Title: PowerPoint Presentation URL Source: https://is.gd/LecYhm Published Time: Wed, 25 Jun 2025 10:06:05 GMT Markdown Content: CLOSED-END FUND QUARTERLY # Investing in private companies to generate long-term growth # NB Private Equity Partners (NBPE) NBPRIVATEEQUITYPARTNERS.COM Fund Overview • Seeks to provide attractive long-term returns by investing directly in private companies alongside top tier private equity managers in their core areas of expertise • Focused on selecting investments on a company-by-company basis, that are expected to benefit from long term structural growth trends and/or low expected cyclicality, underpinned by a highly selective approach • Diversified portfolio with a strong bias towards buyout transactions in the U.S. and a focus on less cyclical, more resilient, market leading businesses # 79 Portfolio Companies; 4 Other Investments # 51 Private Equity Managers Invested Alongside Portfolio Snapshot $1.3 billion of fair value Monthly Fact Sheet | February 2025 # 92% Fair Value of Top 50 Companies Leveraging the Strength of Neuberger Berman’s Private Markets Platform • Decades of Experience: Over 35 years of private markets investing • Deep Resources: 420+ private markets professionals globally leveraging the broader Neuberger Berman platform 3 • Attractive Market Position: Preferred partner to experienced private equity managers generates strong deal flow and access to the most attractive opportunities Key Information • London listed investment company • Ticker: NBPE • Portfolio of direct equity co-investments • Launched in 2007 Fund Overview as of 28 February 2025 Net Asset Value (NAV) $1,249.6mm NAV Per Share (USD / GBP) $27.16 / £21.57 LTM NAV Total Return 1.6% Annualised Dividend Per Share $0.94 Annualised Dividend Yield 4 4.8% Available Liquidity $278.8mm Investment Level as a % of NAV 102% Secondaries $19 bn 1 Private Debt $18 bn Capital Solutions $9 bn Other Direct Equity & Credit $8 bn 2 Primaries $38 bn 1 Co-Investments $44 bn 1 $135+ Billion Fund Performance – As of 28 February 2025 5 Year-to-Date Trailing 1-Year Trailing 3-Year Annualised 3-Year Trailing 5-Year Annualised 5-Year USD NAV TR 2.7% 1.6% (0.2%) (0.1%) 72.3% 11.5% GBP NAV TR 2.2% 2.0% 6.4% 2.1% 74.8% 11.8% GBP Share Price TR 1.6% (0.1%) 11.3% 3.6% 77.8% 12.2% NB Private Equity Partners Note: Numbers may not sum due to rounding. Year of investment pie chart includes a re-classification of three investments from their original year of investment to the year the Manager elected to re-invest in the company, rather than seek liquidity. The investments discussed do not represent all past investments. It should not be assumed that an investment listed was or will be profitable. The information supplied about the investment is intended to show investment process and not performance. *Undisclosed due to confidentiality provisions. Tech, Media & Telecom 23% Consumer / E-commerce 21% Industrials / Industrial Technology 17% Financial Services 14% Buiness Services 12% Healthcare 8% Other 4% Energy 1% SECTOR 2016 & Earlier 10% 2017 16% 2018 15% 2019 14% 2020 12% 2021 18% 2022 5% 2023 2% 2024 8% Europe 21% Asia/ROW 1% North America 78% GEOGRAPHY VINTAGE YEAR Portfolio Overview Investing in buyout investments with a focus on resilient sectors, a bias towards the U.S. and an attractive maturity profile Business Services Company* NYSE: GFL Top 10 Company Spotlight – 38% of Fair Value Company Investment Year Description Industry Sponsor Value ($ in mn) % of Fair Value 2020 European discount retailer Consumer 3i $74.8 5.9% 2019 Third largest Independent Broker Dealer Financial Services Reverence Capital $68.9 5.4% 2021 Specialty chemicals and services provider Industrials Platinum Equity $60.0 4.7% 2018 Cyber security and secure access solutions Technology / IT Francisco Partners $50.0 3.9% 2021 Distributor of mission-critical standard and custom engineered products Industrials AEA Investors $42.6 3.3% 2017 Business services company Business Services Not Disclosed $40.1 3.1% 2017 North American advertising media company Communications / Media Shamrock Capital $39.2 3.1% 2018 Waste management services Business Services BC Partners $35.5 2.8% 2024 Provider of various wealth management and advisory services to individuals and businesses throughout the US Financial Services Leonard Green & Partners $34.8 2.7% 2024 Leading distributor of C-class parts (e.g. fasteners, wire connectors) to the aroespace and defense industry Industrials Audax Group $33.0 2.6% Total Top 10 Investments $478.8 37.5% • $29 million of cash proceeds received – Realisations to date driven by full exits of USI and Kyobo Life Insurance, a partial realisation of Tendam, as well as full and partial realisations of quoted holdings and income investments NYSE: