NBPE - September Monthly Net Asset Value 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 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 ~$0.25 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 September 2025 was based on the following information:
- 7% of the portfolio was valued as of 30 September 2025
- 6% in public securities
- 1% in private direct investments
- 93% of the portfolio was valued as of 30 June 2025
- 93% in private direct investments
- 93% in private direct investments
For further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 30 September 2025)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($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.
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