Private fund adviser · Dallas, TX
NB Alternatives Advisers LLC
SEC-registered investment adviser · CRD 149822 · SEC 801-70009
At a glance
NB Alternatives Advisers LLC is an SEC-registered investment adviser based in Dallas, Texas, with $160.2 billion in regulatory assets under management as of its Form ADV filed September 29, 2026. Its largest client group by assets is pooled investment vehicles, and it reports 2 individual clients. By Form ADV it is a private fund adviser, ranked 47th of 4,686 private fund advisers and 169th of 17,210 SEC-registered advisers by assets.
Main office 214-647-9500nb.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $160B
- Rank among private fund advisers
- #47 of 4,686
- Rank among all SEC RIAs
- #169 of 17,210
- Rank in Texas
- #5 of 1,081
- Individual clients
- 2
- High-net-worth clients
- 2
- Accounts
- 379
- Discretionary
- 88% of AUM
- Employees
- 417
- Advisory staff
- 224
- Offices
- 13
Owners and executives on its Form ADV
- Anthony D. TutroneChief Executive Officer
- Joseph J. BertiniChief Compliance Officer
Custody and brokerage
2 custodians
- Merrill / Bank of America$43B84%
- U.S. Bancorp$8.4B16%
Other RIAs using Merrill / Bank of AmericaOther multi-custodian RIAs
Broker-dealer
Hybrid RIA
NB Alternatives Advisers LLC is a hybrid RIA: 169 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Neuberger Berman BD LLC.
- Neuberger Berman BD LLC ↗CRD 2908
Its Form ADV brochure (filed September 2026) names Neuberger Berman BD as the broker-dealer its advisers are registered with.
Certain NB Salespersons are registered representatives of NBBD, an affiliate of NBAA and a registered investment adviser and broker- dealer and member of the Financial Industry Regulatory Authority (“FINRA”).
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Pooled investment vehicles | 192 | $89B | 56% |
| Pension and profit sharing plans | 48 | $23B | 14% |
| Insurance companies | 61 | $20B | 13% |
| Banking or thrift institutions | 28 | $12B | 7% |
| State or municipal government entities | 9 | $7.9B | 5% |
| Investment companies | 16 | $4.2B | 3% |
| Corporations or other businesses | 6 | $1.4B | <1% |
| Sovereign wealth funds and foreign official institutions | 9 | $1.4B | <1% |
| High-net-worth individuals | 2 | $544M | <1% |
| Charitable organizations | 4 | $491M | <1% |
| Other investment advisers | 4 | $466M | <1% |
Private funds
NB Alternatives Advisers LLC reports 159 private funds with $80B in gross assets: hedge funds, private equity funds (Form ADV Item 7.B).
Disciplinary disclosures
NB Alternatives Advisers LLC answers yes to 5 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses and institutions
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Fixed fees
- Performance-based fees
Form ADV and brochures on the SEC’s adviser search ↗nb.com ↗
AtlasMembers
The full record on NB Alternatives Advisers LLC
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 141 peers of its type and size
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- Owners and executives, with titles and stakes
- 2 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
- 2Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does NB Alternatives Advisers LLC manage?
NB Alternatives Advisers LLC reports $160.2 billion in regulatory assets under management across 379 accounts, 88% of it on a discretionary basis, on its Form ADV filed September 29, 2026.
What kind of firm is NB Alternatives Advisers LLC?
NB Alternatives Advisers LLC is a private fund adviser by its Form ADV answers. Private funds are at least half of its business by assets.
Who are NB Alternatives Advisers LLC’s clients?
By assets, its largest client types are pooled investment vehicles ($89.1 billion, 192 clients); pension and profit sharing plans ($22.9 billion, 48 clients); insurance companies ($20.0 billion, 61 clients).
Does NB Alternatives Advisers LLC manage private funds?
Yes. It reports 159 private funds with $80.4 billion in gross assets, including hedge funds, private equity funds.
Does NB Alternatives Advisers LLC have any disciplinary history?
NB Alternatives Advisers LLC answers yes to 5 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.
Where these numbers come from
Every figure is NB Alternatives Advisers LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-09-29), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →