NBPE Announces February Monthly NAV Estimate

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

NBPE Announces February Monthly NAV Estimate

27 March 2026

NB Private Equity Partners (NBPE), the $1.2bn0F¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 28 February 2026 monthly NAV estimate.

NAV Highlights (28 February 2026)

• NAV per share was $27.41 (£20.39), a USD total return of (0.8%) in the month
• Approximately 75% of valuation information based on 31 December 2025 private company valuations or quoted holdings
• On a constant currency basis, Q4 2025 private valuations are up 0.7%²
• Additional private company valuation information expected in the coming weeks and will be incorporated into future monthly NAV updates
  • ~333k shares repurchased (cost of ~$6.7 million) in February 2026 at a weighted average discount of 27% resulting in ~$0.06 NAV per share accretion in the month
  • $260 million of available liquidity at 28 February 2026

As of 28 February 2026	YTD	1 Year	3 years	5 years	10 years
NAV TR (USD)* Annualised	0.3%	4.4%	8.1% 2.6%	45.9% 7.8%	169.9% 10.4%
MSCI World TR (USD)* Annualised	3.0%	21.8%	77.7% 21.1%	84.1% 13.0%	266.0% 13.9%
Share price TR (GBP)* Annualised	(9.7%)	(4.4%)	(2.0%) (0.7%)	50.4% 8.5%	199.1% 11.6%
FTSE All-Share TR (GBP)* Annualised	9.7%	27.3%	51.6% 14.9%	88.7% 13.5%	151.0% 9.6%

* 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 28 February 2026

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

• (0.4%) NAV decrease ($5 million) from updated private company valuation information
• (0.3%) NAV decrease ($3 million) from quoted holdings

• (0.2%) NAV decrease ($2 million) from foreign exchange movements
• 0.2% of NAV accretion from share buybacks
• (0.2%) NAV decrease ($2 million) attributable to expense accruals
  
  

$6 million of realisations received in February 2026

• $6 million received during the month of February, consisting of proceeds received from the debt refinancing of one company
  
  

One new direct investment in February 2026

• $9 million funded to Conservice, a utility management platform for property management companies, made alongside TPG
• An additional $54 million committed to three new investments which are expected to close in the coming weeks

Well positioned to take advantage of opportunities with $260 million of total liquidity at 28 February 2026

• $50 million of cash and liquid investments with $210 million of undrawn credit line available
  
  

Continued buybacks in February 2026

• ~333k shares repurchased in February 2026 at a weighted average discount of 26%; buybacks were accretive to NAV by ~$0.06 per share
• Including buybacks through 26 March 2026, since the beginning of 2025, NBPE has repurchased ~3.9m shares (cost of $79 million) at a weighted average discount of 27% which was accretive to NAV by ~$0.64 per share

Portfolio Valuation
The fair value of NBPE’s portfolio as of 28 February 2026 was based on the following information:

• 7% of the portfolio was valued as of 28 February 2026
  • 6% in public securities
  • 1% in private direct investments
• 68% of the portfolio was valued as of 31 December 2025
  • 68% in private direct investments
• 25% of the portfolio was valued as of 30 September 2025
  • 25% in private direct investments
    
    

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 28 February 2026)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value ($m)	% of FV
Action	2020	3i	Consumer	76.3	6.3%
Osaic	2019	Reverence Capital	Financial Services	69.8	5.8%
Solenis	2021	Platinum Equity	Industrials	65.1	5.4%
OneMonroe (fka Monroe Engineering)	2021	AEA Investors	Industrials	59.6	4.9%
Mariner	2024	Leonard Green & Partners	Financial Services	44.2	3.6%
FDH Aero	2024	Audax Group	Industrials	43.4	3.6%
True Potential	2022	Cinven	Financial Services	42.2	3.5%
Business Services Company*	2017	Not Disclosed	Business Services	41.5	3.4%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	37.8	3.1%
BeyondTrust	2018	Francisco Partners	Technology / IT	36.2	3.0%
Constellation Automotive	2019	TDR Capital	Business Services	35.9	3.0%
Marquee Brands	2014	Neuberger Berman	Consumer	32.9	2.7%
Staples	2017	Sycamore Partners	Business Services	31.3	2.6%
Auctane	2021	Thoma Bravo	Technology / IT	29.4	2.4%
Engineering	2020	Renaissance Partners / Bain Capital	Technology / IT	28.1	2.3%
Benecon	2024	TA Associates	Healthcare	27.1	2.2%
GFL (NYSE: GFL)	2018	BC Partners	Business Services	26.4	2.2%
Agiliti	2019	THL	Healthcare	25.3	2.1%
Viant	2018	JLL Partners	Healthcare	24.2	2.0%
Excelitas	2022	AEA Investors	Industrials	24.1	2.0%
AutoStore (OB.AUTO)	2019	THL	Industrials	23.9	2.0%
Kroll	2020	Further Global / Stone Point	Financial Services	23.8	2.0%
CH Guenther	2021	Pritzker Private Capital	Consumer	20.3	1.7%
Addison Group	2021	Trilantic Capital Partners	Business Services	19.9	1.6%
Solace Systems	2016	Bridge Growth Partners	Technology / IT	19.0	1.6%
Chemical Guys	2021	AEA Investors	Consumer	16.9	1.4%
Qpark	2017	KKR	Transportation	16.7	1.4%
Real Page	2021	Thoma Bravo	Technology / IT	16.2	1.3%
Fortna	2017	THL	Industrials	14.3	1.2%
Bylight	2017	Sagewind Partners	Technology / IT	13.4	1.1%
Total Top 30 Investments				$985.2	81.3%

*Undisclosed company due to confidentiality provisions.

Geography	% of Portfolio
North America	76%
Europe	24%
Total Portfolio	100%
Industry	% of Portfolio
Tech, Media & Telecom	19%
Consumer / E-commerce	16%
Industrials / Industrial Technology	22%
Financial Services	16%
Business Services	15%
Healthcare	9%
Other	4%
Total Portfolio	100%
Vintage Year	% of Portfolio
2016 & Earlier	7%
2017	15%
2018	12%
2019	14%
2020	11%
2021	18%
2022	7%
2023	3%
2024	10%
2025	2%
Total Portfolio	99%

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.

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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¹ Based on net asset value.
² Based on information received to-date and may be subject to change.

Attachment

• February 2026 NBPE Factsheet vF