**Summary of NB Private Equity Partners Limited (NBPE) Interim Results for the Six Months to 30 June 2025**
NB Private Equity Partners Limited (NBPE), a $1.3 billion listed private equity investment company managed by Neuberger Berman, reported its interim results for the six months ending 30 June 2025. Key highlights include
### **Financial Performance**
**Net Assets and NAV**Net assets stood at $1,283 million, with a Net Asset Value (NAV) per share of $28.14 (£20.53), representing a 4.0% return over the six months.
**Performance Drivers**The return was driven by a 1.9% increase in private company valuations (excluding foreign exchange effects), positive contributions from quoted holdings, and favorable foreign exchange movements.
**Operating Performance**Portfolio companies demonstrated strong operating performance, with aggregate Last Twelve Months (LTM) revenue and EBITDA growth of 8.8% and 9.8%, respectively.
### **Realizations and Liquidity**
**Proceeds**NBPE received $68 million in proceeds during the period, with an additional $18 million received post-June. Further realizations are expected in the second half of 2025.
**Share Repurchases**Approximately 739,000 shares were repurchased at a 29% discount to NAV, resulting in a $0.09 per share NAV accretion.
**Dividend**A 1H 2025 dividend of $0.47 per share (~$22 million) was paid in February.
### **Portfolio and Investment Strategy**
**Portfolio Composition**Private companies constitute 94% of the portfolio, with quoted holdings making up the remaining 6%.
**Top Performers**The 10 largest investments, representing 31% of fair value, reported weighted average LTM revenue growth of 13.7% and LTM EBITDA growth of 15.9%.
**New Investment**NBPE invested $10 million in Infra Group, a leading infrastructure service provider, in September 2025.
### **Market and Share Price**
**Discount to NAV**Despite positive NAV returns, NBPE’s share price declined 7.6% in GBP over the period, trading at a 30.0% discount to NAV as of 24 September 2025.
**Sector Trends**Discounts across the listed private equity sector remain wide, reflecting broader sentiment and muted NAV performance.
### **Capital Allocation**
**Share Buybacks**Under the updated capital allocation framework, NBPE repurchased 1.0 million shares at a 29% discount, contributing $0.19 in accretion to NAV per share.
**Dividends**Over $400 million has been returned to shareholders via dividends since 2013.
### **Balance Sheet and Financial Position**
**Cash and Liquidity**NBPE maintains a strong balance sheet with $74 million in cash and liquid investments, plus $210 million available on its credit facility.
**Investment Level**The investment level was 101%, within the target range of 100–110%.
### **Management Commentary**
**Exit Environment**While the exit environment has shown signs of improvement, the timing and pace of a sustained rebound remain uncertain. NBPE is well-positioned with several ‘exit-ready’ companies in its portfolio.
**Outlook**The portfolio’s underlying companies continue to exhibit strong fundamentals, with resilient revenue and EBITDA growth. However, the Board and Manager are focused on addressing the share price discount and improving total shareholder returns.
### **Governance**
**Board Appointment**Caroline Chan was appointed as an independent non-executive director, effective 18 September 2025, as part of succession planning.
### **Conclusion**
NBPE delivered solid performance in a challenging market environment, driven by strong operating results from its portfolio companies and strategic capital allocation. Despite headwinds, the company remains well-positioned to capitalize on investment opportunities and enhance shareholder value through realizations, dividends, and share buybacks.