NBPE's Balancing Act: Buybacks and Realizations Fuel Investor Value

GUERNSEY – January 30, 2026 – NB Private Equity Partners (NBPE), the FTSE 250 listed investment company, has signaled a confident close to 2025, reporting a steady net asset value (NAV) per share of $27.80 and a 0.5% total return in US dollars for December. The update paints a picture of a firm skillfully navigating the private equity landscape through a multi-pronged strategy of robust realizations, disciplined new investments, and a significant share buyback program designed to directly enhance shareholder value.

The company's year-end figures provide a window into a private equity manager actively managing its portfolio rather than passively waiting for market tides to turn. With $302 million in available liquidity, NBPE appears well-capitalized to both seize opportunities and continue its capital return initiatives into the new year.

A Year of Strategic Capital Recycling

A key highlight of NBPE’s 2025 performance was its success in generating cash from its portfolio. The company announced it received $180 million from realizations throughout the year. This figure is particularly noteworthy as realizations from its equity co-investments were 57% higher than in 2024, indicating a re-opening of the exit environment for high-quality assets.

These exits were not merely for liquidity; they were highly profitable. The realisations were achieved at an average uplift of 17% to their carrying value and generated an impressive 2.8x multiple on invested capital. This demonstrates the underlying strength and growth of the portfolio companies being sold. Throughout the year, successful exits and partial realizations included assets like USI, Kyobo Life Insurance, Tendam, and Osaic, reflecting a healthy culling of mature investments. In December alone, the firm collected $22 million, primarily from previously announced sales.

While actively harvesting gains, NBPE remained a disciplined buyer. The firm deployed a modest $23 million into investments during 2025 but has signaled an acceleration of activity. In a clear sign of future intent, NBPE committed approximately $40 million to two new investments in December 2025 and January 2026. This careful balance between selling high and selectively buying into a strong pipeline of opportunities, particularly in mid-life co-investments, underscores a sophisticated capital recycling strategy at play.

The Aggressive Buyback Offensive

Perhaps the most assertive element of NBPE's strategy is its substantial share repurchase program. The company has been actively buying back its own shares at a significant discount to their underlying value, a move that provides an immediate and tangible uplift for remaining shareholders.

In December 2025, NBPE repurchased approximately 516,000 shares for $10.9 million. These shares were bought at a weighted average discount to NAV of 24%, a transaction that was immediately accretive to the NAV by approximately $0.07 per share. This is not an isolated event but part of a sustained campaign.

Looking at the broader picture, since the beginning of 2025, the company has spent approximately $66 million to repurchase 3.3 million shares. This was achieved at an even more attractive weighted average discount of 26%, contributing a significant $0.54 per share to NAV accretion over the period. This program is part of a larger capital allocation framework announced in February 2025, which committed $120 million to repurchases over three years. With this powerful tool, NBPE is directly addressing the persistent discount-to-NAV issue that plagues many listed private equity vehicles, effectively creating a "risk-free" return for its investors.

A Resilient Portfolio in a Shifting Market

NBPE's December update also serves as a barometer for the health of private markets. While 84% of the portfolio’s valuation is based on September 30, 2025 data—a standard practice reflecting the lag in private company reporting—the performance of the underlying businesses offers a compelling story of resilience. For the first half of 2025, NBPE's portfolio companies reported aggregate revenue and EBITDA growth of 8.8% and 9.8%, respectively, demonstrating solid operational performance despite macroeconomic headwinds.

The portfolio is intentionally diversified across what the manager, Neuberger Berman, considers less cyclical and resilient sectors. Technology, Media & Telecom, Industrials, and Consumer sectors each represent 20% of the portfolio, with Financial Services and Healthcare also featuring prominently. Geographically, the portfolio is heavily weighted towards North America (77%), a market that has shown continued dynamism.

Top holdings include well-known private companies such as European discount retailer Action, financial services firm Osaic, and industrial company Solenis. The quality of these underlying assets, combined with "growing positive signs that the exit environment is gaining momentum," positions NBPE favorably as market conditions continue to improve.

The Neuberger Berman Advantage

Behind NBPE's performance is its investment manager, Neuberger Berman, a private, employee-owned firm with over 35 years of experience in private markets. This structure and deep expertise are central to NBPE's value proposition. The firm’s direct investment model, where it invests alongside leading private equity firms, allows NBPE to bypass the layer of fees and carried interest typically charged by third-party fund managers, resulting in greater fee efficiency for its shareholders.

Neuberger Berman's vast global team of over 420 private markets professionals provides access to a strong and selective deal flow. Its investment philosophy is founded on active management and fundamental research, with a clear focus on market-leading businesses that can weather economic cycles. Furthermore, the manager has earned top marks for its integration of environmental, social, and governance (ESG) factors, viewing them as crucial drivers of long-term value. This disciplined, research-driven approach provides a steady hand guiding NBPE's capital through the complexities of the global private equity market.

With its robust liquidity, proven ability to generate profitable exits, and a dual strategy of deploying capital into new opportunities while simultaneously returning it to shareholders via aggressive buybacks, NBPE has charted a clear course for value creation heading into 2026.