Hardman & Co Research on NB Private Equity Partners (NBPE)
2025 results: looking to future realisations
As expected, NBPE’s results to end-December 2025 i) confirmed the resilient operating performance of its investee companies (average EBITDA growth 9%) ‒ in our view, the key driver to long-term value creation, ii) saw NBPE NAV growth lag EBITDA growth, some rating compression in specific sectors (software ca.10% portfolio) and modest listed-holding share price falls. Going forward, NBPE’s portfolio is mature, and multiple market dynamics are structurally favourable to realisations. Potential quarterly noise around global uncertainties aside, medium-term realisations look good.
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