NB Private Equity Partners (NBPE) Investor Presentation summary

Portfolio performance and returns

• Net assets reached $1,283 million with a NAV per share of $28.14, delivering a 4.0% return in the first half of 2025 and a 4.5% NAV total return year-to-date through August 2025.

• Private company valuations increased by 1.9% (ex-FX) and public holdings rose 13.8% (ex-FX) in 2025 YTD, with public investments making up 7% of portfolio fair value.

• Weighted average LTM revenue and EBITDA growth were 8.8% and 9.8% respectively, with the top 10 investments showing even stronger growth.

• The portfolio's valuation multiple stood at 15.4x EV/EBITDA, with leverage stable at 5.4x net debt/EBITDA.

• Direct equity investments generated a 16.4% gross IRR over five years, with a 2.1x multiple of cost on realisations.

Portfolio composition and diversification

• The portfolio is highly diversified across 73 direct equity investments, 46 co-invested private equity managers, and multiple sectors and geographies, with 98% of fair value in direct equity.

• North America represents 76% of the portfolio, with significant exposure to technology, consumer, industrials, and financial services.

• The top 30 private equity investments account for 78% of portfolio fair value, and the average private company age is 5.6 years.

• Largest sector exposures include technology, consumer/e-commerce, industrials, and financial services, with the top three positions in each sector representing a significant share of fair value.

Investment activity and realisations

• $68 million of proceeds were received in the first half of 2025, with an additional $18 million since June and visibility on a further $41 million of realisations expected to close soon.

• Realisations in 2025 YTD totaled $128 million, driven by full exits and partial realisations across several companies, with an average uplift of 8% from December 2024 values.

• Share buybacks totaled ~$20 million in 2025, repurchasing ~1.0 million shares at a 29% discount to NAV, resulting in $0.19 per share NAV accretion.

• Dividends of $0.94 per share were paid in 2025, with an annualized yield of 3.4% on NAV and 5.0% on the closing share price.