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St Peter Port, Guernsey     24 November 2025

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

NAV Highlights (31 October 2025)

• NAV per share was $27.52 (£20.95), a USD total return of 0.3% in the month
• Approximately 50% of the valuation information based on Q3 private company information; in aggregate, private investments appreciated by 0.8% on a constant currency basis in the third quarter
  • ~658k shares repurchased (~$13.2 million) in October 2025 at a weighted average discount of 25% resulting in ~$0.11 NAV per share accretion in the month
  • $277 million of available liquidity at 31 October 2025

Update to Capital Allocation Framework Update announced on 6 November 2025

• Improving exit environment with c. $165 million of realisations announced YTD, at an aggregate uplift of 17% to carrying value, and a 2.7x multiple of cost. Positive outlook for additional liquidity with a number of ‘exit ready’ companies and further realisations anticipated in the coming months
• An increase in allocation to new investments of at least $100 million over the next three to six months targeting an investment level of 105% - 110% of NAV, selectively deploying capital and leveraging the strengths of Neuberger’s platform
• Acceleration of the previously announced $120 million three-year share buyback programme, reflecting the NBPE Board’s confidence in the portfolio and its prospects and the NAV per share accretion opportunity that share buybacks present
• Maintain existing dividend policy targeting an annualised yield on NAV of 3.0% or greater

As of 31 October 2025	Year-to- Date	One Year	3 years	5 years	10 years
NAV TR (USD)* Annualised	3.4%	4.3%	9.0% 2.9%	63.7% 10.4%	163.3% 10.2%
MSCI World TR (USD)* Annualised	20.2%	22.5%	82.7% 22.3%	111.1% 16.1%	220.9% 12.4%
Share price TR (GBP)* Annualised	(0.2%)	1.2%	8.3% 2.7%	84.7% 13.1%	215.9% 12.2%
FTSE All-Share TR (GBP)* Annualised	20.9%	22.5%	50.9% 14.7%	98.6% 14.7%	116.3% 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 31 October 2025

NAV performance during the month primarily driven by private company valuations partially offset by foreign exchange movements

• 0.8% NAV increase ($9 million) from updated private company valuation information
• (0.5%) NAV decrease ($6 million) from changes in foreign exchange movements
• (0.2%) NAV decrease ($3 million) from changes in quoted holdings
• (0.2%) NAV decrease ($3 million) attributable to expense accruals
• 0.4% of NAV accretion from share buybacks
  
  

$64 million of realisations in October

• ~$29 million cash received from a partial realisation of Action and full sale of SICIT; additional $34 million of realisations closed from one unannounced transaction and the full exit of Saguaro
  • Distributions from equity co-investments 50% higher than 2024
  • Average uplift to carrying value of 17% and a 2.7x MOIC
    
    

$23 million deployed year-to-date, with strong pipeline of new opportunities

• No new investments in October 2025
• $23 million deployed into one new and three follow-on investments year-to-date
• Strong pipeline of investment opportunities, especially in mid-life co-investments and co-underwrite opportunities
  
  

Well positioned to take advantage of opportunities with $277 million of total liquidity at 31 October 2025

• $67 million of cash and liquid investments with $210 million of undrawn credit line available
  
  

Increase in pace of share buybacks in October 2025

• ~658k shares repurchased in October 2025 at a weighted average discount of 25%; buybacks were accretive to NAV by ~$0.11 per share
• Year-to-date, NBPE has repurchased ~2.3m shares ($45 million) at a weighted average discount of 27% which was accretive to NAV by ~$0.39 per share

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

• 8% of the portfolio was valued as of 31 October 2025
  • 8% in public securities
• 59% of the portfolio was valued as of 30 September 2025
  • 59% in private direct investments
• 33% of the portfolio was valued as of 30 June 2025
  • 33% 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 of 31 October 2025)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value ($m)	% of FV
Action	2020	3i	Consumer	71.3	5.7%
Osaic	2019	Reverence Capital	Financial Services	69.8	5.6%
Solenis	2021	Platinum Equity	Industrials	65.1	5.2%
Monroe Engineering	2021	AEA Investors	Industrials	53.2	4.3%
BeyondTrust	2018	Francisco Partners	Technology / IT	45.0	3.6%
FDH Aero	2024	Audax Group	Industrials	41.6	3.3%
Business Services Company*	2017	Not Disclosed	Business Services	41.4	3.3%
Mariner	2024	Leonard Green & Partners	Financial Services	39.7	3.2%
True Potential	2022	Cinven	Financial Services	38.0	3.0%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	37.5	3.0%
Marquee Brands	2014	Neuberger Berman	Consumer	32.4	2.6%
Staples	2017	Sycamore Partners	Business Services	31.3	2.5%
Auctane	2021	Thoma Bravo	Technology / IT	29.0	2.3%
GFL (NYSE: GFL)	2018	BC Partners	Business Services	28.8	2.3%
Engineering	2020	Renaissance Partners / Bain Capital	Technology / IT	26.7	2.1%
Benecon	2024	TA Associates	Healthcare	25.8	2.1%
Constellation Automotive	2019	TDR Capital	Business Services	25.6	2.1%
Viant	2018	JLL Partners	Healthcare	25.4	2.0%
Agiliti	2019	THL	Healthcare	25.3	2.0%
Solace Systems	2016	Bridge Growth Partners	Technology / IT	24.7	2.0%
Excelitas	2022	AEA Investors	Industrials	24.1	1.9%
Kroll	2020	Further Global / Stone Point	Financial Services	23.9	1.9%
Fortna	2017	THL	Industrials	21.4	1.7%
CH Guenther	2021	Pritzker Private Capital	Consumer	20.3	1.6%
AutoStore (OB.AUTO)	2019	THL	Industrials	20.2	1.6%
Addison Group	2021	Trilantic Capital Partners	Business Services	19.9	1.6%
Real Page	2021	Thoma Bravo	Technology / IT	18.9	1.5%
Qpark	2017	KKR	Transportation	16.9	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				$973.3	78.1%

*Undisclosed company due to confidentiality provisions.

Geography	% of Portfolio
North America	79%
Europe	21%
Total Portfolio	100%
Industry	% of Portfolio
Tech, Media & Telecom	21%
Consumer / E-commerce	20%
Industrials / Industrial Technology	19%
Financial Services	15%
Business Services	12%
Healthcare	9%
Other	5%
Total Portfolio	100%
Vintage Year	% of Portfolio
2016 & Earlier	10%
2017	15%
2018	13%
2019	13%
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.

Attachment

• October 2025 NBPE Factsheet vF