NBPE's Buyback Signals Confidence Amid Discount, Broadens Trend in Listed Private Equity

NEW YORK, NY – November 19, 2025

Strategic Buyback Amidst Discount to NAV

NB Private Equity Partners Limited (NBPE) is moving forward with an aggressive share repurchase program, recently completing a transaction for 6,137 Class A shares on November 17th. This activity, part of a larger $120 million, three-year plan, signals the investment firm’s confidence in its portfolio and a strategic effort to address a persistent discount to its Net Asset Value (NAV). The move underscores a growing trend among listed private equity vehicles to actively manage their share prices and return capital to shareholders.

While the initial announcement regarding the November 17th repurchase indicated a smaller volume of shares than originally reported in preliminary summaries, a review of London Stock Exchange announcements reveals consistent and ongoing repurchase activity throughout November. NBPE has been systematically buying back shares at prices ranging from £15.15 to £15.80, indicating a sustained commitment to the program. The company's decision to accelerate the buyback program, launched in February, highlights its belief that its shares are currently undervalued by the market.

“The discount to NAV has been a consistent concern for investors,” notes one market observer. “Taking proactive steps to address that discount through share repurchases is a logical move, particularly given the company's strong cash position and positive outlook for realizations from its portfolio.”

Balancing Returns with Reinvestment

NBPE isn’t simply focused on shrinking its share count. The company is striking a balance between returning capital to shareholders and reinvesting in new opportunities. It anticipates reinvesting at least $100 million from recent asset sales – generating a 17% uplift over carrying value – alongside the ongoing buyback program. This dual strategy reflects a long-term view, aiming to enhance both immediate shareholder value and future NAV growth.

The recent asset sales demonstrate a focus on realizing value from existing investments, providing funds for both the buyback and new co-investments. This approach allows NBPE to capitalize on attractive opportunities while also managing its capital structure efficiently. “It’s not just about shrinking the share count, it’s about deploying capital effectively,” explains a source close to the company. “They see a pipeline of compelling investment opportunities and want to ensure they have the resources to pursue them.”

This approach is particularly relevant given the current market environment, where competition for attractive investment opportunities is fierce. By proactively managing its capital allocation, NBPE aims to position itself for sustained growth and deliver long-term value to its shareholders.

Industry Trend: Buybacks as a Common Tool

NBPE’s buyback program isn’t an isolated incident. Share repurchases are becoming increasingly common among listed private equity firms as a means of managing share prices and returning capital to shareholders. With many of these companies trading at discounts to their NAV, buybacks offer a direct way to address this discrepancy and enhance shareholder value.

“It’s a pretty standard playbook for these firms,” says an analyst covering the sector. “When shares trade at a discount, buybacks are often the most effective way to deploy capital and signal confidence in the company’s prospects.”

Other players in the listed private equity space, such as 3i Group, Apollo Global Management, and Blackstone, have also utilized share repurchases as part of their capital management strategies. However, the specifics of each company’s approach can vary depending on its size, investment strategy, and overall financial position. For NBPE, with its closed-end fund structure, buybacks represent a particularly effective tool for managing its share price and delivering value to its shareholders.

While larger firms may have more diversified strategies involving dividends and strategic acquisitions, NBPE's focused approach allows it to concentrate on maximizing shareholder value through a combination of buybacks and reinvestment in promising opportunities. The ongoing commitment to the buyback program, despite a slightly lower initial volume of shares repurchased than first reported, highlights the board’s confidence in the company’s long-term prospects and its commitment to delivering value to its shareholders.