REG-NBPE - Net Asset Value(s)

NB Private Equity PartnersAnnouncement

22/07/2025 07:00

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NBPE Announces June Monthly NAV Estimate

St, Peter Port, Guernsey, 22 July 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
June 2025 monthly NAV estimate.

NAV Highlights (30 June 2025)
* NAV per share was $27.42 (£20.01), a total return of 0.5% in the month
* Total realisations of $68 million and $8 million of follow-on investments in
the first half of 2025
* $284 million of available liquidity at 30 June 2025
* ~51k shares repurchased (~$1 million) during June 2025 at a weighted average
discount of 30% which was accretive to NAV by ~$0.01 per share. Year-to-date,
NBPE has repurchased ~759k shares (~$15 million) at a weighted average
discount of 29% which was accretive to NAV by ~$0.11 per share
 As of 30 June 2025                   Year to Date  One Year  3 years      5 years       10 years      
 NAV TR (USD)* Annualised             1.3%          3.6%      5.8% 1.9%    76.1% 12.0%   158.3% 10.0%  
 MSCI World TR (USD)* Annualised      9.3%          16.8%     68.0% 18.9%  101.9% 15.1%  189.9% 11.2%  
                                                                                                       
 Share price TR (GBP)* Annualised     (7.6%)        (6.9%)    10.4% 3.3%   91.6% 13.9%   185.1% 11.0%  
 FTSE All-Share TR (GBP)* Annualised  9.1%          11.2%     35.5% 10.7%  67.3% 10.8%   92.7% 6.8%    

* 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 June 2025

NAV performance during the month driven by:
* 0.7% NAV increase ($9 million) from changes in FX rates
* 0.1% NAV increase ($1 million) attributable to changes in prices of quoted
holdings (which now constitute 6% of portfolio fair value)
* Immaterial impact on NAV from additional private valuation information
received during the month
* 0.2% NAV decrease ($3 million) attributable to expense accruals
$68 million of realisations in the first half of 2025
* Of the $68 million received during the first half, over three-quarters of
the proceeds are from full and partial sales / exits of private holdings;
remaining realisations consisted of proceeds from the sales of quoted holdings
and other partial realisations
$284 million of total liquidity at 30 June 2025
* $74 million of cash and liquid investments with $210 million of undrawn
credit line available
2025 Share Buybacks
* ~51k shares repurchased in June 2025 at a weighted average discount of 30%;
buybacks were accretive to NAV by ~$0.01 per share
* Year-to-date, NBPE has repurchased ~759k shares at a weighted average
discount of 29% which were accretive to NAV by ~$0.11 per share
Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 June 2025 was based on the
following information:
* 6% of the portfolio was valued as of 30 June 2025 * 6% in public securities
 
* 94% of the portfolio was valued as of 31 March 2025 * 94% 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 June 2025)

 Company Name                Vintage  Lead Sponsor                   Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                             Consumer                86.6             6.9%     
 Osaic                       2019     Reverence Capital              Financial Services      63.4             5.0%     
 Solenis                     2021     Platinum Equity                Industrials             59.8             4.7%     
 BeyondTrust                 2018     Francisco Partners             Technology / IT         47.7             3.8%     
 Monroe Engineering          2021     AEA Investors                  Industrials             44.7             3.5%     
 Business Services Company*  2017     Not Disclosed                  Business Services       40.2             3.2%     
 Branded Cities Network      2017     Shamrock Capital               Communications / Media  37.3             3.0%     
 True Potential              2022     Cinven                         Financial Services      35.6             2.8%     
 Mariner                     2024     Leonard Green & Partners       Financial Services      33.7             2.7%     
 FDH Aero                    2024     Audax Group                    Industrials             32.9             2.6%     
 Marquee Brands              2014     Neuberger Berman               Consumer                31.6             2.5%     
 GFL (NYSE: GFL)             2018     BC Partners                    Business Services       30.5             2.4%     
 Auctane                     2021     Thoma Bravo                    Technology / IT         29.1             2.3%     
 Fortna                      2017     THL                            Industrials             28.7             2.3%     
 Staples                     2017     Sycamore Partners              Business Services       27.7             2.2%     
 Viant                       2018     JLL Partners                   Healthcare              27.3             2.2%     
 Engineering                 2020     NB Renaissance / Bain Capital  Technology / IT         27.2             2.2%     
 Stubhub                     2020     Neuberger Berman               Consumer                26.4             2.1%     
 Agiliti                     2019     THL                            Healthcare              25.3             2.0%     
 Kroll                       2020     Further Global / Stone Point   Financial Services      25.0             2.0%     
 Benecon                     2024     TA Associates                  Healthcare              24.7             2.0%     
 Solace Systems              2016     Bridge Growth Partners         Technology / IT         24.6             1.9%     
 Excelitas                   2022     AEA Investors                  Industrials             24.1             1.9%     
 Exact                       2019     KKR                            Technology / IT         24.0             1.9%     
 Constellation Automotive    2019     TDR Capital                    Business Services       21.4             1.7%     
 CH Guenther                 2021     Pritzker Private Capital       Consumer                21.2             1.7%     
 Tendam                      2017     PAI                            Consumer                20.0             1.6%     
 Addison Group               2021     Trilantic Capital Partners     Business Services       19.9             1.6%     
 Bylight                     2017     Sagewind Partners              Technology / IT         19.9             1.6%     
 Real Page                   2021     Thoma Bravo                    Technology / IT         18.8             1.5%     
 Total Top 30 Investments                                                                    $979.2           77.5%    

*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                23%             
 Consumer / E-commerce                22%             
 Industrials / Industrial Technology  17%             
 Financial Services                   14%             
 Business Services                    11%             
 Healthcare                           8%              
 Other                                3%              
 Energy                               1%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       10%             
 2017                                 16%             
 2018                                 13%             
 2019                                 13%             
 2020                                 14%             
 2021                                 18%             
 2022                                 6%              
 2023                                 2%              
 2024                                 8%              
 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.



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.

(1) Based on net asset value.

Attachment
*     June 2025 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/b8be2d7f-7f94-4cd1-8ce9-b3dc136db588)