REG-NBPE Announces Capital Allocation Framework Update

NB Private Equity PartnersAnnouncement

Mon 07:00

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Guernsey, 1 June 2026

Update to Capital Allocation Framework to reflect Strong Progress, with
Announcement of a 
Further $120 million Allocation to Share Buybacks

NB Private Equity Partners (‘NBPE’ or ‘the Company’), the $1.2bn(1)
FTSE-250-listed private equity investment company managed by Neuberger,
announces an update to its Capital Allocation Framework.

Highlights

A total of $152 million(2) returned to shareholders since beginning of 2025
* Represents >60% of proceeds received from the portfolio, equivalent to 12%
of opening NAV
* $88 million of capital deployed into accretive share buybacks, delivering on
NBPE’s commitment to accelerate the pace of share buybacks against the $120
million three-year share buyback programme announced in February 2025
Strong progress in refreshing the portfolio, laying the foundations for future
growth
* $104 million committed to six new investments so far in 2026; the pace of
further new investments is expected to be balanced with proceeds from
portfolio realisations and capital returned to shareholders
Announcement of a further $120 million allocation to share buybacks over the
next two years
* Takes total amount allocated to the share buyback programme to $240 million
since the beginning of 2025, reflecting the strength of the portfolio and its
prospects, the flexibility of the co-investment model, the Board’s view of
the share price’s undervaluation of the portfolio and the NAV per share
accretion opportunity that share buybacks present
William Maltby, Chair of NB Private Equity Partners, commented:

“In November we announced an allocation of at least $100m to new investments
and an acceleration of our $120 million share buyback programme. We have made
strong progress on both.

“We believe the share price continues to undervalue the portfolio and
represents a compelling investment that, at the current discount, is highly
accretive. Our accelerated buyback programme continues at pace with $88
million deployed since the beginning of 2025(2). We are today allocating a
further $120 million towards share buybacks, taking total capital allocated to
the share buyback programme over the last 15 months to $240 million, or 19% of
opening NAV.

“We have made six new investments in 2026, committing $104 million of
capital into highly attractive companies. Four of these are mid-life
co-investments which we believe presents a significant long-term opportunity.
Our 2024 and 2025 vintage investments continue to perform well, delivering a
20% IRR to date and underscoring the importance of refreshing the portfolio,
which will be the key driver of medium- to long-term NAV growth.

“Addressing NBPE’s share price discount to NAV remains a priority for the
Board and Neuberger. We remain focused on driving stronger NAV growth, which
we believe will narrow the Company’s discount and drive sustainable share
price growth over time, enhancing shareholder total return. We continue to
explore opportunities to drive performance and deliver shareholder value.”

Capital Allocation Framework

As previously outlined, the Company’s Capital Allocation Framework is made
up of two pillars: 1) allocating capital to NBPE’s investment programme, and
2) returning capital to shareholders in the form of dividends and share
buybacks.

The flexibility of this framework and NBPE’s co-investment model, combined
with the strength of NBPE’s balance sheet, allows the Board to allocate
capital dynamically across both pillars, depending on market conditions and
the outlook for realisations.

Investment activity

NBPE’s co-investment model and deal-by-deal investment approach allows the
Company to control the timing of investment decisions, enabling proactive
balance sheet management. In response to challenging market conditions over
the past four years, the Company has focused on strengthening the balance
sheet through deleveraging. During this period, lower exit activity across the
private equity market - including within NBPE’s portfolio - also reduced the
recycling of proceeds into new investments. The Board and the Manager believe
this has weighed on shorter-term performance and recognise that accelerating
NAV growth is a key driver in narrowing NBPE’s discount and enhancing
shareholder total return.

NBPE’s portfolio is well positioned to achieve this, with strong underlying
operating performance - particularly among its top 10 investments - and a
number of mature, exit-ready businesses. The realisation environment in 2026
has been slower than originally anticipated, due to macroeconomic challenges
and particularly the current conflict in the Middle East. Despite this, ~$60
million of realisations have closed year-to-date, and with our high quality
diversified and mature portfolio, NBPE anticipates further realisations during
the remainder of the year.

Year-to-date, NBPE has committed $104 million into six new investments with an
investment level today of 110%, in-line with NBPE’s long term average. While
the investment level is expected to fluctuate depending on the timing of the
realisations, the Board currently expects it to be between 110% - 120% in the
short to medium term, as the Company takes advantage of an attractive pipeline
of co-investment opportunities and accretive share buybacks. The Board expects
the investment level to return to the long-term average of ~110% as
distributions from the portfolio accelerate.

At 29(th) May 2026, NBPE has $190 million of liquidity ($10 million of cash
and $180 million of undrawn credit facility). Maintaining balance sheet
strength remains a priority for the Board and the pace of new investments will
be balanced with distributions from the portfolio and returns of capital to
shareholders.

