NB Private Equity Partners (NBPE) CMD 2025 summary

Updated capital allocation framework and financial guidance

• Committed $100 million to new investments over the next 3–6 months, targeting an investment ratio of 105–110% due to confidence in the exit pipeline and market conditions.

• Accelerated $120 million buyback program, with $38 million deployed year-to-date and plans to deploy remaining capital more quickly if discounts persist.

• Year-to-date cash proceeds reached $165 million, a 50% increase over last year, driven by direct co-investments and a maturing portfolio.

• Reaffirmed commitment to a 3% of NAV annual dividend policy, with over $525 million paid out since inception.

• Maintains a strong balance sheet with $312 million in available capital and minimal outstanding commitments, supporting new investments and buybacks.

Portfolio performance and business developments

• Portfolio delivered a 3.1% NAV total return year-to-date, with strong underlying operating performance and positive momentum in exit markets.

• Portfolio consists of 71 direct equity investments, with the top 10 representing 40% of value and delivering 13.7% LTM revenue growth and 15.9% LTM EBITDA growth.

• Realization activity up 50% year-on-year, with exits achieving a 2.7x average multiple and 17% uplift over prior valuations.

• Average total MOIC for top 30 companies is 2.3x, with strong cumulative revenue and EBITDA growth since inception.

• Portfolio remains diversified by geography, sector, and manager, with a focus on mid-market and large-cap companies.

Strategic outlook and market positioning

• Direct co-investment model allows for flexible, deal-by-deal capital deployment, reducing risk and avoiding overcommitment.

• Emphasis on value creation through operational improvements, M&A, and revenue/margin expansion rather than financial engineering.

• Exit markets are improving, with expectations for increased distributions and realizations in 2026 as the portfolio matures.

• Institutional and private wealth investors are increasing allocations to private equity, supporting long-term growth.

• Ongoing focus on narrowing the share price discount to NAV and driving long-term shareholder value through performance and capital allocation.