REG-NBPE Announces Audited Annual Financial Report and 31 March 2026 monthly NAV

NB Private Equity PartnersAnnouncement

27/04/2026 07:00

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NB Private Equity Partners Announces Audited 2025 Results and 31 March 2026
monthly NAV

St Peter Port, Guernsey, 27 April 2026

NB Private Equity Partners (NBPE), the $1.1bn FTSE 250 listed private equity
investment company managed by Neuberger, today releases its 2025 Annual
Financial Report and 31 March 2026 Monthly NAV Update.

Audited Annual Results Highlights (31 December 2025)
* NAV per share of $27.94 (£20.77)
* 5.0% NAV TR in the 12 months, driven by an increase in private valuations
and positive foreign exchange movements, partially offset by quoted holdings
but with share buybacks further enhancing NAV per share
* Private portfolio value increased 3.9% in 2025 on a constant currency basis
* Strong portfolio company operating performance: LTM revenue and EBITDA
growth of 9.1% and 9.7%, respectively, during 2025(1)
* $180 million of proceeds from realisations received during 2025; over 50%
increase in distributions from co-investments
* Well-positioned to take advantage of investment opportunities - $302 million
of cash and undrawn credit line available
* $0.94 per share of dividends paid during 2025; 5.1% yield on the share price
* $102 million returned to shareholders in 2025 by way of share buybacks and
dividends, representing 8% of opening NAV
 As of 31 December 2025                2025   3 years       5 years       10 years       
 NAV TR (USD)*  Annualised             5.0%   9.0%  2.9%    46.0%  7.9%   168.1%  10.4%  
 MSCI World TR (USD)*  Annualised      21.6%  80.3%  21.7%  81.5%  12.7%  231.7%  12.7%  
                                                                                         
 Share price TR (GBP)*  Annualised     7.5%   16.3%  5.2%   73.3%  11.6%  243.4%  13.1%  
 FTSE All-Share TR (GBP)*  Annualised  24.0%  46.5%  13.6%  73.9%  11.7%  123.4%  8.4%   

* 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.

Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy
at Neuberger commented:

“NBPE delivered a NAV total return of 5.0% in the year, with growth
predominantly driven by continued strong underlying operating performance and
realisation activity. Despite a slow start to the year, realisations were
particularly strong with $180 million of proceeds received at an aggregate
2.8x multiple of invested capital at a 17% uplift to carrying value three
quarters prior.

Looking ahead, while the exit environment showed encouraging signs of recovery
towards the end of 2025, recent macroeconomic volatility has introduced
renewed uncertainty around exit timing. However, with a number of
high-quality, exit-ready companies, NBPE is well positioned to benefit as
visibility improves. With a strong balance sheet and a flexible model, we are
well positioned to continue to deploy capital prudently into an attractive
investment environment, balancing the pace of new investments with
realisations and return of capital to shareholders through buybacks and the
Company’s dividend program.”

Paul Daggett, Managing Director at Neuberger, continued:

“NBPE’s portfolio continued to demonstrate resilience and strong operating
performance, with weighted average LTM revenue and EBITDA growth of 9.1% and
9.7%, respectively.(1) The top ten investments delivered even stronger results
with double-digit revenue and EBITDA growth, led by strong operating
performance from a number of companies. Our recent investments continue to
perform exceptionally well and are well-positioned to continue to compound
value.

Since the year end, NBPE has committed $79 million to five new investments,
refreshing the portfolio and laying the foundations for future growth as
articulated at the Capital Markets Day in November 2025. Four of these
investments are AI driven, or well positioned to benefit from AI, which we
believe presents a compelling long-term opportunity.”

The Company’s 2025 Annual Report and a video from Neuberger to accompany the
results are available to view at: https://www.nbprivateequitypartners.com/ and
will shortly be available on the National Storage Mechanism
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Portfolio Update to 31 March 2026

