REG-NBPE Announces October Monthly NAV Estimate

NB Private Equity PartnersAnnouncement

24/11/2025 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:20251124:nGNE37CKYh&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     24 November 2025

NB Private Equity Partners (NBPE), the $1.3bn(1), FTSE 250, listed private
equity investment company managed by Neuberger Berman, today announces its 31
October 2025 monthly NAV estimate.

NAV Highlights (31 October 2025)
* NAV per share was $27.52 (£20.95), a USD total return of 0.3% in the month
* Approximately 50% of the valuation information based on Q3 private company
information; in aggregate, private investments appreciated by 0.8% on a
constant currency basis in the third quarter * ~658k shares repurchased
(~$13.2 million) in October 2025 at a weighted average discount of 25%
resulting in ~$0.11 NAV per share accretion in the month
* $277 million of available liquidity at 31 October 2025
Update to Capital Allocation Framework Update announced on 6 November 2025
* Improving exit environment with c. $165 million of realisations announced
YTD, at an aggregate uplift of 17% to carrying value, and a 2.7x multiple of
cost. Positive outlook for additional liquidity with a number of ‘exit
ready’ companies and further realisations anticipated in the coming months
* An increase in allocation to new investments of at least $100 million over
the next three to six months targeting an investment level of 105% - 110% of
NAV, selectively deploying capital and leveraging the strengths of
Neuberger’s platform
* Acceleration of the previously announced $120 million three-year share
buyback programme, reflecting the NBPE Board’s confidence in the portfolio
and its prospects and the NAV per share accretion opportunity that share
buybacks present
* Maintain existing dividend policy targeting an annualised yield on NAV of
3.0% or greater
 As of 31 October 2025                Year-to- Date  One Year  3 years      5 years       10 years      
 NAV TR (USD)* Annualised             3.4%           4.3%      9.0% 2.9%    63.7% 10.4%   163.3% 10.2%  
 MSCI World TR (USD)* Annualised      20.2%          22.5%     82.7% 22.3%  111.1% 16.1%  220.9% 12.4%  
                                                                                                        
 Share price TR (GBP)* Annualised     (0.2%)         1.2%      8.3% 2.7%    84.7% 13.1%   215.9% 12.2%  
 FTSE All-Share TR (GBP)* Annualised  20.9%          22.5%     50.9% 14.7%  98.6% 14.7%   116.3% 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 31 October 2025

NAV performance during the month primarily driven by private company
valuations partially offset by foreign exchange movements
* 0.8% NAV increase ($9 million) from updated private company valuation
information
* (0.5%) NAV decrease ($6 million) from changes in foreign exchange movements
* (0.2%) NAV decrease ($3 million) from changes in quoted holdings
* (0.2%) NAV decrease ($3 million) attributable to expense accruals
* 0.4% of NAV accretion from share buybacks
$64 million of realisations in October
* ~$29 million cash received from a partial realisation of Action and full
sale of SICIT; additional $34 million of realisations closed from one
unannounced transaction and the full exit of Saguaro * Distributions 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 October 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 $277 million of total
liquidity at 31 October 2025
* $67 million of cash and liquid investments with $210 million of undrawn
credit line available
Increase in pace of share buybacks in October 2025
* ~658k shares repurchased in October 2025 at a weighted average discount of
25%; buybacks were accretive to NAV by ~$0.11 per share
* Year-to-date, NBPE has repurchased ~2.3m shares ($45 million) at a weighted
average discount of 27% which was accretive to NAV by ~$0.39 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 October 2025 was based on the
following information:
* 8% of the portfolio was valued as of 31 October 2025 * 8% in public
securities
 
* 59% of the portfolio was valued as of 30 September 2025 * 59% in private
direct investments
 
* 33% of the portfolio was valued as of 30 June 2025 * 33% 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 October 2025)

 Company Name                Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                                   Consumer                71.3             5.7%     
 Osaic                       2019     Reverence Capital                    Financial Services      69.8             5.6%     
 Solenis                     2021     Platinum Equity                      Industrials             65.1             5.2%     
 Monroe Engineering          2021     AEA Investors                        Industrials             53.2             4.3%     
 BeyondTrust                 2018     Francisco Partners                   Technology / IT         45.0             3.6%     
 FDH Aero                    2024     Audax Group                          Industrials             41.6             3.3%     
 Business Services Company*  2017     Not Disclosed                        Business Services       41.4             3.3%     
 Mariner                     2024     Leonard Green & Partners             Financial Services      39.7             3.2%     
 True Potential              2022     Cinven                               Financial Services      38.0             3.0%     
 Branded Cities Network      2017     Shamrock Capital                     Communications / Media  37.5             3.0%     
 Marquee Brands              2014     Neuberger Berman                     Consumer                32.4             2.6%     
 Staples                     2017     Sycamore Partners                    Business Services       31.3             2.5%     
 Auctane                     2021     Thoma Bravo                          Technology / IT         29.0             2.3%     
 GFL (NYSE: GFL)             2018     BC Partners                          Business Services       28.8             2.3%     
 Engineering                 2020     Renaissance Partners / Bain Capital  Technology / IT         26.7             2.1%     
 Benecon                     2024     TA Associates                        Healthcare              25.8             2.1%     
 Constellation Automotive    2019     TDR Capital                          Business Services       25.6             2.1%     
 Viant                       2018     JLL Partners                         Healthcare              25.4             2.0%     
 Agiliti                     2019     THL                                  Healthcare              25.3             2.0%     
 Solace Systems              2016     Bridge Growth Partners               Technology / IT         24.7             2.0%     
 Excelitas                   2022     AEA Investors                        Industrials             24.1             1.9%     
 Kroll                       2020     Further Global / Stone Point         Financial Services      23.9             1.9%     
 Fortna                      2017     THL                                  Industrials             21.4             1.7%     
 CH Guenther                 2021     Pritzker Private Capital             Consumer                20.3             1.6%     
 AutoStore (OB.AUTO)         2019     THL                                  Industrials             20.2             1.6%     
 Addison Group               2021     Trilantic Capital Partners           Business Services       19.9             1.6%     
 Real Page                   2021     Thoma Bravo                          Technology / IT         18.9             1.5%     
 Qpark                       2017     KKR                                  Transportation          16.9             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                                                                          $973.3           78.1%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        79%             
 Europe                               21%             
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                21%             
 Consumer / E-commerce                20%             
 Industrials / Industrial Technology  19%             
 Financial Services                   15%             
 Business Services                    12%             
 Healthcare                           9%              
 Other                                5%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       10%             
 2017                                 15%             
 2018                                 13%             
 2019                                 13%             
 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
*     October 2025 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/be9413cb-c9ac-49b4-8ece-4b5ed1fd83a9)