NB Private Equity Partners reports strong private portfolio growth

NB Private Equity Partners plc (LON:NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2024 Annual Financial Report and 31 March 2025 Monthly NAV Update.

Audited Annual Results Highlights (31 December 2024)

• NAV per share of $27.53 (£21.98)
• 1.5% NAV TR in the 12 months to 31 December 2024, driven by an increase in private valuations, offset by quoted holdings and FX
• Private portfolio value increased 6.9% in 2024 on a constant currency basis
• Strong portfolio company operating performance: LTM revenue and EBITDA growth of 8.0% and 13.1%, respectively, during 2024¹
• $179 million of proceeds from realisations received during 2024
• Well positioned to take advantage of investment opportunities – $283 million of cash and undrawn credit line available
• $0.94 per share of dividends paid during 2024
  

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

Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger Berman commented:

“NBPE ended 2024 with net assets of $1.3 billion, reflecting a NAV per share of $27.53 and a total NAV return of 1.5% for the year. This performance was driven by the strong operating performance of our private investment portfolio, which grew in value by 6.9% on a constant currency basis. However, these gains were partially offset by the impact of foreign exchange fluctuations and public holdings. Despite a more challenging environment for private equity exits, NBPE delivered solid realisations in 2024, generating $179 million in proceeds – equivalent to 14% of the portfolio’s opening fair value.

NBPE ended the year in a strong financial position with $283 million of available liquidity and an investment level of 102%, which is at the lower end of the long-term target investment level range of 100-110%.”

Paul Daggett, Managing Director of Neuberger Berman, continued:

“Overall, the underlying portfolio of private companies continued to perform well, reporting a weighted average LTM revenue and EBITDA growth¹ of 8.0% and 13.1%, respectively. It is encouraging to see that the four new investments made in 2024 are off to a good start, being valued at a 1.1x gross multiple of capital and generating a 22% IRR on a combined basis as of 31 December 2024.

Despite recent market volatility and uncertainty, we remain confident that NBPE is well-positioned to perform across a range of economic scenarios. The portfolio remains well-diversified across our two key themes, and we believe it is well-positioned to continue to deliver growth over the long term.”

The Company’s 2024 Annual Report video from Neuberger Berman to accompany the results are available to view at: https://www.nbprivateequitypartners.com/

Portfolio Update to 31 March 2025

NAV TR increase of 0.4% YTD 2025

• 31 March 2025 NAV per share of $27.17 (£21.05)
• YTD NAV driven by positive FX adjustments, offset by declines in quoted holdings
• 31 March 2025 monthly NAV estimate does not include any Q1 2025 private company valuations

Realisations from the portfolio in 2025

• $47 million of proceeds received in the first three months of 2025
  • Realisations to date driven by full exits of USI and Kyobo Life Insurance, partial realisations of Tendam, Qpark, Clearent, and Osaic, as well as full and partial realisations of certain quoted holdings and income investments
• A further ~$20 million of proceeds is expected in the coming months from pending transactions

Robust liquidity – well positioned to take advantage of opportunities

• $283 million of available liquidity ($73 million cash/liquid investments and $210 million of credit line)

2025 Share Buybacks

• Through 25 April 2025, NBPE has repurchased approximately 624k shares for $12.3 million at a weighted average discount of 29%, resulting in a NAV accretion of approximately $0.10 per share

Portfolio Valuation
The fair value of NB Prviate Equity Partners’ portfolio as of 31 March 2025 was based on the following information:

• 6% of the portfolio was valued as of 31 March 2025
  • 6% in public securities
• 94% of the portfolio was valued as of 31 December 2024
  • 93% in private direct investments
  • 1% in private fund investments

Supplementary Information (as at 31 March 2025)

*Undisclosed company due to confidentiality provisions.