NAV TR decrease of (1.3%) YTD 2026
* 31 March 2026 NAV per share of $27.12 (£20.57)
* 31 March 2026 monthly NAV estimate does not include any Q1 2026 private
company valuations
* YTD NAV driven by negative FX adjustments and declines in quoted holdings
$79 million committed to five new investments in Q1 2026
* $79 million committed to five new investments * $9 million invested in
Conservice, a utility management platform for property management, alongside
TPG; $35 million invested in Ryan, a global tax services business; $24 million
into two undisclosed AI-related companies
* $11 million committed to one new investment which we expect to close in the
coming months
Liquidity remains robust after 1H 2026 dividend payment and funding new
investments
* $196 million of available liquidity ($16 million cash/liquid investments and
$180 million of credit line) as of 31 March 2026
Share Buybacks
* Including buybacks through 24 April 2026, since the beginning of 2025, NBPE
has repurchased ~4.0m shares (cost of $81 million) at a weighted average
discount of 27% which was accretive to NAV by ~$0.62 per share
Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 March 2026 was based on the
following information:
* 10% of the portfolio was valued as of 31 March 2026 * 5% in private direct
investments
* 5% in public securities
 
* 1% of the portfolio was valued as of 28 February 2026 * 1% in private
direct investments
 
* 89% of the portfolio was valued as of 31 December 2025 * 89% in private
direct investments
For further information, please contact:

NBPE Investor Relations        +44 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 March 2026)

 Company Name                        Vintage  Lead Sponsor                         Sector                  Fair Value ($m)  % of FV  
 Action                              2020     3i                                   Consumer                74.5             5.9%     
 Osaic                               2019     Reverence Capital                    Financial Services      69.8             5.5%     
 Solenis                             2021     Platinum Equity                      Industrials             65.3             5.2%     
 OneMonroe (fka Monroe Engineering)  2021     AEA Investors                        Industrials             59.6             4.7%     
 Mariner                             2024     Leonard Green & Partners             Financial Services      44.2             3.5%     
 FDH Aero                            2024     Audax Group                          Industrials             43.4             3.4%     
 Business Services Company*          2017     Not Disclosed                        Business Services       41.5             3.3%     
 True Potential                      2022     Cinven                               Financial Services      41.2             3.3%     
 Branded Cities Network              2017     Shamrock Capital                     Communications / Media  37.8             3.0%     
 BeyondTrust                         2018     Francisco Partners                   Technology / IT         36.6             2.9%     
 Constellation Automotive            2019     TDR Capital                          Business Services       35.1             2.8%     
 Ryan                                2026     Ares Management                      Business Services       35.0             2.8%     
 Marquee Brands                      2014     Neuberger Berman                     Consumer                32.5             2.6%     
 Benecon                             2024     TA Associates                        Healthcare              31.5             2.5%     
 Staples                             2017     Sycamore Partners                    Business Services       30.0             2.4%     
 Auctane                             2021     Thoma Bravo                          Technology / IT         29.4             2.3%     
 Engineering                         2020     Renaissance Partners / Bain Capital  Technology / IT         27.1             2.2%     
 Agiliti                             2019     THL                                  Healthcare              25.3             2.0%     
 GFL (NYSE: GFL)                     2018     BC Partners                          Business Services       24.8             2.0%     
 Excelitas                           2022     AEA Investors                        Industrials             24.1             1.9%     
 Kroll                               2020     Further Global / Stone Point         Financial Services      23.9             1.9%     
 Viant                               2018     JLL Partners                         Healthcare              23.6             1.9%     
 CH Guenther                         2021     Pritzker Private Capital             Consumer                20.3             1.6%     
 AutoStore (OB.AUTO)                 2019     THL                                  Industrials             20.1             1.6%     
 Solace Systems                      2016     Bridge Growth Partners               Technology / IT         18.5             1.5%     
 Addison Group                       2021     Trilantic Capital Partners           Business Services       18.1             1.4%     
 Chemical Guys                       2021     AEA Investors                        Consumer                16.9             1.3%     
 Qpark                               2017     KKR                                  Transportation          16.3             1.3%     
 Real Page                           2021     Thoma Bravo                          Technology / IT         16.2             1.3%     
 Undisclosed Technology Company*     2026     Not Disclosed                        Technology / IT         14.4             1.1%     
 Total Top 30 Investments                                                                                  $996.7           79.2%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        78%             
 Europe                               22%             
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                20%             
 Consumer / E-commerce                16%             
 Industrials / Industrial Technology  21%             
 Financial Services                   15%             
 Business Services                    16%             
 Healthcare                           9%              
 Other                                3%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       7%              
 2017                                 14%             
 2018                                 12%             
 2019                                 12%             
 2020                                 11%             
 2021                                 17%             
 2022                                 7%              
 2023                                 3%              
 2024                                 10%             
 2025                                 2%              
 2026                                 5%              
 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 
Neuberger is an employee-owned, private, independent investment manager
founded in 1939 with approximately 3000 employees across 27 countries. The
firm manages $563 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 is proud to
be recognized for its commitment to its two constituents, clients and
employees. Again in 2025, we were named Best Asset Manager for Institutional
Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work
in Money Management
(https://www.globenewswire.com/Tracker?data=Z1_gVWKrXVmoqb-27IPbNfviq7Bg2Ukak8DbjmzB2CX0w3RKnYNiYluy7DYt9vy6n78ZyExP-iY09isjHHwwllZQ6Kn7Izf3qSfvkbAnSdHOGZvtJXpj8OyBrnIL_5cN_cmBhhTENei0SYiGKIZeaULZQKiWws7675U0OEtswF9W19u-tMrrRSRV2-NF_Qtckl5hJzeA1nX-zJOJhmlXRDQjC1k25pA0dItODwxFgbuvVzh8pZ890OWv4-yjPXAVTsPDJquwYJbyBL49fUQznw==)
(Pensions & Investments, firms with more than 1,000 employees). Neuberger has
no corporate parent or unaffiliated external shareholders. Visit www.nb.com
for more information, including www.nb.com/disclosure-global-communications
for information on awards. Data as of 31 December 2025.

