Key Takeaways
- • NAV per Share at 30 April 2026: $27.42 (£20.39), representing a 4.4% long-term annualized NAV total return, demonstrating modest but consistent performance in NBPE's direct equity investment strategy.
- • Net Assets of $1.3 billion across the portfolio of direct investments in private companies, with the fund maintaining a diversified exposure across industry verticals and vintage years managed by Neuberger Berman's investment team.
- • Five-year annualized return of 8% on direct equity investments, with a 20% uplift to carrying value on realized and partially realized investments over the same period, indicating disciplined capital deployment and exit execution.
- • Aggregate multiple of cost of 2.8x on realized investments over five years, reflecting strong value creation from portfolio companies and validating the manager's stock-picking capability in the direct private equity space.
- • Active share repurchase program: NBPE repurchased approximately 352,000 shares in January 2026 at a weighted average discount, signaling management confidence and capital allocation flexibility at valuation levels below NAV.
Summary
NB Private Equity Partners (NBPE), a London-listed investment company managed by Neuberger Berman, reported a NAV per share of $27.42 as of 30 April 2026, equivalent to £20.39 on a sterling basis. The valuation reflects a 4.4% long-term annualized NAV total return, anchoring NBPE's positioning as a focused direct equity investment vehicle targeting long-term capital appreciation rather than near-term volatility-driven returns.
The fund maintains net assets of approximately $1.3 billion deployed across a portfolio of hand-picked direct investments in private companies. This capital base is diversified across multiple industry sectors and investment vintage years, with underlying exposure managed through Neuberger Berman's dedicated private equity investment professionals. The portfolio composition strategy emphasizes quality over quantity, concentrating capital in high-conviction opportunities rather than pursuing broad market exposure.
NBPE's five-year track record demonstrates consistent execution: the direct equity investments have generated an 8% annualized return, while realized and partially realized investments have shown a 20% uplift to carrying value over the same five-year period. More strikingly, the fund has achieved an aggregate multiple of cost of 2.8x on fully realized investments, indicating disciplined entry valuations, active portfolio management, and successful exit timing. These metrics validate Neuberger Berman's sourcing and value-creation capabilities in the direct private equity market.
Capital allocation discipline extends to shareholder returns. During January 2026, NBPE executed repurchases of approximately 352,000 shares at a weighted average discount to NAV, totaling approximately $7.4 million. This tactical deployment of cash demonstrates management's confidence in the fund's intrinsic value and willingness to deploy capital opportunistically when market pricing diverges from fundamental NAV. The annualized dividend per share stands at $0.94, contributing to total shareholder return composition. As a London-listed vehicle with PRI five-star recognition for ESG integration in private equity, NBPE bridges institutional investors' appetite for direct private market exposure with governance standards aligned to responsible investing frameworks.
The fund maintains net assets of approximately $1.3 billion deployed across a portfolio of hand-picked direct investments in private companies. This capital base is diversified across multiple industry sectors and investment vintage years, with underlying exposure managed through Neuberger Berman's dedicated private equity investment professionals. The portfolio composition strategy emphasizes quality over quantity, concentrating capital in high-conviction opportunities rather than pursuing broad market exposure.
NBPE's five-year track record demonstrates consistent execution: the direct equity investments have generated an 8% annualized return, while realized and partially realized investments have shown a 20% uplift to carrying value over the same five-year period. More strikingly, the fund has achieved an aggregate multiple of cost of 2.8x on fully realized investments, indicating disciplined entry valuations, active portfolio management, and successful exit timing. These metrics validate Neuberger Berman's sourcing and value-creation capabilities in the direct private equity market.
Capital allocation discipline extends to shareholder returns. During January 2026, NBPE executed repurchases of approximately 352,000 shares at a weighted average discount to NAV, totaling approximately $7.4 million. This tactical deployment of cash demonstrates management's confidence in the fund's intrinsic value and willingness to deploy capital opportunistically when market pricing diverges from fundamental NAV. The annualized dividend per share stands at $0.94, contributing to total shareholder return composition. As a London-listed vehicle with PRI five-star recognition for ESG integration in private equity, NBPE bridges institutional investors' appetite for direct private market exposure with governance standards aligned to responsible investing frameworks.
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