NBPE Announces November 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

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)

• NAV per share was $27.67 (£20.88), a USD total return of 0.5% in the month
• Approximately 92% of the valuation information based on Q3 private company information; in aggregate, private investments appreciated by 1.3% on a constant currency basis in the third quarter
  • ~695k shares repurchased (~$14.2 million) in November 2025 at a weighted average discount of 24% resulting in ~$0.12 NAV per share accretion in the month
  • $289 million of available liquidity at 30 November 2025

* 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

• 0.2% NAV increase ($2 million) from updated private company valuation information
• 0.1% NAV increase ($1 million) from foreign exchange movements
• Immaterial change in NAV from quoted holdings
• 0.4% of NAV accretion from share buybacks
• (0.2%) NAV decrease ($3 million) attributable to expense accruals
  
  

$157 million of realisations received year to date

• Cash received from the previously announced closing of one undisclosed exit
  • Announced realisations 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 November 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 $289 million of total liquidity at 30 November 2025

• $79 million of cash and liquid investments with $210 million of undrawn credit line available
  
  

Maintained increased pace of buybacks in November

• ~695k shares repurchased in November 2025 at a weighted average discount of 24%; buybacks were accretive to NAV by ~$0.12 per share
• Year-to-date, NBPE has repurchased ~2.9m shares ($57 million) at a weighted average discount of 26% which was accretive to NAV by ~$0.48 per share

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

• 8% of the portfolio was valued as of 30 November 2025
  • 8% in public securities
• 92% of the portfolio was valued as of 30 September 2025
  • 92% 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 30 November 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 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

• November 2025 NBPE Factsheet vF2