REG-NBPE Announces November Monthly NAV Estimate

NB Private Equity PartnersAnnouncement

23/12/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251223:nGNE3Fx25g&default-theme=true


THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED
STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS



St Peter Port, Guernsey        23 December 2025

NB Private Equity Partners (NBPE), the $1.2bn(1), FTSE 250, listed private
equity investment company managed by Neuberger Berman, today announces its 30
November 2025 monthly NAV estimate.

NAV Highlights (30 November 2025)
* NAV per share was $27.67 (£20.88), a USD total return of 0.5% in the month
* Approximately 92% of the valuation information based on Q3 private company
information; in aggregate, private investments appreciated by 1.3% on a
constant currency basis in the third quarter * ~695k shares repurchased
(~$14.2 million) in November 2025 at a weighted average discount of 24%
resulting in ~$0.12 NAV per share accretion in the month
* $289 million of available liquidity at 30 November 2025
 As of 30 November 2025               Year-to- Date  One Year  3 years      5 years      10 years      
 NAV TR (USD)* Annualised             4.0%           4.1%      9.5% 3.1%    59.2% 9.8%   164.9% 10.2%  
 MSCI World TR (USD)* Annualised      20.6%          17.5%     71.3% 19.7%  87.7% 13.4%  223.3% 12.5%  
                                                                                                       
 Share price TR (GBP)* Annualised     4.3%           6.7%      14.3% 4.6%   86.6% 13.3%  235.1% 12.9%  
 FTSE All-Share TR (GBP)* Annualised  21.4%          20.0%     41.3% 12.2%  76.8% 12.1%  115.9% 8.0%   

* 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 30 November 2025

NAV performance during the month primarily driven by private company
valuations
* 0.2% NAV increase ($2 million) from updated private company valuation
information
* 0.1% NAV increase ($1 million) from foreign exchange movements
* Immaterial change in NAV from quoted holdings
* 0.4% of NAV accretion from share buybacks
* (0.2%) NAV decrease ($3 million) attributable to expense accruals
$157 million of realisations received year to date
* Cash received from the previously announced closing of one undisclosed exit
* Announced realisations from equity co-investments 50% higher than 2024
* Average uplift to carrying value of 17% and a 2.7x MOIC
$23 million deployed year-to-date, with strong pipeline of new opportunities
* No new investments in November 2025
* $23 million deployed into one new and three follow-on investments
year-to-date
* Strong pipeline of investment opportunities, especially in mid-life
co-investments and co-underwrite opportunities
Well positioned to take advantage of opportunities with $289 million of total
liquidity at 30 November 2025
* $79 million of cash and liquid investments with $210 million of undrawn
credit line available
Maintained increased pace of buybacks in November
* ~695k shares repurchased in November 2025 at a weighted average discount of
24%; buybacks were accretive to NAV by ~$0.12 per share
* Year-to-date, NBPE has repurchased ~2.9m shares ($57 million) at a weighted
average discount of 26% which was accretive to NAV by ~$0.48 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 November 2025 was based on the
following information:
* 8% of the portfolio was valued as of 30 November 2025 * 8% in public
securities
 
* 92% of the portfolio was valued as of 30 September 2025 * 92% 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 30 November 2025)

 Company Name                Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                                   Consumer                72.8             6.0%     
 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             53.2             4.4%     
 BeyondTrust                 2018     Francisco Partners                   Technology / IT         45.0             3.7%     
 FDH Aero                    2024     Audax Group                          Industrials             41.5             3.4%     
 Business Services Company*  2017     Not Disclosed                        Business Services       41.4             3.4%     
 Mariner                     2024     Leonard Green & Partners             Financial Services      40.1             3.3%     
 True Potential              2022     Cinven                               Financial Services      39.0             3.2%     
 Branded Cities Network      2017     Shamrock Capital                     Communications / Media  37.5             3.1%     
 Constellation Automotive    2019     TDR Capital                          Business Services       35.5             2.9%     
 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%     
 GFL (NYSE: GFL)             2018     BC Partners                          Business Services       27.3             2.2%     
 Engineering                 2020     Renaissance Partners / Bain Capital  Technology / IT         26.9             2.2%     
 Benecon                     2024     TA Associates                        Healthcare              25.9             2.1%     
 Agiliti                     2019     THL                                  Healthcare              25.3             2.1%     
 Solace Systems              2016     Bridge Growth Partners               Technology / IT         24.7             2.0%     
 Viant                       2018     JLL Partners                         Healthcare              24.2             2.0%     
 Excelitas                   2022     AEA Investors                        Industrials             24.1             2.0%     
 Kroll                       2020     Further Global / Stone Point         Financial Services      23.9             2.0%     
 AutoStore (OB.AUTO)         2019     THL                                  Industrials             22.8             1.9%     
 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%     
 Real Page                   2021     Thoma Bravo                          Technology / IT         18.8             1.5%     
 Qpark                       2017     KKR                                  Transportation          17.0             1.4%     
 Renaissance Learning        2018     Francisco Partners                   Technology / IT         15.1             1.2%     
 Chemical Guys               2021     AEA Investors                        Consumer                14.8             1.2%     
 Total Top 30 Investments                                                                          $986.2           80.6%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        78%             
 Europe                               22%             
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                20%             
 Consumer / E-commerce                19%             
 Industrials / Industrial Technology  19%             
 Financial Services                   16%             
 Business Services                    13%             
 Healthcare                           9%              
 Other                                5%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       9%              
 2017                                 15%             
 2018                                 13%             
 2019                                 14%             
 2020                                 11%             
 2021                                 18%             
 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 Berman is an employee-owned, private, independent investment manager
founded in 1939 with 2900 employees in 26 countries. The firm manages
$558 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 has been named the #1 Best Place to
Work in Money Management by Pensions & Investments and has placed #1 or #2 for
each of the last eleven years (firms with more than 1,000 employees).
Visit www.nb.com for more information,
including www.nb.com/disclosure-global-communications for information on
awards. Data as of September 30, 2025.

(1) Based on net asset value.



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.

Attachment
*     November 2025 NBPE Factsheet vF2
(https://ml-eu.globenewswire.com/Resource/Download/ea8c27a4-8b8d-4385-b6d4-c4d2e42bbe53)