REG-NBPE Announces December Monthly NAV Estimate

NB Private Equity PartnersAnnouncement

30/01/2026 07:00

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NBPE Announces December Monthly NAV Estimate

Guernsey, 30 January 2026

NB Private Equity Partners (NBPE), the $1.2bn0F(1), FTSE 250, listed private
equity investment company managed by Neuberger Berman, today announces its 31
December 2025 monthly NAV estimate.

NAV Highlights (31 December 2025)
* NAV per share was $27.80 (£20.67), a USD total return of 0.5% in the month
* Approximately 16% of valuation information based on 31 December 2025 private
company valuations or quoted holdings
* Additional private company valuation information expected in the coming
weeks and will be incorporated into future monthly NAV updates * ~516k shares
repurchased (~$10.9 million) in December 2025 at a weighted average discount
of 24% resulting in ~$0.07 NAV per share accretion in the month
* $302 million of available liquidity at 31 December 2025
 As of 31 December 2025               2025   3 years      5 years      10 years      
 NAV TR (USD)* Annualised             4.5%   8.4% 2.7%    45.3% 7.8%   166.8% 10.3%  
 MSCI World TR (USD)* Annualised      21.6%  80.3% 21.7%  81.5% 12.7%  231.7% 12.7%  
                                                                                     
 Share price TR (GBP)* Annualised     7.5%   16.3% 5.2%   73.3% 11.6%  243.4% 13.1%  
 FTSE All-Share TR (GBP)* Annualised  24.0%  46.5% 13.6%  73.9% 11.7%  123.4% 8.4%   

* All NBPE performance figures assume re-investment of dividends on the
ex-dividend date and reflect cumulative returns over the relevant time periods
shown. Three-year, five-year and ten-year annualised returns are presented for
USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total
Returns.

Portfolio Update to 31 December 2025

NAV performance during the month primarily driven by FX and private company
valuations
* 0.2% NAV increase ($3 million) from foreign exchange movements
* 0.2% NAV increase ($2 million) from updated private company valuation
information
* Immaterial change in NAV from quoted holdings
* 0.3% of NAV accretion from share buybacks
* (0.2%) NAV decrease ($3 million) attributable to expense accruals
$180 million of realisations received in 2025
* $22 million received during the month of December, consisting primarily of
previously announced realisations and partial sales of quoted holdings *
Realisations from equity co-investments 57% higher than 2024
* Average uplift to carrying value of 17% and a 2.8x MOIC1F(2)
$23 million deployed in 2025. $40 million committed to two new investments in
December 2025 and January 2026
* Approximately $10 million committed to one new investment in December 2025
and an additional $30 million committed to one new investment in January 2026;
both investments are expected to close in the coming weeks
* Strong pipeline of investment opportunities, especially in mid-life
co-investments and co-underwrite opportunities
Well positioned to take advantage of opportunities with $302 million of total
liquidity at 31 December 2025
* $92 million of cash and liquid investments with $210 million of undrawn
credit line available
Continued buybacks in December 2025
* ~516k shares repurchased in December 2025 at a weighted average discount of
24%; buybacks were accretive to NAV by ~$0.07 per share
* Including buybacks through 29 January 2026, since the beginning of 2025,
NBPE has repurchased ~3.3m shares ($66 million) at a weighted average discount
of 26% which was accretive to NAV by ~$0.54 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 December 2025 was based on the
following information:
* 16% of the portfolio was valued as of 31 December 2025 * 7% in public
securities
* 9% in private direct investments
 
* 84% of the portfolio was valued as of 30 September 2025 * 84% in private
direct investments
For further information, please contact:

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

Kaso Legg Communications        +44 (0)20 3882 6644
Charles Gorman        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

Supplementary Information (as of 31 December 2025)

 Company Name                Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                                   Consumer                73.2             6.1%     
 Osaic                       2019     Reverence Capital                    Financial Services      69.8             5.8%     
 Solenis                     2021     Platinum Equity                      Industrials             65.1             5.4%     
 Monroe Engineering          2021     AEA Investors                        Industrials             53.2             4.4%     
 BeyondTrust                 2018     Francisco Partners                   Technology / IT         45.0             3.7%     
 FDH Aero                    2024     Audax Group                          Industrials             43.6             3.6%     
 Mariner                     2024     Leonard Green & Partners             Financial Services      43.2             3.6%     
 Business Services Company*  2017     Not Disclosed                        Business Services       41.4             3.4%     
 True Potential              2022     Cinven                               Financial Services      39.4             3.3%     
 Branded Cities Network      2017     Shamrock Capital                     Communications / Media  37.2             3.1%     
 Constellation Automotive    2019     TDR Capital                          Business Services       36.0             3.0%     
 Marquee Brands              2014     Neuberger Berman                     Consumer                32.5             2.7%     
 Staples                     2017     Sycamore Partners                    Business Services       31.3             2.6%     
 Auctane                     2021     Thoma Bravo                          Technology / IT         29.0             2.4%     
 Engineering                 2020     Renaissance Partners / Bain Capital  Technology / IT         27.2             2.3%     
 GFL (NYSE: GFL)             2018     BC Partners                          Business Services       27.1             2.3%     
 Benecon                     2024     TA Associates                        Healthcare              25.9             2.1%     
 Agiliti                     2019     THL                                  Healthcare              25.3             2.1%     
 Viant                       2018     JLL Partners                         Healthcare              24.2             2.0%     
 AutoStore (OB.AUTO)         2019     THL                                  Industrials             24.1             2.0%     
 Excelitas                   2022     AEA Investors                        Industrials             24.1             2.0%     
 Kroll                       2020     Further Global / Stone Point         Financial Services      23.9             2.0%     
 Fortna                      2017     THL                                  Industrials             21.4             1.8%     
 CH Guenther                 2021     Pritzker Private Capital             Consumer                20.3             1.7%     
 Addison Group               2021     Trilantic Capital Partners           Business Services       19.9             1.7%     
 Solace Systems              2016     Bridge Growth Partners               Technology / IT         19.0             1.6%     
 Real Page                   2021     Thoma Bravo                          Technology / IT         18.8             1.6%     
 Qpark                       2017     KKR                                  Transportation          15.8             1.3%     
 Renaissance Learning        2018     Francisco Partners                   Technology / IT         15.1             1.3%     
 Chemical Guys               2021     AEA Investors                        Consumer                14.8             1.2%     
 Total Top 30 Investments                                                                          $986.9           81.9%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        77%             
 Europe                               23%             
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                20%             
 Industrials / Industrial Technology  20%             
 Consumer / E-commerce                20%             
 Financial Services                   16%             
 Business Services                    13%             
 Healthcare                           9%              
 Other                                4%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       8%              
 2017                                 15%             
 2018                                 13%             
 2019                                 14%             
 2020                                 11%             
 2021                                 19%             
 2022                                 6%              
 2023                                 2%              
 2024                                 10%             
 2025                                 2%              
 Total Portfolio                      100%            

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 “Investment
Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group
LLC, 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 Berman
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, we were named Best Asset Manager for Institutional
Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work
in Money Management (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 December 31, 2025.

(1) Based on net asset value.
(2) Includes unrealised value of partial realisations.

Attachment
*     December 2025 NBPE FactsheetvF (1)
(https://ml-eu.globenewswire.com/Resource/Download/43a81d58-dcac-4328-bbb0-75391e79cae1)