REG-NBPE - July Monthly Net Asset Value Estimate

NB Private Equity PartnersAnnouncement

29/08/2025 07:00

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NBPE Announces July Monthly NAV Estimate



St Peter Port, Guernsey, 29 August 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
July 2025 monthly NAV estimate.

NAV Highlights (31 July 2025)
* NAV per share was $27.54 (£20.81) after accrual of the $0.47 per share
declared dividend, a total return of 2.2% in the month
* Approximately 92% of valuation information as of Q2 2025 or July 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 $71 million and $11 million of follow-on investments
year-to-date
* $279 million of available liquidity at 31 July 2025
* ~35k shares repurchased (~$0.7 million) during July 2025 at a weighted
average discount of 27% which was accretive to NAV by <$0.01 per share.
Year-to-date, NBPE has repurchased ~824k shares (~$16 million) at a weighted
average discount of 29% which was accretive to NAV by ~$0.11 per share
 As of 31 July 2025                   Year-to- Date  One Year  3 years      5 years       10 years      
 NAV TR (USD)* Annualised             3.5%           4.0%      7.3% 2.4%    77.1% 12.1%   162.9% 10.1%  
 MSCI World TR (USD)* Annualised      11.2%          16.2%     57.6% 16.4%  95.1% 14.3%   188.4% 11.2%  
                                                                                                        
 Share price TR (GBP)* Annualised     (3.7%)         (10.5%)   6.2% 2.0%    102.9% 15.2%  196.9% 11.5%  
 FTSE All-Share TR (GBP)* Annualised  13.4%          12.1%     35.0% 10.5%  80.4% 12.5%   95.6% 6.9%    

* 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 July 2025
NAV performance during the month driven by:
* 2.6% NAV increase ($32 million) from Q2 private valuation information
received during the month
* 0.4% NAV increase ($4 million) from changes in quoted holdings
* (0.6%) NAV decrease ($8 million) attributable to changes in FX rates
* (0.2%) NAV decrease ($3 million) attributable to expense accruals
$71 million of realisations year-to-date
* Driven by partial sales / exits of private holdings; remaining realisations
consisted of proceeds from the sales of quoted holdings and other partial
realisations
$279 million of total liquidity at 31 July 2025
* $69 million of cash and liquid investments with $210 million of undrawn
credit line available
2025 Share Buybacks
* ~35k shares repurchased in July 2025 at a weighted average discount of 27%;
buybacks were accretive to NAV by <$0.01 per share
* Year-to-date, NBPE has repurchased ~824k shares at a weighted average
discount of 29% which was accretive to NAV by ~$0.11 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 July 2025 was based on the
following information:
* 6% of the portfolio was valued as of 31 July 2025 * 6% in public securities
 
* 86% of the portfolio was valued as of 30 June 2025 * 86% in private direct
investments
 
* 8% of the portfolio was valued as of 31 March 2025 * 8% 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 July 2025)

 Company Name                Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                                   Consumer                89.1             6.9%     
 Osaic                       2019     Reverence Capital                    Financial Services      69.4             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%     
 Branded Cities Network      2017     Shamrock Capital                     Communications / Media  37.5             2.9%     
 True Potential              2022     Cinven                               Financial Services      37.2             2.9%     
 Mariner                     2024     Leonard Green & Partners             Financial Services      35.1             2.7%     
 GFL (NYSE: GFL)             2018     BC Partners                          Business Services       34.0             2.6%     
 Marquee Brands              2014     Neuberger Berman                     Consumer                31.6             2.4%     
 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         26.5             2.1%     
 Stubhub                     2020     Neuberger Berman                     Consumer                26.4             2.0%     
 Viant                       2018     JLL Partners                         Healthcare              25.4             2.0%     
 Agiliti                     2019     THL                                  Healthcare              25.3             2.0%     
 Fortna                      2017     THL                                  Industrials             25.1             1.9%     
 Constellation Automotive    2019     TDR Capital                          Business Services       25.1             1.9%     
 Benecon                     2024     TA Associates                        Healthcare              24.7             1.9%     
 Solace Systems              2016     Bridge Growth Partners               Technology / IT         24.7             1.9%     
 Exact                       2019     KKR                                  Technology / IT         24.5             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%     
 Tendam                      2017     PAI                                  Consumer                18.7             1.4%     
 Qpark                       2017     KKR                                  Transportation          16.4             1.3%     
 Total Top 30 Investments                                                                          $1,003.2         77.6%    

*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                       9%              
 2017                                 15%             
 2018                                 13%             
 2019                                 13%             
 2020                                 13%             
 2021                                 19%             
 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
*     July 2025 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/4d43541a-1234-4530-8b66-db5bb01f0210)