Ben Perl

Ben Perl is a Managing Director and Global Co-Head of NB Secondary Private Equity at Neuberger Berman, where he evaluates continuation vehicles across the market capitalization spectrum. He makes the case that smaller and mid-market CVs often offer uniquely strong GP alignment, with firm franchises frequently tied to the continuation vehicle asset. Perl provides candid buyer perspective on what separates executable transactions from those that fail—and why a significant proportion of CV processes never reach a close.

• Buyer perspective on mid-market and lower-middle-market continuation vehicles
• Gp alignment as a primary diligence focus for secondary buyers
• Gp brand recognition challenges in smaller-manager CV processes
• High failure rate in continuation vehicle processes and its root causes
• Asset quality versus manager quality as competing evaluation frameworks
• Valuation complexity in smaller-company continuation vehicle underwriting
• Gp commitment and capital rollover as indicators of alignment conviction
• Secular versus cyclical drivers of GP-led secondary market growth

Liquid Courage Episodes

• Downmarket Continuation Vehicles Have Many Upsides2025-11-25