NBPE Announces December Monthly NAV Estimate

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NBPE Announces December Monthly NAV Estimate

Guernsey, 30 January 2026

NB Private Equity Partners (NBPE), the $1.2bn0F¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 December 2025 monthly NAV estimate.

NAV Highlights (31 December 2025)

• NAV per share was $27.80 (£20.67), a USD total return of 0.5% in the month
• Approximately 16% of valuation information based on 31 December 2025 private company valuations or quoted holdings
• Additional private company valuation information expected in the coming weeks and will be incorporated into future monthly NAV updates
  • ~516k shares repurchased (~$10.9 million) in December 2025 at a weighted average discount of 24% resulting in ~$0.07 NAV per share accretion in the month
  • $302 million of available liquidity at 31 December 2025
    
    

* 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 December 2025

NAV performance during the month primarily driven by FX and private company valuations

• 0.2% NAV increase ($3 million) from foreign exchange movements
• 0.2% NAV increase ($2 million) from updated private company valuation information
• Immaterial change in NAV from quoted holdings
• 0.3% of NAV accretion from share buybacks
• (0.2%) NAV decrease ($3 million) attributable to expense accruals
  
  

$180 million of realisations received in 2025

• $22 million received during the month of December, consisting primarily of previously announced realisations and partial sales of quoted holdings
  • Realisations from equity co-investments 57% higher than 2024
  • Average uplift to carrying value of 17% and a 2.8x MOIC1F²
    
    

$23 million deployed in 2025. $40 million committed to two new investments in December 2025 and January 2026

• Approximately $10 million committed to one new investment in December 2025 and an additional $30 million committed to one new investment in January 2026; both investments are expected to close in the coming weeks
• Strong pipeline of investment opportunities, especially in mid-life co-investments and co-underwrite opportunities

Well positioned to take advantage of opportunities with $302 million of total liquidity at 31 December 2025

• $92 million of cash and liquid investments with $210 million of undrawn credit line available
  
  

Continued buybacks in December 2025

• ~516k shares repurchased in December 2025 at a weighted average discount of 24%; buybacks were accretive to NAV by ~$0.07 per share
• Including buybacks through 29 January 2026, since the beginning of 2025, NBPE has repurchased ~3.3m shares ($66 million) at a weighted average discount of 26% which was accretive to NAV by ~$0.54 per share

Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 December 2025 was based on the following information:

• 16% of the portfolio was valued as of 31 December 2025
  • 7% in public securities
  • 9% in private direct investments
• 84% of the portfolio was valued as of 30 September 2025
  • 84% 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 of 31 December 2025)

*Undisclosed company due to confidentiality provisions.

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 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 (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 December 31, 2025.

¹ Based on net asset value.
² Includes unrealised value of partial realisations.

Attachment

• December 2025 NBPE FactsheetvF (1)