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, targeting sectors with long-term structural growth trends such as consumer, industrials, and financial services.

• Employs a co-investment model alongside top-tier private equity managers, leveraging strong industry relationships and a highly selective approach.

• Portfolio is diversified across 73 direct equity investments, 46 co-invested managers, and multiple industries and geographies, with 98% of fair value in direct equity.

• Top 10 private investments represent 39.7% of portfolio NAV, with leading positions in Action, Osaic, and Solenis.

• Average age of private company holdings is 5.6 years, reflecting longer hold periods in the current market environment.

Performance highlights

• Achieved a 16.4% gross IRR and a 2.1x multiple on direct equity investments over five years.

• NAV total return was +4.5% YTD and +4.8% over the last twelve months as of 31 August 2025.

• Five-year trailing uplift on IPOs and realisations was 31.5%.

• 2024 investments generated a 1.2x gross multiple and 17% gross IRR, with weighted average revenue and EBITDA growth of 13.4% and 13.3%, respectively.

• NAV performance has generally outpaced peer group averages over the past year, excluding FX impacts.

Realisations, liquidity, and capital allocation

• $128 million in proceeds received or pending in 2025 YTD, driven by full exits and partial realisations in several portfolio companies.

• Realisations in 2025 represent 9.9% of opening NAV, with distribution activity increasing but still below long-term averages.

• Maintains a strong balance sheet with $270 million in available liquidity, including cash, pending realisations, and undrawn credit facility.

• Share buybacks totaled $18 million in 2025 YTD, with a $120 million buyback program over three years.

• Dividend policy targets a 3.0%+ annualised yield on NAV, with $0.94 per share paid in 2025 and over $480 million returned to shareholders since inception.