NB Private Equity Partners (NBPE) Investor Presentation summary

Investment strategy and portfolio construction

• Focuses on direct investments in private equity-owned companies, primarily in the US, with global diversification across sectors and company sizes.

• Emphasizes co-investing alongside top-tier private equity managers, leveraging platform relationships and expertise.

• Integrates ESG considerations fully into the investment process, targeting sectors with long-term structural growth trends.

• Maintains a highly selective approach, with 98% of fair value invested in direct equity and 82 direct equity investments across 52 managers.

• Portfolio is diversified by geography (79% North America), sector (notably tech, consumer, industrials), enterprise value, and vintage year.

Performance highlights and financials

• Achieved a 14.4% gross IRR on direct equity investments over five years, with a 2.3x multiple of cost on realisations.

• NAV per share at $26.91 as of 31 Dec 2024, with a ten-year cumulative NAV total return of 160.2%.

• $179 million of realisations in 2024, with a 6% uplift to carrying value and a 1.8x exit multiple.

• Available liquidity of $283 million and a 102% investment level at year-end.

• Five-year NAV total return cumulative growth of 65%, despite challenging environments.

Operating and portfolio company performance

• Private company portfolio showed 10.6% weighted average LTM revenue growth and 16.2% LTM EBITDA growth as of June 2024.

• Top 30 private companies generated a 2.2x MOIC, with 11.9% LTM revenue growth and 17.4% LTM EBITDA growth.

• Private company valuations increased 4.6% (ex-FX) in 2024, offset by a 10.9% decline in quoted holdings.

• Public investments now represent 6% of portfolio fair value.