Neuberger Private Equity Partners (LON:NBPE) is stepping up the pace, with portfolio company EBITDA growth reaching 12%, expected 2026 realisations of at least 18% of opening net asset value (NAV), and a further $120 million allocated to share buybacks. Hardman & Co analyst Mark Thomas explains why the company’s increasingly mature portfolio, substantial private equity capital awaiting deployment and improving visibility over cash generation could create the conditions for a narrowing of its share price discount to NAV. He also examines how artificial intelligence could support deal activity, why shareholder returns are accelerating and which risks investors should keep firmly in view.
Key Moments
00:00 Meet Mark Thomas of Hardman & Co
00:08 Why the research report carries a disclaimer
00:44 Foot on the accelerator: NBPE’s first-half results
01:00 12% EBITDA growth strengthens the investment case
01:20 Realisations accelerate towards 18% of NAV
01:50 Buybacks rise as dividend yield approaches 5%
02:15 Five drivers behind the confidence in future exits
03:10 AI and new exit routes reshape private equity
04:15 How improving cash generation changes the outlook
05:39 $120m more for buybacks and a 5.6% NAV uplift
06:06 Interest rates, AI disruption and the risks ahead
About NB Private Equity Partners
Neuberger Private Equity Partners Limited is a London-listed investment company providing shareholders with exposure to a diversified portfolio of private equity investments, primarily through direct equity investments alongside leading private equity sponsors. Managed by Neuberger Berman, the company seeks to generate long-term capital appreciation by investing in private businesses, realising value as investments mature and returning capital to shareholders through dividends and share buybacks.
