NBPE Announces February 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
NBPE Announces February Monthly NAV Estimate
27 March 2026
NB Private Equity Partners (NBPE), the $1.2bn0F1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 28 February 2026 monthly NAV estimate.
NAV Highlights (28 February 2026)
- NAV per share was $27.41 (£20.39), a USD total return of (0.8%) in the month
- Approximately 75% of valuation information based on 31 December 2025 private company valuations or quoted holdings
- On a constant currency basis, Q4 2025 private valuations are up 0.7%2
- Additional private company valuation information expected in the coming weeks and will be incorporated into future monthly NAV updates
- ~333k shares repurchased (cost of ~$6.7 million) in February 2026 at a weighted average discount of 27% resulting in ~$0.06 NAV per share accretion in the month
- $260 million of available liquidity at 28 February 2026
| As of 28 February 2026 | YTD | 1 Year | 3 years | 5 years | 10 years |
| NAV TR (USD)* Annualised | 0.3% | 4.4% | 8.1% 2.6% | 45.9% 7.8% | 169.9% 10.4% |
| MSCI World TR (USD)* Annualised | 3.0% | 21.8% | 77.7% 21.1% | 84.1% 13.0% | 266.0% 13.9% |
| Share price TR (GBP)* Annualised | (9.7%) | (4.4%) | (2.0%) (0.7%) | 50.4% 8.5% | 199.1% 11.6% |
| FTSE All-Share TR (GBP)* Annualised | 9.7% | 27.3% | 51.6% 14.9% | 88.7% 13.5% | 151.0% 9.6% |
* 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 28 February 2026
NAV performance during the month primarily driven by private company valuations and quoted holdings
- (0.4%) NAV decrease ($5 million) from updated private company valuation information
- (0.3%) NAV decrease ($3 million) from quoted holdings
- (0.2%) NAV decrease ($2 million) from foreign exchange movements
- 0.2% of NAV accretion from share buybacks
- (0.2%) NAV decrease ($2 million) attributable to expense accruals
$6 million of realisations received in February 2026
- $6 million received during the month of February, consisting of proceeds received from the debt refinancing of one company
One new direct investment in February 2026
- $9 million funded to Conservice, a utility management platform for property management companies, made alongside TPG
- An additional $54 million committed to three new investments which are expected to close in the coming weeks
Well positioned to take advantage of opportunities with $260 million of total liquidity at 28 February 2026
- $50 million of cash and liquid investments with $210 million of undrawn credit line available
Continued buybacks in February 2026
- ~333k shares repurchased in February 2026 at a weighted average discount of 26%; buybacks were accretive to NAV by ~$0.06 per share
- Including buybacks through 26 March 2026, since the beginning of 2025, NBPE has repurchased ~3.9m shares (cost of $79 million) at a weighted average discount of 27% which was accretive to NAV by ~$0.64 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 28 February 2026 was based on the following information:
- 7% of the portfolio was valued as of 28 February 2026
- 6% in public securities
- 1% in private direct investments
- 68% of the portfolio was valued as of 31 December 2025
- 68% in private direct investments
- 25% of the portfolio was valued as of 30 September 2025
- 25% in private direct investments
- 25% in private direct investments
For further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as of 28 February 2026)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
| Action | 2020 | 3i | Consumer | 76.3 | 6.3% |
| Osaic | 2019 | Reverence Capital | Financial Services | 69.8 | 5.8% |
| Solenis | 2021 | Platinum Equity | Industrials | 65.1 | 5.4% |
| OneMonroe (fka Monroe Engineering) | 2021 | AEA Investors | Industrials | 59.6 | 4.9% |
| Mariner | 2024 | Leonard Green & Partners | Financial Services | 44.2 | 3.6% |
| FDH Aero | 2024 | Audax Group | Industrials | 43.4 | 3.6% |
| True Potential | 2022 | Cinven | Financial Services | 42.2 | 3.5% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 41.5 | 3.4% |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 37.8 | 3.1% |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 36.2 | 3.0% |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 35.9 | 3.0% |
| Marquee Brands | 2014 | Neuberger Berman | Consumer | 32.9 | 2.7% |
| Staples | 2017 | Sycamore Partners | Business Services | 31.3 | 2.6% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 29.4 | 2.4% |
| Engineering | 2020 | Renaissance Partners / Bain Capital | Technology / IT | 28.1 | 2.3% |
| Benecon | 2024 | TA Associates | Healthcare | 27.1 | 2.2% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 26.4 | 2.2% |
| Agiliti | 2019 | THL | Healthcare | 25.3 | 2.1% |
| Viant | 2018 | JLL Partners | Healthcare | 24.2 | 2.0% |
| Excelitas | 2022 | AEA Investors | Industrials | 24.1 | 2.0% |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials | 23.9 | 2.0% |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 23.8 | 2.0% |
| CH Guenther | 2021 | Pritzker Private Capital | Consumer | 20.3 | 1.7% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 19.9 | 1.6% |
| Solace Systems | 2016 | Bridge Growth Partners | Technology / IT | 19.0 | 1.6% |
| Chemical Guys | 2021 | AEA Investors | Consumer | 16.9 | 1.4% |
| Qpark | 2017 | KKR | Transportation | 16.7 | 1.4% |
| Real Page | 2021 | Thoma Bravo | Technology / IT | 16.2 | 1.3% |
| Fortna | 2017 | THL | Industrials | 14.3 | 1.2% |
| Bylight | 2017 | Sagewind Partners | Technology / IT | 13.4 | 1.1% |
| Total Top 30 Investments | $985.2 | 81.3% |
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 76% |
| Europe | 24% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Tech, Media & Telecom | 19% |
| Consumer / E-commerce | 16% |
| Industrials / Industrial Technology | 22% |
| Financial Services | 16% |
| Business Services | 15% |
| Healthcare | 9% |
| Other | 4% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2016 & Earlier | 7% |
| 2017 | 15% |
| 2018 | 12% |
| 2019 | 14% |
| 2020 | 11% |
| 2021 | 18% |
| 2022 | 7% |
| 2023 | 3% |
| 2024 | 10% |
| 2025 | 2% |
| Total Portfolio | 99% |
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 is an employee-owned, private, independent investment manager founded in 1939 with approximately 3000 employees across 27 countries. The firm manages $563 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 is proud to be recognized for its commitment to its two constituents, clients and employees. Again in 2025, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of December 31, 2025.
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.
1 Based on net asset value.
2 Based on information received to-date and may be subject to change.
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