NBPE reports $299m in portfolio exits, $152m returned to shareholders in 2026

Neuberger Private Equity Partners (LON:NBPE), the $1.1bn¹ FTSE 250-listed private equity investment company managed by Neuberger, has announced progress on realisations and portfolio refresh and rebalancing initiatives alongside its September 2026 monthly NAV.

NBPE will host its annual Capital Markets Day on 5 November 2026, with presentations from the Chairman of NBPE, members of the Neuberger team, and TA Associates. The event will provide further details on the market, portfolio performance, progress on the portfolio refresh, and steps taken to rebalance the portfolio towards younger higher-growth investments, alongside returns of capital. A replay of the Capital Markets Day presentations will be accessible on NBPE’s website after the event.

Highlights

• Neuberger’s proactive portfolio management has resulted in a significant increase in exit activity in September and October, taking total proceeds on signed transactions to $299 million in 2026
• A further $36 million of share buybacks in September at an average discount of 29%, bringing total capital returned to shareholders through buybacks and dividends to $152 million in 2026², a 138% increase on 2025
• Continued strong progress in refreshing the portfolio – year to date capital committed to 10 new investments is $187 million; strong pipeline of new investment opportunities
• Exchange of holding in Action for shares in 3i Group in September to increase future optionality
• September NAV per share of $27.58 (£20.76), a total return of (2.0%) in the month, with performance impacted by proactive portfolio company realisations and portfolio management, and negative movements in quoted holdings and foreign exchange
• Private portfolio continues to perform well, with strong portfolio company operating performance – LTM revenue and EBITDA growth of 11.1% and 12.1%, respectively at 30 June 2026
• Liquidity position strengthened as at the end of September: $184 million of cash and available borrowing facility – an investment level of 111%, at the lower end of the 110% –120% range
  

Exit activity accelerated with $299 million of proceeds on signed transactions in 2026, 25% of opening portfolio value

• Proactive portfolio management has resulted in a significant increase in exit activity in September and October, including the completion of:
  • Full exits of three investments and partial realisations of an additional two investments in a series of Neuberger led transactions to third-party buyers
    • Investments represent 8.2% of NBPE’s August NAV and have a weighted average maturity of 7.6 years
    • Investments produced a since inception aggregate IRR of 17% and 3.0x multiple of cost as of 30 September 2026
    • Transactions were completed at an aggregate 7% discount to 31 December 2025 NAV and generated proceeds of $81 million
  • Sale of OneMonroe, NBPE’s third largest investment, to a GP led continuation vehicle
    • NBPE invested in OneMonroe in 2021
    • Transaction generated proceeds of $65.5 million and was an 11% uplift to December 2025 valuations
• These transactions further support the rebalancing of the portfolio towards younger investments with higher growth potential
• Proceeds are being redeployed into accretive share buybacks and new investments
• Potential for additional exits in next 6-12 months with a number of ‘exit’ ready companies in the portfolio
  

Significant increase in capital returns with $152 million returned to shareholders via dividends and share buybacks in 2026, a 138% increase on 2025

• YTD to September 2026, $112 million of share buybacks completed at a weighted average discount of 29%; 14.5% of the outstanding share capital at the end of 2025
  • 1.8 million shares repurchased in September at a weighted average discount of 29%, resulting in ~$0.38 NAV per share accretion in the month
• As at 30 September 2026, a total of $182 million has been deployed into share buybacks since the beginning of 2025, adding $1.45 to NAV per share
• In the existing programme, $58 million of capital allocated to share buybacks remains

Strong progress in refreshing the portfolio, with investments made since 2024 now representing 28%³ of the portfolio

• $187m has been committed to 10 new investments in 2026, with five investments in September and October, including:
  • $33m invested in a healthcare data company
  • $10m in a global financial services company
  • $10m in a pharmaceuticals company
  • $10m additional funding to an existing 2026 investment
  • $18m funded to a new healthcare technology company
• Recent investments continue to perform well: 2024 and 2025 investments delivered weighted average LTM revenue and EBITDA growth of 14.5% and 15.7% respectively, with a current aggregate gross MOIC of 1.6x and average gross IRR of ~28%
• The pace of new investments will continue to be balanced with distributions from the portfolio and returns of capital to shareholders

Exchange of holding in Action for shares in 3i Group to increase future optionality

• NBPE invested $26 million in Action in 2020. Since then, the investment has generated $70 million of proceeds, in addition to the value of NBPE’s position in 3i Group
• Exchange of holding in September was calculated at an implied 3i share price of £31.31, in line with 3i Group’s 30 June 2026 NAV, with the shares subject to lock-up restrictions preventing their sale for nine months, save for customary exceptions
• As at 30 September 2026, NBPE’s holding in 3i Group was valued at $64 million
  

Strong liquidity profile

• Liquidity position strengthened in September: cash of $54 million and $130 million borrowing availability under the credit facility as of 30 September 2026 – an investment level of 111%, at the lower end of the 110% – 120% short to medium-term range
• At 29 October 2026, available cash was $33 million and the borrowing available under the credit facility was $160m – an investment level of 111%
• In addition, NBPE expects a further $33 million of proceeds shortly from signed transactions
  

September NAV of $27.58 (£20.76), a total USD return of (2.0%) in the month

• 1.4% NAV increase attributable to share buybacks
• (1.7%) NAV decrease ($18 million) from proactive portfolio realisations and management
• (0.9%) NAV decrease ($10 million) from quoted holdings
• (0.6%) NAV decrease ($6 million) from foreign exchange movements
• (0.2%) NAV decrease ($2 million) attributable to expense accruals
  

* All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 September 2026 was based on the following information:

• 13% of the portfolio was valued as of 30 September 2026
  • 12% in public securities
  • 1% in private direct investments
• 1% of the portfolio was valued as of 31 August 2026
  • 1% in private direct investments
• 86% of the portfolio was valued as of 30 June 2026
  • 86% in private direct investments
    

Supplementary Information (as of 30 September 2026)

*Undisclosed company due to confidentiality.

Note: Numbers may not sum due to rounding. Excludes pending investments.