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NBPE Announces September Monthly NAV Estimate

St Peter Port, Guernsey 21 October 2025

NB Private Equity Partners (NBPE), the $1.3bn¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 September 2025 monthly NAV estimate.

NAV Highlights (30 September 2025)

• NAV per share was $27.44 (£20.38), a total return of (1.3%) in the month
• $10 million deployed into a new investment in Infra Group, alongside PAI in September; $23 million deployed into new and follow on investments year to date
• $15 million of proceeds received in September; total proceeds received of $101 million year to date with a further $64 million expected in the coming months
• $265 million of available liquidity at 30 September 2025
• ~261k shares repurchased (~$5.1 million) in September 2025 at a weighted average discount of 28% resulting in ~$0.05 NAV per share accretion
• Year-to-date, NBPE has repurchased ~1.4m shares (~$28 million) at a weighted average discount of 28%, resulting in ~$0.25 NAV per share accretion

As of 30 September 2025	Year-to- Date	One Year	3 years	5 years	10 years
NAV TR (USD)* Annualised	3.1%	3.7%	11.5% 3.7%	62.3% 10.2%	163.1% 10.2%
MSCI World TR (USD)* Annualised	17.8%	17.7%	92.0% 24.3%	100.6% 14.9%	239.5% 13.0%
Share price TR (GBP)* Annualised	(1.0%)	(2.9%)	10.9% 3.5%	91.3% 13.9%	208.7% 11.9%
FTSE All-Share TR (GBP)* Annualised	16.6%	16.2%	50.0% 14.5%	84.1% 13.0%	118.3% 8.1%

* 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 September 2025
NAV performance during the month driven by:

• (0.9%) NAV decrease ($11 million) from updated private company valuation information
• (0.4%) NAV decrease ($6 million) from changes in quoted holdings
• Immaterial impact on NAV per Share from changes in FX rates
• (0.2%) NAV decrease ($3 million) attributable to expense accruals
• 0.2% of NAV per Share accretion from share buybacks
  
  

$15 million of proceeds received in September

• ~$15 million received from the full exit of Unity and partial realisations from By Light, Brightview and Holley Performance Products
• $101 million of proceeds received year to date, with a further $64m of proceeds expected in coming months

$10 million deployed into one new investment, Infra Group

• In September 2025, NBPE invested $10m in the Infra Group, a network infrastructure provider, alongside PAI
• We believe this was an attractive opportunity to invest in a leading business with scale advantages and significant customer relationships in a growing market for critical infrastructure. Infra Group is also an attractive consolidation platform in a highly fragmented market.
• $23 million deployed into one new and three follow-on investments year to date
  
  

$265 million of total liquidity at 30 September 2025

• $55 million of cash and liquid investments with $210 million of undrawn credit line available
  
  

2025 Share Buybacks

• ~261k shares repurchased in September 2025 at a weighted average discount of 28%; buybacks were accretive to NAV by ~$0.05 per share
• Year-to-date, NBPE has repurchased ~1.4m shares at a weighted average discount of 28% which was accretive to NAV by ~$0.25 per share

Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 September 2025 was based on the following information:

• 7% of the portfolio was valued as of 30 September 2025
  • 6% in public securities
  • 1% in private direct investments
• 93% of the portfolio was valued as of 30 June 2025
  • 93% 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 30 September 2025)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value ($m)	% of FV
Action	2020	3i	Consumer	$91.4	7.2%
Osaic	2019	Reverence Capital	Financial Services	69.8	5.5%
Solenis	2021	Platinum Equity	Industrials	64.3	5.1%
Monroe Engineering	2021	AEA Investors	Industrials	49.0	3.8%
BeyondTrust	2018	Francisco Partners	Technology / IT	47.6	3.7%
Business Services Company*	2017	Not Disclosed	Business Services	41.4	3.3%
FDH Aero	2024	Audax Group	Industrials	39.1	3.1%
True Potential	2022	Cinven	Financial Services	38.6	3.0%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	37.5	2.9%
Mariner	2024	Leonard Green & Partners	Financial Services	35.1	2.8%
Marquee Brands	2014	Neuberger Berman	Consumer	32.4	2.5%
GFL (NYSE: GFL)	2018	BC Partners	Business Services	31.7	2.5%
Auctane	2021	Thoma Bravo	Technology / IT	29.0	2.3%
Staples	2017	Sycamore Partners	Business Services	28.6	2.3%
Engineering	2020	Renaissance Partners / Bain Capital	Technology / IT	27.2	2.1%
Constellation Automotive	2019	TDR Capital	Business Services	26.0	2.0%
Benecon	2024	TA Associates	Healthcare	25.8	2.0%
Viant	2018	JLL Partners	Healthcare	25.4	2.0%
Agiliti	2019	THL	Healthcare	25.3	2.0%
Exact	2019	KKR	Technology / IT	25.2	2.0%
Fortna	2017	THL	Industrials	25.0	2.0%
Solace Systems	2016	Bridge Growth Partners	Technology / IT	24.7	1.9%
Excelitas	2022	AEA Investors	Industrials	24.1	1.9%
Kroll	2020	Further Global / Stone Point	Financial Services	23.9	1.9%
CH Guenther	2021	Pritzker Private Capital	Consumer	20.9	1.6%
Addison Group	2021	Trilantic Capital Partners	Business Services	19.9	1.6%
AutoStore (OB.AUTO)	2019	THL	Industrials	19.0	1.5%
Real Page	2021	Thoma Bravo	Technology / IT	18.9	1.5%
Petsmart / Chewy (NYSE: CHWY)	2015	BC Partners	Consumer	17.0	1.3%
Qpark	2017	KKR	Transportation	16.8	1.3%
Total Top 30 Investments				$1,000.8	78.6%

*Undisclosed company due to confidentiality provisions.

Geography	% of Portfolio
North America	76%
Europe	24%
Asia / Rest of World	0%
Total Portfolio	100%
Industry	% of Portfolio
Tech, Media & Telecom	22%
Consumer / E-commerce	20%
Industrials / Industrial Technology	19%
Financial Services	15%
Business Services	12%
Healthcare	8%
Other	5%
Total Portfolio	100%
Vintage Year	% of Portfolio
2016 & Earlier	10%
2017	14%
2018	13%
2019	14%
2020	12%
2021	18%
2022	6%
2023	2%
2024	9%
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.

Attachment

• September 2025 NBPE Factsheet vF (1)