NBPE Announces January Monthly NAV Estimate

NBPE Announces January Monthly NAV Estimate

St Peter Port, Guernsey, 2 March 2026

NB Private Equity Partners (NBPE), the $1.2bn0F¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 January 2026 monthly NAV estimate.

NAV Highlights (31 January 2026)

• After accrual of the 1H 2026 dividend, NAV per share was $27.63 (£20.13), a USD total return of 1.1% in the month
• Approximately 46% 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 1.7%²
• Additional private company valuation information expected in the coming weeks and will be incorporated into future monthly NAV updates
  • ~352k shares repurchased (cost of ~$7.4 million) in January 2026 at a weighted average discount of 26% resulting in ~$0.06 NAV per share accretion in the month
  • $291 million of available liquidity at 31 January 2026

* 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 31 January 2026

NAV performance during the month primarily driven by private company valuations and FX

• 0.8% NAV increase ($10 million) from updated private company valuation information
• 0.4% NAV increase ($5 million) from foreign exchange movements
• Immaterial change in NAV from quoted holdings
• 0.2% of NAV accretion from share buybacks
• (0.3%) NAV decrease ($3 million) attributable to expense accruals
  

$4 million of realisations received in 2026

• $4 million received during the month of January, consisting of full and partial realisations of Hydro Holdings and Husky
  

No new direct investments in January 2026; $3 million of follow-on investments

• $10 million committed to one new investment which closed in February 2026
• An additional $30 million committed to one new investment in January 2026 which is expected to close in the coming weeks
• Strong pipeline of investment opportunities, especially in mid-life co-investments and co-underwrite opportunities
  

Well positioned to take advantage of opportunities with $291 million of total liquidity at 31 January 2026

• $81 million of cash and liquid investments with $210 million of undrawn credit line available
  

Continued buybacks in January 2026

• ~352k shares repurchased in January 2026 at a weighted average discount of 26%; buybacks were accretive to NAV by ~$0.06 per share
• Including buybacks through 27 February 2026, since the beginning of 2025, NBPE has repurchased ~3.6m shares (cost of $74 million) at a weighted average discount of 26% which was accretive to NAV by ~$0.61 per share

Portfolio Valuation
The fair value of NBPE's portfolio as of 31 January 2026 was based on the following information:

• 7% of the portfolio was valued as of 31 January 2026
  • 7% in public securities
• 39% of the portfolio was valued as of 31 December 2025
  • 39% in private direct investments
• 54% of the portfolio was valued as of 30 September 2025
  • 54% in private direct investments

For further information, please contact:

NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason ...

Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman ...
Luke Dampier
Charlotte Francis

Supplementary Information (as of 31 January 2026)

*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 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 for more information, including /disclosure-global-communications for information on awards. Data as of December 31, 2025.

¹ Based on net asset value.
² Based on information received to-date and may be subject to change.
³ One company was reclassified from consumer to industrials in the period.

Attachment

• January 2026 NBPE Factsheet vF (1)

MENAFN02032026004107003653ID1110807477