NBPE Share Buyback Signals Confidence Amidst Listed PE Discount

LONDON, UK – November 21, 2025 – NB Private Equity Partners Limited (NBPE) is signaling confidence in its future prospects through an ongoing share repurchase program, aimed at narrowing the discount to its Net Asset Value (NAV). The firm recently announced further buybacks, adding to a series of transactions throughout November, demonstrating a commitment to returning capital to shareholders and optimizing its capital structure. This activity occurs within a broader context of increasing scrutiny and discount valuation within the listed private equity sector.

Decoding NBPE’s Capital Allocation Strategy

NBPE’s recent repurchase of 17,278 Class A shares, priced between £15.36 and £15.52, is part of a larger, strategically planned initiative. The company has been actively buying back shares throughout November, including purchases on the 5th, 6th, 12th, 14th, and 18th, reflecting a sustained effort to reduce outstanding shares and bolster shareholder value. As of November 20th, the total number of outstanding Class A shares has been reduced to 43,953,422. This move isn’t isolated; it’s backed by a robust financial position and a strong NAV performance. For the full year 2024, NBPE reported a 1.5% NAV total return, driven by a 6.9% increase in its private portfolio. The firm generated $179 million in cash realisations and maintains strong liquidity of $283 million.

“The consistent buyback activity shows a clear commitment to addressing the discount to NAV that plagues many listed private equity companies,” explains one market observer. “It’s a proactive step to demonstrate confidence and signal to investors that the company believes its shares are undervalued.”

NBPE’s capital allocation strategy distinguishes it from peers by leveraging a co-investment approach, allowing it to access attractive private equity opportunities without incurring traditional management fees or carried interest. This fee efficiency contributes to its strong financial performance and enables it to allocate capital effectively towards share buybacks and new investments. The firm has allocated $120 million for share buybacks over the next three years, and as of October 31, approximately $82 million remains available.

The Rise of Listed PE Buybacks & Sector Trends

The trend of share buybacks is gaining momentum within the listed private equity sector. Companies are increasingly turning to buybacks to narrow discounts to NAV, especially in a challenging environment where fundraising for new investments might be slower. HarbourVest Global Private Equity (HVPE) and Molten Ventures (GROW) are among NBPE’s peers that have also engaged in significant buyback programs. HVPE purchased $9.7 million worth of shares in March 2025, while Molten Ventures initiated a £15 million buyback program in the same period.

“The current environment presents a unique situation for listed private equity,” notes a financial analyst. “Discounts to NAV are wider than historical averages, and buybacks are becoming a key tool for companies to improve shareholder returns and signal confidence.”

However, some critics caution that buybacks should not be seen as a substitute for fundamental improvements in performance. While buybacks can boost earnings per share and reduce the number of outstanding shares, they don’t address underlying challenges related to investment returns or fundraising. “Buybacks are a tactical maneuver, but they need to be supported by a strong underlying business strategy,” adds one industry insider.

Neuberger Berman’s Influence on NBPE’s Strategy

NBPE’s strategic direction is heavily influenced by its parent company, Neuberger Berman Group LLC, a leading independent, employee-owned investment manager. NBPE is managed by NB Alternatives Advisers LLC, a wholly-owned subsidiary of Neuberger Berman. This relationship provides NBPE with access to Neuberger Berman’s extensive resources, expertise, and deal flow.

Neuberger Berman’s investment philosophy, rooted in active management, fundamental research, and long-term value creation, shapes NBPE’s investment approach. The co-investment strategy employed by NBPE allows it to leverage Neuberger Berman’s relationships with top-tier private equity managers and access attractive investment opportunities without incurring excessive fees.

“The relationship with Neuberger Berman is a key differentiator for NBPE,” emphasizes one market participant. “It provides a strong foundation for investment success and allows the company to benefit from a world-class investment platform.”

Furthermore, Neuberger Berman’s commitment to responsible investing and ESG integration is reflected in NBPE’s investment process. The firm actively seeks out companies that prioritize sustainability and ethical practices, aligning its investment strategy with long-term value creation. NBPE's recent performance, coupled with a robust liquidity position, demonstrates the effectiveness of this approach. The firm continues to explore new investment opportunities while actively managing its capital structure to maximize shareholder value.