3 March 2025

NB Private Equity Partners (NBPE), the $1.3bn¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 January 2025 monthly NAV estimate.

NAV Highlights (31 January 2025)

• NAV per share was $27.10 (£21.81), a total return of 2.5% in the month, after accruing the 1H 2025 dividend
• Approximately 78% of fair value based on private company valuation information as of Q4 2024 or based on 31 January 2025 quoted prices
• Based on information received so far, private company valuations increased by 2.8% (measured against the NAV of all private investments) during Q4 2024 on a constant currency basis
• NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
• $281 million of available liquidity at 31 January 2025
• ~21k shares repurchased during January 2025 at a weighted average discount of 29% which were accretive to NAV by <$0.01 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 January 2025

NAV performance during the month driven by:

• 3.0% NAV increase ($37 million) from the receipt of private company valuation information
• 1.7% NAV decrease ($22 million) attributable to the 1H 2025 dividend accrual
• 0.4% NAV decrease ($5 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
• 0.2% NAV decrease ($3 million) attributable to expense accruals
• Immaterial impact on NAV from changes in FX
  
  

$3 million of realisations in 2025 to date

• $3 million of realisations received during the month of January, consisting of partial realisation proceeds
  
  

$281 million of total liquidity at 31 January 2025

• $71 million of cash and liquid investments with $210 million of undrawn credit line available
  
  

2025 Share Buybacks

• ~21k shares repurchased in January 2025 at a weighted average discount of 29%
• Buybacks were accretive to NAV by <$0.01 per share
• On 19^th February, NBPE’s board announced that it had reserved $120 million for buybacks over the next three years
  
  

Portfolio Valuation

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

• 6% of the portfolio was valued as of 31 January 2025
  • 6% in public securities
• 72% of the portfolio was valued as of 31 December 2024
  • 72% in private direct investments
• 22% of the portfolio was valued as of 30 September 2024
  • 22% 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 January 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 $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman 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. Data as of 31 December 2024, unless otherwise noted.

¹ Based on net asset value.

Attachment

• January 2025 NBPE Factsheet