NBPE Reports 1.9% NAV Return And Strong Exit Activity In First Half Of 2026

Neuberger Private Equity Partners Limited (LON:NBPE), the $1.1 billion listed private equity vehicle managed by Neuberger Berman, reported interim results for the six months ended June 30, 2026, demonstrating resilience amid a challenging private equity backdrop. The fund achieved a 1.9% NAV total return for the period (3.4% in sterling terms), with net assets reaching $1,152 million and NAV per share of $28.00. Performance was predominantly anchored by a 2.7% increase in private company valuations on a constant currency basis, supplemented by positive contributions from the manager's ongoing share buyback program, though these gains were partially offset by foreign exchange headwinds and quoted holding depreciation.

The standout element of NBPE's H1 2026 performance was robust exit activity, which generated $150 million in announced realizations alongside $68 million of visibility from transactions awaiting public disclosure. This exit cadence reflects both operational maturation within the portfolio and improved market conditions for secondary transactions and dividend recapitalization events. The underlying portfolio companies themselves demonstrated strong momentum, with last twelve-month revenue and EBITDA expanding 11.1% and 12.1% respectively, with a number of holdings accelerating growth trajectory relative to year-end 2025 positioning—a material positive signal given the broader private equity sector's cautious outlook.

On the capital deployment side, NBPE committed $104 million to six new investments during H1 2026, continuing the manager's portfolio refresh strategy. Post-June, an additional $60 million was committed to three new investments plus incremental funding into an existing 2026 holding. The manager simultaneously accelerated shareholder return initiatives, allocating a further $120 million to share buybacks in the period, bringing total buyback allocations to $240 million since the start of 2025. Combined with dividend distributions, NBPE returned $144 million to shareholders year-to-date—more than double the comparable period in 2025, reflecting both strong cash generation and management's confidence in the portfolio trajectory.

Liquidity positioning remained robust with $206 million in total available resources (comprising cash and undrawn borrowing capacity) as of June 30, 2026, providing sufficient dry powder for opportunistic deployment while supporting ongoing capital return commitments. The appointment of David MacLellan as independent Non-Executive Director and Chairman Designate, bringing over 35 years of industry experience, signals governance continuity and institutional credibility. Overall, NBPE's H1 2026 results indicate a manager executing effectively on portfolio optimization—balancing selective new deployment with meaningful exit realization and shareholder returns—despite headwinds that have constrained broader private equity sector performance.