REG-NBPE - August Monthly Net Asset Value Estimate

NB Private Equity PartnersAnnouncement

Mon 07:00

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NBPE Announces August Monthly NAV Estimate

St Peter Port, Guernsey 15 September 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
August 2025 monthly NAV estimate.

NAV Highlights (31 August 2025)
* NAV per share was $27.79 (£20.57), a total return of 0.9% in the month
* 100% of valuation information as of Q2 2025 or August quoted holdings
* Private company valuations were up 2.3% during Q2 2025 and 1.9%
year-to-date, on a constant currency basis
* Total realisations of $86 million and $12 million of follow-on investments
year-to-date; $9 million of additional pending realisations awaited
* $269 million of available liquidity at 31 August 2025
* ~52k shares repurchased (~$1.0 million) during August 2025 at a weighted
average discount of 28% which was accretive to NAV by ~$0.01 per share.
Year-to-date, NBPE has repurchased ~921k shares (~$18 million) at a weighted
average discount of 29% which was accretive to NAV by ~$0.17 per share
 As of 31 August 2025                 Year-to- Date  One Year  3 years      5 years      10 years      
 NAV TR (USD)* Annualised             4.5%           4.8%      11.1% 3.6%   78.7% 12.3%  165.2% 10.2%  
 MSCI World TR (USD)* Annualised      14.1%          16.2%     68.8% 19.1%  87.6% 13.4%  214.5% 12.1%  
                                                                                                       
 Share price TR (GBP)* Annualised     (7.0%)         (7.7%)    0.3% 0.1%    92.0% 13.9%  186.6% 11.1%  
 FTSE All-Share TR (GBP)* Annualised  14.5%          12.6%     38.6% 11.5%  77.7% 12.2%  108.5% 7.6%   

* 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 31 August 2025
NAV performance during the month driven by:
* 0.6% NAV increase ($7 million) from changes in quoted holdings
* 0.6% NAV increase ($7 million) attributable to changes in FX rates
* Immaterial impact on NAV per Share from the receipt of new Q2 2025 private
company valuation information
* (0.2%) NAV decrease ($3 million) attributable to expense accruals
$86 million of realisations year-to-date
* ~$13 million received during the month from the partial realisation of
Tendam; YTD realisations driven by partial sales / exits of private holdings.
Remaining realisations consisted of proceeds from the sales of quoted holdings
and other partial realisations
* $9 million of pending realisations awaited in the coming weeks
$269 million of total liquidity at 31 August 2025
* $59 million of cash and liquid investments with $210 million of undrawn
credit line available
2025 Share Buybacks
* ~52k shares repurchased in August 2025 at a weighted average discount of
28%; buybacks were accretive to NAV by ~$0.01 per share
* Year-to-date, NBPE has repurchased ~921k shares at a weighted average
discount of 29% which was accretive to NAV by ~$0.17 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 August 2025 was based on the
following information:
* 7% of the portfolio was valued as of 31 August 2025 * 7% in public
securities
 
* 93% of the portfolio was valued as of 30 June 2025 * 93% 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 at 31 August 2025)

 Company Name                   Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                         2020     3i                                   Consumer                91.1             7.0%     
 Osaic                          2019     Reverence Capital                    Financial Services      69.8             5.4%     
 Solenis                        2021     Platinum Equity                      Industrials             64.3             5.0%     
 Monroe Engineering             2021     AEA Investors                        Industrials             49.0             3.8%     
 BeyondTrust                    2018     Francisco Partners                   Technology / IT         47.6             3.7%     
 Business Services Company*     2017     Not Disclosed                        Business Services       41.4             3.2%     
 FDH Aero                       2024     Audax Group                          Industrials             39.1             3.0%     
 True Potential                 2022     Cinven                               Financial Services      38.5             3.0%     
 Branded Cities Network         2017     Shamrock Capital                     Communications / Media  37.5             2.9%     
 Mariner                        2024     Leonard Green & Partners             Financial Services      35.1             2.7%     
 GFL (NYSE: GFL)                2018     BC Partners                          Business Services       33.7             2.6%     
 Marquee Brands                 2014     Neuberger Berman                     Consumer                32.4             2.5%     
 Auctane                        2021     Thoma Bravo                          Technology / IT         29.0             2.2%     
 Staples                        2017     Sycamore Partners                    Business Services       28.7             2.2%     
 Engineering                    2020     Renaissance Partners / Bain Capital  Technology / IT         27.1             2.1%     
 Stubhub                        2020     Neuberger Berman                     Consumer                26.4             2.0%     
 Constellation Automotive       2019     TDR Capital                          Business Services       26.0             2.0%     
 Benecon                        2024     TA Associates                        Healthcare              25.8             2.0%     
 Viant                          2018     JLL Partners                         Healthcare              25.4             2.0%     
 Agiliti                        2019     THL                                  Healthcare              25.3             2.0%     
 Exact                          2019     KKR                                  Technology / IT         25.1             1.9%     
 Fortna                         2017     THL                                  Industrials             25.1             1.9%     
 Solace Systems                 2016     Bridge Growth Partners               Technology / IT         24.7             1.9%     
 Excelitas                      2022     AEA Investors                        Industrials             24.1             1.9%     
 Kroll                          2020     Further Global / Stone Point         Financial Services      23.9             1.8%     
 CH Guenther                    2021     Pritzker Private Capital             Consumer                20.9             1.6%     
 Addison Group                  2021     Trilantic Capital Partners           Business Services       19.9             1.5%     
 Real Page                      2021     Thoma Bravo                          Technology / IT         18.9             1.5%     
 AutoStore (OB.AUTO)            2019     THL                                  Industrials             17.5             1.4%     
 Petsmart / Chewy (NYSE: CHWY)  2015     BC Partners                          Consumer                17.1             1.3%     
 Total Top 30 Investments                                                                             $1,010.4         78.2%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        76%             
 Europe                               23%             
 Asia / Rest of World                 1%              
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                22%             
 Consumer / E-commerce                22%             
 Industrials / Industrial Technology  18%             
 Financial Services                   14%             
 Business Services                    12%             
 Healthcare                           8%              
 Other                                3%              
 Energy                               1%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       10%             
 2017                                 13%             
 2018                                 13%             
 2019                                 14%             
 2020                                 14%             
 2021                                 18%             
 2022                                 6%              
 2023                                 2%              
 2024                                 9%              
 2025                                 1%              
 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 over 2,800 employees in 26 countries. The firm manages
$538 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 by Pensions &
Investments as the #1 or #2 Best Place to Work in Money Management 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 June 30, 2025, unless stated otherwise.

(1) Based on net asset value.

Attachment
*     August 2025 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/3029c3f7-8c84-42b8-b99c-0a985264b665)