CHWY New Investments During 2025 Recent Investment Activity • No new investments in 2025 year to date Realisations During 2025 Note: numbers may not sum due to rounding. > *Total Investments include approximately $3.7 million of fund investments as of 28 February 2025 and $4.2 million as of 31 January 2025. > **Unfunded commitments are adjusted for amounts the Investment Manager believes are unlikely to be called. As of 28 February 2025 (31 January 2025), unadjusted unfunded commitments were $56.9 million ($72.1 million), total private equity exposure was $1.3 billion ($1.4 billion), and the unadjusted commitment coverage ratio was 490% (390%). Unfunded amounts are to funds only and exclude direct investments committed to but not yet closed. > ***Based on the most recent annualised dividend paid in February 2025 and the closing share price of £15.66 on 28 February 2025. > ****Ongoing Charges Ratio as of 31 December 2023. ## NB Private Equity Partners Investment Manager NB Alternatives Advisers LLC 325 N. St. Paul Street Suite 4900 Dallas, TX 75201 Email: nbprivatemarketsir@nb.com Tel: +44 20 3214 9002 Board of Directors William Maltby (Chairman) Trudi Clark John Falla Louisa Symington-Mills Wilken Von Hodenberg Pawan Dhir Corporate Broker Jefferies International Limited 100 Bishopsgate London, EC2N 4JL Tel: +44 (0) 20 7029 8766 Corporate Broker Stifel Nicolaus Europe Limited 150 Cheapside London, EC2V 6ET Tel: +44 (0) 20 7710 7600 Marketing Advisory Kepler Partners 70 Conduit St. London, W1S 2GF Tel: +44 (0) 20 3384 8796 An investment in NBPE can be made by buying ordinary shares through a broker or financial intermediary. Ticker: NBPE Website: nbprivateequitypartners.com Email: nbprivatemarketsir@nb.com ## How to Invest: For more Information: $ in millions 28 February 2025 (Unaudited) 31 January 2025 (Unaudited) Direct Equity Investments $1,247.6 $1,269.8 Income Investments $24.1 $24.1 Total Investments* $1,275.5 $1,298.2 Investment level 102% 104% Cash / Liquid Investments 68.8 70.9 Credit Facility Drawn (90.0) (90.0) Dividend Payable - (21.7) Other (4.7) (4.8) Net Asset Value $1,249.6 $1,252.6 NAV per Share ($) $27.16 $27.10 NAV per Share (£) £21.57 £21.81 Dividends Accrued/Paid in Period ($) $21.7 $21.7 Commitment Coverage**: Available Liquidity (Including Liquid Investments) $278.8 $280.9 Adjusted Unfunded Commitments $32.1 $32.2 Adjusted Commitment Coverage 868% 873% Ordinary Shares Key Facts 28 February 2025 Net Assets ($ in millions) $1,249.6 NAV per Share (USD / GBP) $27.16 / £21.57 Share Price £15.66 Discount (27.4%) Annualised Dividend Yield on Share Price*** 4.8% Management Fee 1.5% Performance Fee 7.5%; above a 7.5% hurdle and subject to high-water mark Ongoing Charges Ratio**** 1.9% Index FTSE 250 Ticker NBPE Class A Shares Outstanding 45,996,476 ISIN GG00B1ZBD492 ENDNOTES 1. Includes estimated allocations of dry powder for diversified portfolios consisting of primaries, secondaries, and co-investments. Therefore, amounts may vary depending on how mandates are invested over time. 2. Includes Marquee Brands, Insurance-Linked Solutions, Specialty Finance, Outpost Ventures and Direct Access businesses. 3. There can be no guarantee that any of these professionals will remain with the Fund or Neuberger Berman or that past performance of such professionals serves as an indicator of their performance or success, or the Fund’s. Subject to Neuberger Berman’s policies and procedures, including certain information barriers within Neuberger Berman that are designed to prevent the misuse by Neuberger Berman and its personnel of material information regarding issuers of securities that has not been publicly disseminated. 4. Based on the most recent annualised dividend paid in February 2025 and the closing share price of £15.66 on 28 February 2025. 5. All performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year and five-year annualised returns are presented for USD NAV, GBP NAV, and GBP Share Price Total Returns. LEGAL DISCLAIMER FOR INVESTMENT PROFESSIONALS, BROKER-DEALER AND INSTITUTIONAL USE ONLY. NOT FOR USE BY OR DISTRIBUTION TO THE GENERAL PUBLIC. THESE MATERIALS PROVIDED OR MADE AVAILABLE TO YOU (“MATERIALS”) ARE PREPARED BY OR ON BEHALF OF NB PRIVATE EQUITY PARTNERS LIMITED (“NBPE”) FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE INVESTMENT, LEGAL, ACCOUNTING OR TAX ADVICE, OR A RECOMMENDATION TO BUY, SELL OR HOLD A SECURITY. ANY VIEWS OR OPINIONS EXPRESSED MAY NOT REFLECT THOSE OF NB ALTERNATIVES ADVISERS LLC (THE “INVESTMENT MANAGER”). 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THE "NEUBERGER BERMAN" NAME AND LOGO ARE REGISTERED SERVICE MARKS OF NEUBERGER BERMAN GROUP LLC. © 2025 NB PRIVATE EQUITY PARTNERS LIMITED. ALL RIGHTS RESERVED. ## NB Private Equity Partners