Return of capital

NBPE has remained focused on returning capital to shareholders since the start
of 2025, delivering ~$152 million. This represents 63% of total distributions
received from the portfolio, and is equivalent to 12% of opening portfolio NAV
as at January 2025. NBPE has returned $576 million to shareholders since
inception.

Share Buybacks

The Board continues to believe NBPE’s share price discount to NAV does not
reflect the value of the portfolio and its long-term prospects.

Having made significant progress on the initial $120 million share buyback
programme announced in February 2025, the Board is now allocating an
additional $120 million for share buybacks over the next two years, taking the
total amount allocated to share buybacks to $240 million. The Board believes
this will deliver significant benefits and NAV accretion for all shareholders.

The Board will continue to keep the quantum of capital allocated to share
buybacks under regular review, with the potential for additional buyback
capacity as proceeds from the portfolio increase. 

                          No. of shares bought back over the period  US$ value of share buybacks  Cumulative NAV per share accretion as a % of opening NAV  
 Q1 to 31 March 2025      485,577                                    $9.5m                        0.3% ($0.08)                                              
 Q2 to 30 June 2025       253,932                                    $4.9m                        0.5% ($0.14)                                              
 Q3 to 30 September 2025  347,884                                    $6.8m                        0.7% ($0.19)                                              
 Q4 to 31 December 2025   1,868,930                                  $38.2m                       1.8% ($0.50)                                              
 Q1 to 31 March 2026      989,093                                    $19.8m                       2.2% ($0.60)                                              
 April 2026               127,245                                    $2.4m                        2.3% ($0.64)                                              
 May 2026                 341,031                                    $6.4m                        2.6% ($0.72)                                              
 Cumulative accretion                                                                             2.6% ($0.72)                                              

Share buybacks remain subject to parameters set by the Board including
NBPE’s prevailing share price discount to NAV, market conditions,
performance, and other relevant factors. The Board has instructed the
Company’s brokers to repurchase shares under the programme when specific
criteria are met.

Dividend

Since the inception of NBPE’s dividend policy in 2013, over $420 million has
been returned to shareholders with the policy targeting an annualised yield on
NAV of 3% or greater, currently 3.5%.

                        -ENDS-                

For further information, please contact:

NBPE Investor Relations        +44 (0) 20 3214 9002
Luke
Mason                        NBPrivateMarketsIR@nb.com

Teneo                                +44 (0)
20 7260 2700
Tom Murray                        NBPE@teneo.com
Rob Yates
Jessica Pine

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading
private equity firms globally. NB Alternatives Advisers LLC (the
“Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group
LLC, also known as Neuberger, is responsible for sourcing, execution and
management of NBPE. The vast majority of direct investments are made with no
management fee / no carried interest payable to third-party GPs, offering
greater fee efficiency than other listed private equity companies. NBPE seeks
capital appreciation through growth in net asset value over time while paying
a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger
Neuberger is an employee-owned, private, independent investment manager
founded in 1939 with approximately 3000 employees across 27 countries. The
firm manages $563 billion of equities, fixed income, private equity, real
estate and hedge fund portfolios for global institutions, advisors and
individuals. Neuberger's investment philosophy is founded on active
management, fundamental research and engaged ownership. The firm is proud to
be recognized for its commitment to its two constituents, clients and
employees. Again in 2025, Neuberger was named Best Asset Manager for
Institutional Investors in the US (Crisil Coalition Greenwich) and the
#1 Best Place to Work in Money Management
(https://www.globenewswire.com/Tracker?data=gLVZiqqy6tk4p6Q6-ecf-qe6HsVzFbZ1-tVB18iglmNdKVticPMssZX1MQEvaTwT7WsFXIEBGOUojxHq2HiwMW-4KRo7Kt08LOVfIuH5ePFJPf0xWCnbLvy5KqwsM9crHfPa4CIRgAiYgyA4Qbx0EyFIqNp5YuuUamD4nGweicQTWPh6C7Fyxx91W-_HE6z8u2VuZ3FGzWK5-fMhOzm-KgBUc7AXXIZqYxZZ9u0n2bZjQr45y2qva2i64Irlkf-yJf-lvpWGvl-z5Rm2CF6qDhD7c8wtsFxHCjBDbDLHVazZ8_fn3_ARMjZT7sj8DSbPrfbia1kYifrDqqBbIY464t-rUMNYog4sXfEHFYwwFwxscjFxs3MourMaevxu1rr0bJK6eRzy8SUgNrC77VrdGU8LF8QoxRTdInA5TMCeZ41DsDbp4xyPcHhPRiON6fzgwwVSWH-JKOsoKuWg6iCsa2ICsI2qNbgn2n27x0hSPNsCdBPYjkv5N9VnZnO-1M844xulG8no936Zsme9F6_I9w==) (Pensions
& Investments, firms with more than 1,000 employees). Neuberger has no
corporate parent or unaffiliated external shareholders. Visit www.nb.com for
more information, including www.nb.com/disclosure-global-communications for
information on awards. Data as of 31 December 2025.

(1) Based on net asset value.
(2) As of 29 May 2026