Media Contacts:
US: Soogyung Jordan: Soogyung.Jordan@nb.com
EMEA: Fiona Kehily: Fiona.Kehily@nb.com

All Neuberger figures are as of 31 December 2025, unless otherwise noted, and
are subject to change without notice. The firm data, including employees and
assets under management, reflect the collective data of the various affiliated
investment advisors who are subsidiaries of Neuberger Berman Group LLC. The
company history/timeline includes the history of all the company's
subsidiaries, including predecessor companies and acquisitions. 
This material is issued on a limited basis through various global subsidiaries
and affiliates of Neuberger Berman Group LLC. Please visit
www.nb.com/disclosure-global-communications to learn about each company and
the legal restrictions and restrictions. The name "Neuberger Berman" and logo
are registered service marks of Neuberger Berman Group LLC. 
© 2026 Neuberger Berman Group LLC. All rights reserved.
1. Revenue & EBITDA Growth: Past performance is no guarantee of future
results. The private companies included in the data represent approximately
83% of the total direct equity portfolio. Fair value as of 31 December 2025
and the data is subject to the following adjustments: 1) Excludes public
companies, Marquee Brands and other investments not valued on multiples of
EBITDA. 2) Analysis based on 52 private companies. 3) The following exclusions
to the data were made: a) growth of one company (2% of value) was excluded
from the data as the Manager believed the EBITDA growth rate was an outlier
due to an extraordinary percentage change; if this company were included,
EBITDA growth would have been materially higher b) one company (1% of direct
equity fair value) was held less than one year and excluded from the growth
rates c) two companies (3% of direct equity fair value) were excluded with
non-comparable time frames of LTM revenue and/or LTM EBITDA data or
insufficient information to calculate a growth rate. Portfolio company
operating metrics are based on the most recently available (unaudited)
financial information for each company and based on as reported by the lead
private equity sponsor to the Manager as of 21 April 2026. Where necessary,
estimates were used, which include pro forma adjusted EBITDA and other EBITDA
adjustments, pro forma revenue adjustments, run-rate adjustments for
acquisitions, and annualised quarterly operating metrics. LTM periods as of
31/12/25 and 30/9/25 and 31/12/24 and 30/9/24. LTM revenue and LTM EBITDA
growth rates are weighted by fair value. Growth rate data is based on 52
companies and subject to the aforementioned exclusions; underlying EBITDA
reported by the GPs may include pro forma or other adjustments to LTM EBITDA
in one or both periods and this reported EBITDA used to calculate growth rates
may not be the same EBITDA for valuation purposes by underlying GPs. As a
result, growth and valuation multiple data are not directly comparable.
Attachments
*     NBPE 2025 Annual ReportvF (7)
(https://ml-eu.globenewswire.com/Resource/Download/33769a40-6805-4ca2-9a97-d451a6e51ebd)
  
*     March 2026 NBPE Factsheet vF (1)
(https://ml-eu.globenewswire.com/Resource/Download/dd855e3a-33fa-44c5-a54a-b43c87bc44f6)
  
*     NBPE Investor Presentation_vF (1)
(https://ml-eu.globenewswire.com/Resource/Download/dc59e074-52ea-4ddf-afdc-e70fafa24841)