NBPE Announces 30 September 2022 Monthly NAV

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

18 October 2022

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 September 2022 Monthly Net Asset Value (“NAV”) estimate.

Highlights (30 September 2022)

NAV per share of $27.24 (£24.40); 2% decline in September 2022
(11.2%) NAV TR in the nine months to 30 September 2022
Declines in NAV driven by quoted holdings and negative foreign exchange movements
$119 million of announced realisations through 30 September 2022
$281 million of available liquidity after 2022 Zero Dividend Preference Shares (“ZDPs”) fully repaid on 30 September 2022
Share buyback programme announced

As of 30 September 2022	YTD	1 Year	3 years	5 years	10 years
NAV TR (USD)	(11.2%)	(9.6%)	58.9%	89.2%	228.4%
MSCI World TR (USD)	(17.5%)	(11.0%)	27.8%	46.4%	153.6%

Share price TR (GBP)	(12.8%)	(0.1%)	54.1%	89.0%	410.0%
FTSE All-Share TR (GBP)	(7.9%)	(4.0%)	2.4%	11.3%	79.5%

*Reflects cumulative returns over the time periods shown and are not annualised.

Business review (at 30 September 2022)

NAV decreased 2% in September 2022, driven by changes in quoted holdings and negative foreign exchange adjustments

1% NAV decrease ($16 million) during the month of September as a result of a decrease in value of quoted holdings (which constitute 11% of portfolio fair value)
1% NAV decrease ($10 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate

Realisations from the portfolio continue in 2022

2022 year to date announced realisations of $119 milllion1

– Six full or partial sales announced in 2022 include: the remaining assets of Telxius, the announced full sales of Leaseplan and Omega Environmental Technologies, the partial realisation of MHS Global, the sale of Stratus Technologies and the partial sale of an additional transaction which was signed in June and closed in August 20222

2022 ZDP fully repaid at maturity and significant available liquidity at 30 September 2022

2022 ZDP final capital entitlement of £63.4 million ($76.4 million) repaid on 30 September 2022
Available liquidity of $275 million undrawn credit line and $6 million of cash
In addition, $39 million of distributions expected over the coming months from announced realisations

Announcement of Share Buyback Programme

On 5 October 2022, NBPE announced it had entered into a new share buyback programme with Jefferies
The programme allows Jefferies, at its discretion, based on criteria set by the board, to repurchase NBPE Class A shares on behalf of NBPE based on multiple factors including the absolute and relative (to peers) discount, as well as broader equity market movements

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 September 2022 was based on the following information:

14% of the portfolio was valued as of 30 September 2022

- 11% in public securities
- 3% in private direct investments

86% of the portfolio was valued as of 30 June 2022

- 85% in private direct investments
- 1% in private fund investments

For further information, please contact:

NBPE Investor Relations +1 214 647 9593

Kaso Legg Communications +44 (0)20 3995 6673

Charles Gorman nbpe@kl-communications.comLuke DampierCharlotte Francis

Supplementary Information (as at 30 September 2022)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value($m)	% of FV
Constellation Automotive	2019	TDR Capital	Business Services	67.1	4.9%
Action	2020	3i	Consumer / E-commerce	51.9	3.8%
Advisor Group	2019	Reverence Capital	Financial Services	46.0	3.4%
USI	2017	KKR	Financial Services	42.0	3.1%
Kroll	2020	Further Global / Stone Point	Financial Services	41.1	3.0%
Material Handling Systems	2017	THL	Industrials / Industrial Technology	40.1	2.9%
Agiliti (NYSE: AGTI)	2019	THL	Healthcare	35.8	2.6%
Cotiviti	2018	Veritas Capital	Healthcare	33.4	2.4%
Business Services Company*	2017	Not Disclosed	Business Services	33.1	2.4%
Excelitas	2017	AEA Investors	Technology / IT	32.3	2.4%
BeyondTrust	2018	Francisco Partners	Technology / IT	30.1	2.2%
Marquee Brands	2014	Neuberger Berman	Consumer / E-commerce	30.1	2.2%
GFL (NYSE: GFL)	2018	BC Partners	Business Services	29.2	2.1%
AutoStore (OB.AUTO)	2019	THL	Industrials / Industrial Technology	27.2	2.0%
Branded Toy Company*	2017	Not Disclosed	Consumer / E-commerce	26.5	1.9%
Stubhub	2020	Neuberger Berman	Consumer / E-commerce	26.4	1.9%
Auctane	2021	Thoma Bravo	Technology / IT	26.1	1.9%
Engineering	2016	NB Renaissance / Bain Capital	Technology / IT	22.7	1.7%
True Potential	2022	Cinven	Financial Services	22.4	1.6%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	22.3	1.6%
Staples	2017	Sycamore Partners	Business Services	22.1	1.6%
Addison Group	2021	Trilantic Capital Partners	Business Services	21.7	1.6%
Monroe Engineering	2021	AEA Investors	Industrials	21.3	1.6%
Chemical Guys	2021	AEA Investors	Consumer / E-commerce	21.1	1.5%
Accedian	2017	Bridge Growth Partners	Technology / IT	20.6	1.5%
Bylight	2017	Sagewind Partners	Technology / IT	20.5	1.5%
Solenis	2021	Platinum Equity	Industrials	20.1	1.5%
Petsmart / Chewy (NYSE: CHWY)	2015	BC Partners	Consumer / E-commerce	18.6	1.4%
Renaissance Learning	2018	Francisco Partners	Technology / IT	16.8	1.2%
Peraton	2021	Veritas Capital	Technology / IT	16.3	1.2%
Total Top 30 Investments				$884.9	64.8%

*Undisclosed company due to confidentiality provisions.

Geography	% of Portfolio
North America	75%
Europe	21%
Asia / Rest of World	4%
Total Portfolio	100%

Industry	% of Portfolio
Tech, Media & Telecom	21%
Consumer / E-commerce	19%
Industrials / Industrial Technology	14%
Business Services	14%
Financial Services	14%
Healthcare	10%
Other	7%
Energy	1%
Total Portfolio	100%

Vintage Year	% of Portfolio
2014 & Earlier	4%
2015	3%
2016	7%
2017	25%
2018	20%
2019	17%
2020	11%
2021	11%
2022	2%
Total Portfolio	100%

About NB Private Equity Partners LimitedNBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger BermanNeuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 26 countries, Neuberger Berman’s diverse team has over 2,600 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $408 billion in client assets as of September 30, 2022. For more information, please visit our website at www.nb.com.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

1 $84 million of cash from realisations received through 30 September 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including the partial realisation signed in June 2022, NBPE expects total additional net cash from these realisations of $39 million.

2 Additional transaction represents an aggregate gross value to NBPE of approximately $33 million, of which NBPE received approximately $12 million in cash and NBPE elected to roll a total of approximately $21 million in value. The transaction closed in August 2022 and NBPE received the cash in October 2022.

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