REG-NBPE Announces January Monthly NAV Estimate

NB Private Equity PartnersAnnouncement

02/03/2026 07:00

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NBPE Announces January Monthly NAV Estimate

St Peter Port, Guernsey, 2 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 31
January 2026 monthly NAV estimate.

NAV Highlights (31 January 2026)
* After accrual of the 1H 2026 dividend, NAV per share was $27.63 (£20.13), a
USD total return of 1.1% in the month
* Approximately 46% 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 1.7%(2)
* Additional private company valuation information expected in the coming
weeks and will be incorporated into future monthly NAV updates * ~352k shares
repurchased (cost of ~$7.4 million) in January 2026 at a weighted average
discount of 26% resulting in ~$0.06 NAV per share accretion in the month
* $291 million of available liquidity at 31 January 2026
 As of 31 January 2026                YTD     1 Year  3 years      5 years      10 years      
 NAV TR (USD)* Annualised             1.1%    5.5%    8.5% 2.8%    46.5% 7.9%   172.2% 10.5%  
 MSCI World TR (USD)* Annualised      2.3%    20.1%   72.2% 19.9%  87.4% 13.4%  260.7% 13.7%  
                                                                                              
 Share price TR (GBP)* Annualised     (5.1%)  1.9%    8.2% 2.7%    58.7% 9.7%   228.3% 12.6%  
 FTSE All-Share TR (GBP)* Annualised  3.1%    21.1%   44.5% 13.1%  80.8% 12.6%  137.6% 9.0%   

* 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 January 2026

NAV performance during the month primarily driven by private company
valuations and FX
* 0.8% NAV increase ($10 million) from updated private company valuation
information
* 0.4% NAV increase ($5 million) from foreign exchange movements
* Immaterial change in NAV from quoted holdings
* 0.2% of NAV accretion from share buybacks
* (0.3%) NAV decrease ($3 million) attributable to expense accruals
$4 million of realisations received in 2026
* $4 million received during the month of January, consisting of full and
partial realisations of Hydro Holdings and Husky
No new direct investments in January 2026; $3 million of follow-on investments
* $10 million committed to one new investment which closed in February 2026
* An additional $30 million committed to one new investment in January 2026
which is 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 $291 million of total
liquidity at 31 January 2026
* $81 million of cash and liquid investments with $210 million of undrawn
credit line available
Continued buybacks in January 2026
* ~352k shares repurchased in January 2026 at a weighted average discount of
26%; buybacks were accretive to NAV by ~$0.06 per share
* Including buybacks through 27 February 2026, since the beginning of 2025,
NBPE has repurchased ~3.6m shares (cost of $74 million) at a weighted average
discount of 26% which was accretive to NAV by ~$0.61 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 January 2026 was based on the
following information:
* 7% of the portfolio was valued as of 31 January 2026 * 7% in public
securities
 
* 39% of the portfolio was valued as of 31 December 2025 * 39% in private
direct investments
 
* 54% of the portfolio was valued as of 30 September 2025 * 54% 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 January 2026)

 Company Name                Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                                   Consumer                76.9             6.3%     
 Osaic                       2019     Reverence Capital                    Financial Services      69.8             5.7%     
 Solenis                     2021     Platinum Equity                      Industrials             65.1             5.3%     
 Monroe Engineering          2021     AEA Investors                        Industrials             59.8             4.9%     
 Mariner                     2024     Leonard Green & Partners             Financial Services      45.4             3.7%     
 FDH Aero                    2024     Audax Group                          Industrials             43.6             3.6%     
 BeyondTrust                 2018     Francisco Partners                   Technology / IT         42.3             3.5%     
 Business Services Company*  2017     Not Disclosed                        Business Services       41.4             3.4%     
 True Potential              2022     Cinven                               Financial Services      39.9             3.3%     
 Branded Cities Network      2017     Shamrock Capital                     Communications / Media  37.2             3.1%     
 Constellation Automotive    2019     TDR Capital                          Business Services       36.1             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         29.4             2.4%     
 Engineering                 2020     Renaissance Partners / Bain Capital  Technology / IT         27.6             2.3%     
 GFL (NYSE: GFL)             2018     BC Partners                          Business Services       27.5             2.3%     
 Benecon                     2024     TA Associates                        Healthcare              27.1             2.2%     
 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             1.6%     
 Solace Systems              2016     Bridge Growth Partners               Technology / IT         19.0             1.6%     
 Real Page                   2021     Thoma Bravo                          Technology / IT         18.8             1.5%     
 Chemical Guys               2021     AEA Investors                        Consumer                17.0             1.4%     
 Qpark                       2017     KKR                                  Transportation          16.9             1.4%     
 Bylight                     2017     Sagewind Partners                    Technology / IT         13.1             1.1%     
 Total Top 30 Investments                                                                          $1,001.0         82.2%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        77%             
 Europe                               23%             
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Industrials / Industrial Technology  23%             
 Tech, Media & Telecom                20%             
 Consumer / E-commerce (3)            16%             
 Financial Services                   16%             
 Business Services                    13%             
 Healthcare                           9%              
 Other                                4%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       7%              
 2017                                 15%             
 2018                                 13%             
 2019                                 14%             
 2020                                 12%             
 2021                                 18%             
 2022                                 7%              
 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) Based on information received to-date and may be subject to change.
(3) One company was reclassified from consumer to industrials in the period.

Attachment
*     January 2026 NBPE Factsheet vF (1)
(https://ml-eu.globenewswire.com/Resource/Download/c502f0d5-4d16-44ac-b070-ef923b54e7da)