NB Private Equity Partners (NBPE) Investor Presentation summary

Investment strategy and approach

• Focuses on direct investments in private companies to drive long-term growth, primarily through co-investments alongside top-tier private equity managers, with a global reach and emphasis on the US market.

• Employs a highly selective, responsible investment process, leveraging Neuberger Berman's global relationships and expertise.

• Co-investment model offers fee efficiency, tactical capital allocation, and access to high-quality managers, with diversification across sectors and company sizes.

• Portfolio is constructed bottom-up, targeting companies benefiting from long-term structural growth or less cyclical industries.

Portfolio composition and performance

• Portfolio includes 82 direct equity investments, with 98% of fair value in direct equity and $1.3bn in direct investments as of December 2024.

• Top 30 investments represent 77% of portfolio fair value; top 50 account for 91%.

• Geographic focus is 79% North America, 20% Europe, and 1% Asia/ROW, diversified by sector, enterprise value, and vintage year.

• Five-year NAV total return of 65.0% and average uplift on IPOs/realisations of 34.6%.

• Weighted average LTM revenue growth of 10.6% and EBITDA growth of 16.2% as of June 2024.

Recent investments and liquidity

• In 2024, new investments included BENECON, ZEUS, FDH, and MARINER, each with strong market positions, barriers to entry, and long-term growth potential.

• $179 million in realisations received in 2024, with proceeds from full/partial sales, liquidity events, and quoted holdings.

• Annual liquidity proceeds averaged 17% of opening portfolio value over five years.