NBPE Announces 30 April 2023 NAV Update

26 May 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 April 2023 Monthly Net Asset Value (“NAV”) estimate.

Highlights (as of 30 April 2023)

• NAV per share of $28.26 (£22.48), an increase of 0.2% during the month
• Performance driven by positive valuation movements of Q1 2023 private company valuations and foreign exchange movements
• 72% of the valuation information as of 31 March 2023 or 30 April 2023
• Well positioned to take advantage of investment opportunities - $305 million of available liquidity

*Reflects cumulative returns over the time periods shown and are not annualised.

Portfolio Update to 30 April 2023

NAV performance during the month driven by:

• 0.5% NAV decrease ($6 million) from the value of quoted holdings (which constitute 13% of portfolio fair value)
• 0.2% NAV increase ($3 million) from positive FX movements, primarily attributable to changes in the EUR/USD rate in April 2023
• Excluding FX, 0.7% NAV increase ($10 million) from the receipt of first quarter private company valuation information (56% of private companies valuations based on Q1 2023 valuation information)
• 0.1% NAV decrease ($2 million) attributable to changes in the Zero Dividend Preference share (ZDP) liability and expense accruals

Realisation activity - $40 million of proceeds received year to date

• Includes $10 million from partial realisations of NBPE's co-investment in Action at December 2022 holding value. Following the realisation, Action remains NBPE's largest company, valued at $71 million at 30 April 2023

Robust liquidity – well positioned to take advantage of opportunities

• $305 million of available liquidity ($5 million of cash, $300 million of undrawn credit facility)

Portfolio Valuation

The fair value of NBPE's portfolio as of 30 April 2023 was based on the following information:

• 16% of the portfolio was valued as of 30 April 2023

• • 13% in public securities
  • 3% in private direct investments

• 56% of the portfolio was valued as of 31 March 2023

• • 56% in private direct investments

• 28% of the portfolio was valued as of 31 December 2022

• • 28% in private investments

MENAFN26052023004107003653ID1106321227