REG-NBPE Announces February Monthly NAV Estimate

NB Private Equity PartnersAnnouncement

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NBPE Announces February Monthly NAV Estimate

27 March 2026

NB Private Equity Partners (NBPE), the $1.2bn0F(1), FTSE 250, listed private
equity investment company managed by Neuberger Berman, today announces its 28
February 2026 monthly NAV estimate.

NAV Highlights (28 February 2026)
* NAV per share was $27.41 (£20.39), a USD total return of (0.8%) in the
month
* Approximately 75% of valuation information based on 31 December 2025 private
company valuations or quoted holdings
* On a constant currency basis, Q4 2025 private valuations are up 0.7%(2)
* Additional private company valuation information expected in the coming
weeks and will be incorporated into future monthly NAV updates * ~333k shares
repurchased (cost of ~$6.7 million) in February 2026 at a weighted average
discount of 27% resulting in ~$0.06 NAV per share accretion in the month
* $260 million of available liquidity at 28 February 2026
 As of 28 February 2026               YTD     1 Year  3 years        5 years      10 years      
 NAV TR (USD)* Annualised             0.3%    4.4%    8.1% 2.6%      45.9% 7.8%   169.9% 10.4%  
 MSCI World TR (USD)* Annualised      3.0%    21.8%   77.7% 21.1%    84.1% 13.0%  266.0% 13.9%  
                                                                                                
 Share price TR (GBP)* Annualised     (9.7%)  (4.4%)  (2.0%) (0.7%)  50.4% 8.5%   199.1% 11.6%  
 FTSE All-Share TR (GBP)* Annualised  9.7%    27.3%   51.6% 14.9%    88.7% 13.5%  151.0% 9.6%   

* 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 28 February 2026

NAV performance during the month primarily driven by private company
valuations and quoted holdings
* (0.4%) NAV decrease ($5 million) from updated private company valuation
information
* (0.3%) NAV decrease ($3 million) from quoted holdings
 * (0.2%) NAV decrease ($2 million) from foreign exchange movements
* 0.2% of NAV accretion from share buybacks
* (0.2%) NAV decrease ($2 million) attributable to expense accruals
$6 million of realisations received in February 2026
* $6 million received during the month of February, consisting of proceeds
received from the debt refinancing of one company
One new direct investment in February 2026
* $9 million funded to Conservice, a utility management platform for property
management companies, made alongside TPG
* An additional $54 million committed to three new investments which are
expected to close in the coming weeks
Well positioned to take advantage of opportunities with $260 million of total
liquidity at 28 February 2026
* $50 million of cash and liquid investments with $210 million of undrawn
credit line available
Continued buybacks in February 2026
* ~333k shares repurchased in February 2026 at a weighted average discount of
26%; buybacks were accretive to NAV by ~$0.06 per share
* Including buybacks through 26 March 2026, since the beginning of 2025, NBPE
has repurchased ~3.9m shares (cost of $79 million) at a weighted average
discount of 27% which was accretive to NAV by ~$0.64 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 28 February 2026 was based on the
following information:
* 7% of the portfolio was valued as of 28 February 2026 * 6% in public
securities
* 1% in private direct investments
 
* 68% of the portfolio was valued as of 31 December 2025 * 68% in private
direct investments
 
* 25% of the portfolio was valued as of 30 September 2025 * 25% 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 28 February 2026)

 Company Name                        Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                              2020     3i                                   Consumer                76.3             6.3%     
 Osaic                               2019     Reverence Capital                    Financial Services      69.8             5.8%     
 Solenis                             2021     Platinum Equity                      Industrials             65.1             5.4%     
 OneMonroe (fka Monroe Engineering)  2021     AEA Investors                        Industrials             59.6             4.9%     
 Mariner                             2024     Leonard Green & Partners             Financial Services      44.2             3.6%     
 FDH Aero                            2024     Audax Group                          Industrials             43.4             3.6%     
 True Potential                      2022     Cinven                               Financial Services      42.2             3.5%     
 Business Services Company*          2017     Not Disclosed                        Business Services       41.5             3.4%     
 Branded Cities Network              2017     Shamrock Capital                     Communications / Media  37.8             3.1%     
 BeyondTrust                         2018     Francisco Partners                   Technology / IT         36.2             3.0%     
 Constellation Automotive            2019     TDR Capital                          Business Services       35.9             3.0%     
 Marquee Brands                      2014     Neuberger Berman                     Consumer                32.9             2.7%     
 Staples                             2017     Sycamore Partners                    Business Services       31.3             2.6%     
 Auctane                             2021     Thoma Bravo                          Technology / IT         29.4             2.4%     
 Engineering                         2020     Renaissance Partners / Bain Capital  Technology / IT         28.1             2.3%     
 Benecon                             2024     TA Associates                        Healthcare              27.1             2.2%     
 GFL (NYSE: GFL)                     2018     BC Partners                          Business Services       26.4             2.2%     
 Agiliti                             2019     THL                                  Healthcare              25.3             2.1%     
 Viant                               2018     JLL Partners                         Healthcare              24.2             2.0%     
 Excelitas                           2022     AEA Investors                        Industrials             24.1             2.0%     
 AutoStore (OB.AUTO)                 2019     THL                                  Industrials             23.9             2.0%     
 Kroll                               2020     Further Global / Stone Point         Financial Services      23.8             2.0%     
 CH Guenther                         2021     Pritzker Private Capital             Consumer                20.3             1.7%     
 Addison Group                       2021     Trilantic Capital Partners           Business Services       19.9             1.6%     
 Solace Systems                      2016     Bridge Growth Partners               Technology / IT         19.0             1.6%     
 Chemical Guys                       2021     AEA Investors                        Consumer                16.9             1.4%     
 Qpark                               2017     KKR                                  Transportation          16.7             1.4%     
 Real Page                           2021     Thoma Bravo                          Technology / IT         16.2             1.3%     
 Fortna                              2017     THL                                  Industrials             14.3             1.2%     
 Bylight                             2017     Sagewind Partners                    Technology / IT         13.4             1.1%     
 Total Top 30 Investments                                                                                  $985.2           81.3%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        76%             
 Europe                               24%             
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                19%             
 Consumer / E-commerce                16%             
 Industrials / Industrial Technology  22%             
 Financial Services                   16%             
 Business Services                    15%             
 Healthcare                           9%              
 Other                                4%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       7%              
 2017                                 15%             
 2018                                 12%             
 2019                                 14%             
 2020                                 11%             
 2021                                 18%             
 2022                                 7%              
 2023                                 3%              
 2024                                 10%             
 2025                                 2%              
 Total Portfolio                      99%             

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.

This press release appears as a matter of record only and does not constitute
an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey.
NBPE has received the necessary consent of the Guernsey Financial Services
Commission. The value of investments may fluctuate. Results achieved in the
past are no guarantee of future results. This document is not intended to
constitute legal, tax or accounting advice or investment recommendations.
Prospective investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision. Statements
contained in this document that are not historical facts are based on current
expectations, estimates, projections, opinions and beliefs of NBPE's
investment manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be placed
thereon. Additionally, this document contains "forward-looking statements."
Actual events or results or the actual performance of NBPE may differ
materially from those reflected or contemplated in such targets or
forward-looking statements.

(1) Based on net asset value.
(2) Based on information received to-date and may be subject to change.

Attachment
*     February 2026 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/84527a69-0ffd-4042-8049-cee0515b8e97)