NB Private Equity Partners (NBPE) H1 2025 earnings summary

Executive summary

• Focuses on direct investments in private equity-owned companies, primarily in the US, targeting long-term structural growth sectors and leveraging a selective co-investment model with top-tier managers.

• Net asset value (NAV) reached $1,283 million as of 30 June 2025, with NAV per share at $28.14, reflecting a 4.0% total return in USD for the six months, driven by private company valuation increases, quoted holdings, and FX gains.

• Portfolio is highly diversified across sectors, geographies, and managers, with 73 direct equity investments and $1.3bn in direct investments as of 31 August 2025.

• Five-year gross IRR on direct equity investments is 16.4%, with a 2.1x multiple of cost on realisations and a 31.5% average uplift on IPOs/realisations.

• Portfolio companies showed resilient operating performance, with weighted average LTM revenue and EBITDA growth of 8.8% and 9.8%, respectively.

Financial highlights

• NAV per share at 31 August 2025 was $27.79 (£20.57), with a YTD NAV total return of +4.5% and +4.8% over the last twelve months.

• NAV total return of 4.0% for H1 2025; year-to-date NAV TR of 4.5% as of 31 August 2025.

• $128 million of realisations YTD, with $86 million in cash proceeds received and ~$41 million pending/expected.

• Public holdings, representing 7% of portfolio fair value, were up 13.8% YTD (ex-FX).

• Top 10 investments (31% of fair value) delivered LTM revenue growth of 13.7% and LTM EBITDA growth of 15.9%.

Outlook and guidance

• Management remains confident in portfolio positioning, citing robust underlying performance, strong liquidity, and a dynamic, selective investment approach.

• Ongoing focus on co-investing with leading managers and maintaining fee efficiency.

• Exit environment showed renewed momentum in late Q2 and into H2 2025, but timing and pace of sustained rebound remain uncertain.

• Portfolio has a number of 'exit ready' companies, expected to drive liquidity and performance as market conditions improve.

• Board and management remain focused on narrowing the share price discount and improving total shareholder returns through buybacks, dividends, and enhanced investor relations.