NB Private Equity Partners NBPE

NBPE Announces July Monthly NAV Estimate

St Peter Port, Guernsey, 29 August 2025

NB Private Equity Partners (NBPE), the $1.3bn¹, 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

* 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)

*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 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