REG-NBPE - September Monthly Net Asset Value Estimate

NB Private Equity PartnersAnnouncement

21/10/2025 07:00

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NBPE Announces September Monthly NAV Estimate

St Peter Port, Guernsey 21 October 2025

NB Private Equity Partners (NBPE), the $1.3bn(1), FTSE 250, listed private
equity investment company managed by Neuberger Berman, today announces its 30
September 2025 monthly NAV estimate.

NAV Highlights (30 September 2025)
* NAV per share was $27.44 (£20.38), a total return of (1.3%) in the month
* $10 million deployed into a new investment in Infra Group, alongside PAI in
September; $23 million deployed into new and follow on investments year to
date
* $15 million of proceeds received in September; total proceeds received of
$101 million year to date with a further $64 million expected in the coming
months
* $265 million of available liquidity at 30 September 2025
* ~261k shares repurchased (~$5.1 million) in September 2025 at a weighted
average discount of 28% resulting in ~$0.05 NAV per share accretion
* Year-to-date, NBPE has repurchased ~1.4m shares (~$28 million) at a weighted
average discount of 28%, resulting in ~$0.25 NAV per share accretion
 As of 30 September 2025              Year-to- Date  One Year  3 years      5 years       10 years      
 NAV TR (USD)* Annualised             3.1%           3.7%      11.5% 3.7%   62.3% 10.2%   163.1% 10.2%  
 MSCI World TR (USD)* Annualised      17.8%          17.7%     92.0% 24.3%  100.6% 14.9%  239.5% 13.0%  
                                                                                                        
 Share price TR (GBP)* Annualised     (1.0%)         (2.9%)    10.9% 3.5%   91.3% 13.9%   208.7% 11.9%  
 FTSE All-Share TR (GBP)* Annualised  16.6%          16.2%     50.0% 14.5%  84.1% 13.0%   118.3% 8.1%   

* 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 September 2025
NAV performance during the month driven by:
* (0.9%) NAV decrease ($11 million) from updated private company valuation
information
* (0.4%) NAV decrease ($6 million) from changes in quoted holdings
* Immaterial impact on NAV per Share from changes in FX rates
* (0.2%) NAV decrease ($3 million) attributable to expense accruals
* 0.2% of NAV per Share accretion from share buybacks
$15 million of proceeds received in September
* ~$15 million received from the full exit of Unity and partial realisations
from By Light, Brightview and Holley Performance Products
* $101 million of proceeds received year to date, with a further $64m of
proceeds expected in coming months
$10 million deployed into one new investment, Infra Group
* In September 2025, NBPE invested $10m in the Infra Group, a network
infrastructure provider, alongside PAI
* We believe this was an attractive opportunity to invest in a leading
business with scale advantages and significant customer relationships in a
growing market for critical infrastructure. Infra Group is also an
attractive consolidation platform in a highly fragmented market.
* $23 million deployed into one new and three follow-on investments year to
date
$265 million of total liquidity at 30 September 2025
* $55 million of cash and liquid investments with $210 million of undrawn
credit line available
2025 Share Buybacks
* ~261k shares repurchased in September 2025 at a weighted average discount of
28%; buybacks were accretive to NAV by ~$0.05 per share
* Year-to-date, NBPE has repurchased ~1.4m shares at a weighted average
discount of 28% which was accretive to NAV by ~$0.25 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 September 2025 was based on the
following information:
* 7% of the portfolio was valued as of 30 September 2025 * 6% in public
securities
* 1% in private direct investments
 
* 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 30 September 2025)

 Company Name                   Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                         2020     3i                                   Consumer                $91.4            7.2%     
 Osaic                          2019     Reverence Capital                    Financial Services      69.8             5.5%     
 Solenis                        2021     Platinum Equity                      Industrials             64.3             5.1%     
 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             3.3%     
 FDH Aero                       2024     Audax Group                          Industrials             39.1             3.1%     
 True Potential                 2022     Cinven                               Financial Services      38.6             3.0%     
 Branded Cities Network         2017     Shamrock Capital                     Communications / Media  37.5             2.9%     
 Mariner                        2024     Leonard Green & Partners             Financial Services      35.1             2.8%     
 Marquee Brands                 2014     Neuberger Berman                     Consumer                32.4             2.5%     
 GFL (NYSE: GFL)                2018     BC Partners                          Business Services       31.7             2.5%     
 Auctane                        2021     Thoma Bravo                          Technology / IT         29.0             2.3%     
 Staples                        2017     Sycamore Partners                    Business Services       28.6             2.3%     
 Engineering                    2020     Renaissance Partners / Bain Capital  Technology / IT         27.2             2.1%     
 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         25.2             2.0%     
 Fortna                         2017     THL                                  Industrials             25.0             2.0%     
 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             1.9%     
 CH Guenther                    2021     Pritzker Private Capital             Consumer                20.9             1.6%     
 Addison Group                  2021     Trilantic Capital Partners           Business Services       19.9             1.6%     
 AutoStore (OB.AUTO)            2019     THL                                  Industrials             19.0             1.5%     
 Real Page                      2021     Thoma Bravo                          Technology / IT         18.9             1.5%     
 Petsmart / Chewy (NYSE: CHWY)  2015     BC Partners                          Consumer                17.0             1.3%     
 Qpark                          2017     KKR                                  Transportation          16.8             1.3%     
 Total Top 30 Investments                                                                             $1,000.8         78.6%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        76%             
 Europe                               24%             
 Asia / Rest of World                 0%              
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                22%             
 Consumer / E-commerce                20%             
 Industrials / Industrial Technology  19%             
 Financial Services                   15%             
 Business Services                    12%             
 Healthcare                           8%              
 Other                                5%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       10%             
 2017                                 14%             
 2018                                 13%             
 2019                                 14%             
 2020                                 12%             
 2021                                 18%             
 2022                                 6%              
 2023                                 2%              
 2024                                 9%              
 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.

Attachment
*     September 2025 NBPE Factsheet vF (1)
(https://ml-eu.globenewswire.com/Resource/Download/7f4fc287-9e0c-43ed-bcca-6496ce15ceaf)