CHICAGO, IL and NEW YORK, NY – September 3, 2025 – Sphera, a leading provider of integrated operational risk management software and data (the “Company”), today announced that Neuberger Berman Capital Solutions (“NBCS”), on behalf of client funds, has agreed to make a significant growth investment in the Company. NBCS will join existing investor, private equity funds managed by Blackstone (“Blackstone”) – which will retain a majority stake in the Company – in supporting Sphera’s next phase of growth.
Through SaaS software and proprietary data, Sphera works with organizations around the world to help them surface, manage, and mitigate operational risks related to the environment, health, safety, and sustainability, including through the supply chain. The company serves more than 8,500 customers and one million users in 100 countries to help companies keep their people safe, their products sustainable, and their operations productive.
“We’re delighted to welcome Neuberger Berman Capital Solutions as a strategic partner alongside Blackstone,” said Sphera’s founding CEO and President Paul Marushka. “The additional support is a strong endorsement of our vision, our team and the value we’re delivering to our customers every day in helping them manage sustainability and operational risks. With this investment, we’ll accelerate innovation, expand our global reach and continue empowering organizations to navigate complexity and drive sustainable performance.”
“Sphera has long stood out as a differentiated, industry leading company providing critical operational risk software and solutions with demand that is supported by long-term trends, and driven by an exceptional management team that is executing with discipline and consistency,” said David Lyon, Head of Neuberger Berman Capital Solutions. “We are thrilled to make this investment and look forward to partnering with the management team and Blackstone as Sphera continues to provide a value-additive solution to its existing and future customer base,” added Nikhil Krishnan, Managing Director, Neuberger Berman.
“Sphera has achieved impressive growth and product innovation during our investment, cementing its industry leading position,” said Eli Nagler, Senior Managing Director, and Kelly Wannop, Managing Director, at Blackstone. “We are very pleased to continue our partnership, together with the management team and Neuberger Berman, in support of the Company’s continued expansion and development of innovative solutions for its customers moving forward.”
Terms of the investment were not disclosed. Evercore and William Blair served as financial advisors, and Simpson Thacher served as legal advisor to Blackstone and Sphera. Harris Williams served as financial advisor, and Latham & Watkins served as legal advisor to Neuberger Berman Capital Solutions.
About Sphera
Sphera is a leader in sustainability and operational risk management software, data and consulting services for the world’s most successful companies. Our solutions cover Environment, Health, Safety & Sustainability (EHS&S), Process Safety, Product Stewardship and Supply Chain Transparency. For more than 30 years, we have served over 8,500 customers and over a million users in 100 countries to help companies keep their people safe, their products sustainable and their operations productive. Learn more about Sphera at www.sphera.com.
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
About Neuberger Berman Capital Solutions
NB Capital Solutions provides bespoke capital solutions to private equity-owned companies, enabling sponsors and management teams to achieve long-term strategic objectives. NB Capital Solutions manages ~$10 billion in AUM and has made investments in over 100 companies across client funds. NB Capital Solutions led this investment alongside additional funds managed by Neuberger Berman Private Markets. Neuberger Private Markets is a division of Neuberger Berman and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of June 30, 2025, Neuberger Private Markets manages over $140 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 450 professionals with a global presence across the United States, Europe, and Asia. For more information, please visit www.nbcapitalsolutions.com
Media Contact:
For Sphera:
[email protected]
For Neuberger Berman:
Fiona Kehily
[email protected]
For Blackstone:
Jennifer Heath
[email protected]