Neuberger Berman CLO Evergreen Fund (Delaware) L.P.

The absence of prior EDGAR filings from this manager under this strategy signals either a first fund in CLO secondaries/evergreen structures for Neuberger Berman, or a direct continuation being filed as a new amendment rather than a rollover—either way, LPs should confirm whether this represents a maiden raise in this sleeve or a successor vehicle to an earlier vintage managed outside public solicitation.

A mid-2026 amendment filing for a $32M CLO-focused evergreen structure aligns with the post-2024 credit normalization cycle, when CLO secondary valuations stabilized and LP appetite shifted toward yield-generating fixed-income strategies; this timing captures deployment into a less-crowded corner of credit markets after broader CLO markets repriced.

Verify whether the named individual GPs (Ashok Bhatia and Kenneth deRegt) carry key-person provisions or removal-for-cause language specific to CLO underwriting decisions, since CLO analysis is personnel-dependent and any transition in those roles could materially affect deal sourcing and credit selection without explicit contractual constraints.