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NB Private Equity Partners (NBPE), the $1.1bn FTSE 250 listed private equity investment company managed by Neuberger, has released its 2025 Annual Financial Report and a monthly NAV update for 31 March 2026.
For the year ended 31 December 2025, NBPE reported a NAV per share of $27.94 (£20.77). The company said NAV total return was 5.0% over the 12 months, supported by higher private valuations and positive foreign exchange movements, partially offset by quoted holdings. Share buybacks also contributed to NAV per share.
NBPE received $180 million of proceeds from realisations during 2025. The company said this represented a more than 50% increase in distributions from co-investments.
NBPE said it was positioned to take advantage of investment opportunities, citing $302 million of cash and an undrawn credit line available.
Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger, said NBPE delivered a 5.0% NAV total return, with growth driven by underlying operating performance and realisation activity. He noted that while the year began slowly, realisations strengthened later, with $180 million of proceeds received at an aggregate 2.8x multiple of invested capital and a 17% uplift to carrying value three quarters prior.
Looking ahead, Von Lehe said the exit environment showed encouraging signs of recovery towards the end of 2025, but macroeconomic volatility has added uncertainty around exit timing. He added that NBPE has “a strong balance sheet and a flexible model,” and is positioned to deploy capital prudently while balancing new investments, realisations and returns to shareholders through buybacks and the dividend program.
Paul Daggett, Managing Director at Neuberger, said the portfolio demonstrated resilience and strong operating performance, with weighted average LTM revenue and EBITDA growth of 9.1% and 9.7%, respectively. He also said the top ten investments delivered double-digit revenue and EBITDA growth, and that recent investments are performing well and are positioned to compound value.
Daggett added that since the year end, NBPE has committed $79 million to five new investments, refreshing the portfolio. He said four of these investments are AI driven, or positioned to benefit from AI, which he described as a compelling long-term opportunity.
For the period to 31 March 2026, NBPE reported a NAV total return decrease of (1.3%) year-to-date in 2026.
In Q1 2026, NBPE committed $79 million to five new investments.
NBPE said liquidity remains robust following the 1H 2026 dividend payment and funding of new investments. As of 31 March 2026, it reported $196 million of available liquidity, comprising $16 million of cash and liquid investments and $180 million of credit line.
Including buybacks through 24 April 2026, NBPE said that since the beginning of 2025 it has repurchased approximately 4.0 million shares at a cost of $81 million. The company reported a weighted average discount of 27%, and said the buybacks were accretive to NAV by approximately $0.62 per share.
NBPE stated that the fair value of its portfolio as of 31 March 2026 was based on the following information:
NBPE said its 2025 Annual Report and a video from Neuberger to accompany the results are available at https://www.nbprivateequitypartners.com/ and will shortly be available on the National Storage Mechanism at https://data.fca.org.uk/.
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