers provides portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions, selecting other managers and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does NB Alternatives Advisers use?
NB Alternatives Advisers’ separately managed account assets are held at Bank of America, N.A. (Charlotte, NC), with $43,491,760,939 and U.S. Bancorp (Wilmington, DE), with $8,445,066,241. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 29 September 2026
How many financial advisors does NB Alternatives Advisers have?
NB Alternatives Advisers has 110 investment adviser representatives registered with state securities authorities, out of 417 employees, and 224 perform investment advisory functions. 169 are registered representatives of a broker-dealer and 0 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does NB Alternatives Advisers invest in?
At the end of its last fiscal year, NB Alternatives Advisers’ separately managed accounts held 100% private equity and private credit investments.. It advises 159 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns NB Alternatives Advisers?
NB Alternatives Advisers is owned through a chain of holding companies by NBSH Acquisition, LLC. Its direct owner is NB Alternatives Holdings LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 29 September 2026
How does NB Alternatives Advisers get paid?
NB Alternatives Advisers is paid through a percentage of assets under management, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file