NBPE Share Buyback Signals Confidence Amidst Private Equity Discount

NEW YORK, NY – November 20, 2025

Share Repurchase Program Gains Momentum

NB Private Equity Partners Limited (NBPE) continues to execute on its share repurchase program, recently announcing additional buybacks throughout November. While the precise figures for a specific November 19th transaction remain within broader reporting, the consistent activity underscores a proactive approach to capital allocation and signals confidence in the firm’s long-term prospects. The ongoing program, backed by a $120 million commitment over three years, comes at a time when many listed private equity funds trade at substantial discounts to their net asset value (NAV), creating an opportunity for strategic buybacks.

“The current environment presents a compelling case for share repurchases,” noted one industry observer. “Many funds are trading below their intrinsic value, and buying back shares can be an effective way to boost earnings per share and narrow that discount.”

Navigating the Discount to NAV

NBPE’s commitment to returning capital to shareholders through buybacks isn’t an isolated event. It’s part of a wider trend within the private equity sector. Funds like Molten Ventures and HarbourVest Global Private Equity have also been actively repurchasing shares to address persistent discounts to NAV. This trend is fueled by several factors, including a slowdown in exit activity and increased investor caution in a volatile market. While fundraising has become more challenging, realized gains from existing portfolio companies have provided some funds with the liquidity to pursue buybacks.

NBPE, currently trading at a discount of approximately 22.75% to its NAV of 2,047.85p, sees the buyback program as a way to unlock value for shareholders. The firm’s NAV per share as of the end of December 2024 stood at $27.53 (£21.98). The firm’s consistent performance – with weighted average revenue growth of 8.0% and EBITDA growth of 13.1% across its portfolio companies – supports this strategy. The firm's strong balance sheet, with $283 million in available liquidity, further empowers it to execute the buyback program while maintaining investment flexibility.

The Role of Neuberger Berman

Crucially, this strategy is underpinned by Neuberger Berman, NBPE’s investment manager and a firm with over $558 billion in assets under management. Neuberger Berman’s expertise in direct private equity investing and its fee structure – which avoids management fees and carried interest paid to third-party GPs – provide a significant competitive advantage for NBPE. The parent firm’s financial stability and long-term investment horizon further enhance NBPE’s ability to pursue its capital allocation strategy.

“Having a strong parent company with deep pockets is a significant advantage in this environment,” commented an analyst specializing in listed private equity funds. “It provides a level of stability and confidence that many other funds lack.”

The strategic alignment between NBPE and Neuberger Berman is evident in the ongoing commitment to the buyback program. Neuberger Berman’s focus on long-term value creation and disciplined capital allocation aligns perfectly with NBPE’s goal of delivering sustainable returns to shareholders. The recent closure of NB Private Debt V, raising $7.3 billion, demonstrates Neuberger Berman’s continuing ability to raise capital and deploy it effectively within the private markets.

NBPE’s ability to generate realisations, with $179 million in proceeds from exits in 2024 and an expected $128 million for 2025, provides the necessary liquidity to support the repurchase program without compromising its investment opportunities. This robust financial position demonstrates NBPE's ability to adapt and thrive in a dynamic market.