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| Date | 23 Dec 2025 |
| Time | 07:00:00 |
| Category | Net Asset Value(s) |
| ID | nsm:b006292f-9759-431b-801f-ac8a1e942f6a.html |
Disseminated via GNW on 23 December 2025
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
St Peter Port, Guernsey 23 December 2025
NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 November 2025 monthly NAV estimate.
NAV Highlights (30 November 2025)
| As of 30 November 2025 | Year-to- Date | One Year | 3 years | 5 years | 10 years |
| NAV TR (USD)* Annualised |
4.0% | 4.1% | 9.5% 3.1% |
59.2% 9.8% |
164.9% 10.2% |
| MSCI World TR (USD)* Annualised |
20.6% | 17.5% | 71.3% 19.7% |
87.7% 13.4% |
223.3% 12.5% |
| Share price TR (GBP)* Annualised |
4.3% | 6.7% | 14.3% 4.6% |
86.6% 13.3% |
235.1% 12.9% |
| FTSE All-Share TR (GBP)* Annualised |
21.4% | 20.0% | 41.3% 12.2% |
76.8% 12.1% |
115.9% 8.0% |
* 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 November 2025
NAV performance during the month primarily driven by private company valuations
$157 million of realisations received year to date
$23 million deployed year-to-date, with strong pipeline of new opportunities
Well positioned to take advantage of opportunities with $289 million of total liquidity at 30 November 2025
Maintained increased pace of buybacks in November
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 November 2025 was based on the following information:
For further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason [email protected]
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman [email protected]
Luke Dampier
Charlotte Francis
Supplementary Information (as of 30 November 2025)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
| Action | 2020 | 3i | Consumer | 72.8 | 6.0% |
| Osaic | 2019 | Reverence Capital | Financial Services | 69.8 | 5.7% |
| Solenis | 2021 | Platinum Equity | Industrials | 65.1 | 5.3% |
| Monroe Engineering | 2021 | AEA Investors | Industrials | 53.2 | 4.4% |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 45.0 | 3.7% |
| FDH Aero | 2024 | Audax Group | Industrials | 41.5 | 3.4% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 41.4 | 3.4% |
| Mariner | 2024 | Leonard Green & Partners | Financial Services | 40.1 | 3.3% |
| True Potential | 2022 | Cinven | Financial Services | 39.0 | 3.2% |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 37.5 | 3.1% |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 35.5 | 2.9% |
| Marquee Brands | 2014 | Neuberger Berman | Consumer | 32.5 | 2.7% |
| Staples | 2017 | Sycamore Partners | Business Services | 31.3 | 2.6% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 29.0 | 2.4% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 27.3 | 2.2% |
| Engineering | 2020 | Renaissance Partners / Bain Capital | Technology / IT | 26.9 | 2.2% |
| Benecon | 2024 | TA Associates | Healthcare | 25.9 | 2.1% |
| Agiliti | 2019 | THL | Healthcare | 25.3 | 2.1% |
| Solace Systems | 2016 | Bridge Growth Partners | Technology / IT | 24.7 | 2.0% |
| Viant | 2018 | JLL Partners | Healthcare | 24.2 | 2.0% |
| Excelitas | 2022 | AEA Investors | Industrials | 24.1 | 2.0% |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 23.9 | 2.0% |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials | 22.8 | 1.9% |
| Fortna | 2017 | THL | Industrials | 21.4 | 1.8% |
| CH Guenther | 2021 | Pritzker Private Capital | Consumer | 20.3 | 1.7% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 19.9 | 1.6% |
| Real Page | 2021 | Thoma Bravo | Technology / IT | 18.8 | 1.5% |
| Qpark | 2017 | KKR | Transportation | 17.0 | 1.4% |
| Renaissance Learning | 2018 | Francisco Partners | Technology / IT | 15.1 | 1.2% |
| Chemical Guys | 2021 | AEA Investors | Consumer | 14.8 | 1.2% |
| Total Top 30 Investments | $986.2 | 80.6% |
*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 | 19% |
| Industrials / Industrial Technology | 19% |
| Financial Services | 16% |
| Business Services | 13% |
| Healthcare | 9% |
| Other | 5% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2016 & Earlier | 9% |
| 2017 | 15% |
| 2018 | 13% |
| 2019 | 14% |
| 2020 | 11% |
| 2021 | 18% |
| 2022 | 6% |
| 2023 | 2% |
| 2024 | 10% |
| 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.
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.
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