NB Private Equity Partners Announces Capital Allocation Framework Update

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

NB Private Equity Partners Announces Capital Allocation Framework Update

St Peter Port, Guernsey 6 November 2025

NB Private Equity Partners (NBPE or the Company), the $1.3bn¹ FTSE-250-listed private equity investment company managed by Neuberger Berman, announces an update to its Capital Allocation Framework to drive investment performance and deliver long-term shareholder value.

Highlights

• Improving exit environment with c. $165m of realisations announced YTD^2, at an aggregate uplift of 17% to carrying value. Confident in the outlook for additional liquidity with a number of ‘exit ready’ companies and further realisations anticipated in the coming months
• An increase in allocation to new investments of at least $100 million over the next three to six months targeting an investment level of 105% - 110% of NAV, selectively deploying capital and leveraging the strengths of Neuberger’s platform
• Acceleration of the previously announced $120 million three-year share buyback programme, reflecting the NBPE Board’s confidence in the portfolio and its prospects, the share price undervaluation of the portfolio, and the NAV per share accretion opportunity that share buybacks present
• Maintain existing dividend policy targeting an annualised yield on NAV of 3.0% or greater noting the current yield on the share price of 4.8%³

William Maltby, Chair of NB Private Equity Partners, commented:

“The actions we are announcing today underscore the Board’s proactive approach to maximising shareholder returns, and reflect the strength of the existing portfolio, the improving outlook and visibility of realisations, as well as Neuberger’s strong pipeline of attractive investment opportunities.

“The Board firmly believes that the current share price undervalues the portfolio and its long-term prospects, and remains committed to taking steps that aim to narrow NBPE’s discount and ensure that shareholders benefit more fully from the potential growth in net asset value. Following our previous update about the Capital Allocation Framework in February 2025, NBPE has made good progress in deploying the $120 million reserved for share buybacks, and we are now accelerating deployment into this programme and increasing new investment activity.