Neuberger Berman Private Equity Partners (LSE: NBPE) reported a 4.2% net asset value total return year-to-date through Aug. 31, with NAV per share reaching $28.13, up from $28.00 at end-June, as the closed-end vehicle continued redirecting its portfolio toward newer vintages.
The fund returned $144 million to investors year-to-date — roughly 11.9% of opening portfolio NAV — comprising $39.5 million in dividends and approximately $105 million in share buybacks. August buyback activity alone totaled around $70 million at an average 28% discount to NAV, repurchasing some 900,000 shares. On a historical basis, NBPE has paid more than $442 million in dividends since 2013 and repurchased over $164 million of shares since 2025, with buybacks generating roughly $1.55 per share in NAV accretion since that point.
Capital was deployed at a similar pace. NBPE committed $164 million to new investments year-to-date, including $114 million across six deals through Aug. 31, of which $61 million covered three undisclosed technology investments. Named transactions included $35 million in Ryan, acquired alongside Ares and Onex; $4 million in Vinted with EQT Partners; and $9 million in Conservice alongside TPG.
Realizations reached $150 million across the first eight months of 2026, with $92 million received by Aug. 31 and $58 million pending close. The exits produced a multiple on invested capital of 3.1x and an exit uplift of approximately 6%. Full exits were also recorded in Solace, Basis Technologies and FDH.
Investment level rose to 115%, within the fund’s target range of 110–120%, while available liquidity stood at $142 million. Portfolio EV/EBITDA came in at 15.3x and net debt to EBITDA at 5.1x. Private-company valuations increased 2.7% on a constant-currency basis through the first eight months of 2026.
Operating metrics for the last twelve months showed weighted-average revenue growth of 11.1%, up from 9.1% at year-end 2023, and EBITDA growth of 12.1%, rising from 9.7%. The top ten holdings, representing 41% of portfolio NAV and valued at $525.8 million, posted 15.7% revenue growth and 15.5% EBITDA growth. Key positions include Action ($78.4 million), Solenis ($72.6 million) and OneMonroe ($66.1 million).
Vintage performance data indicated 2024 and 2025 investments generated a 1.6x gross MOIC and roughly 28% average gross IRR. Older vintages from 2016 to 2020 range from 1.9x to 2.9x MOIC.
NBPE’s shares traded at $1,462 (£14.84) at the time of the presentation, roughly 10.4% below their 52-week high of $1,632 and 13.7% above the 52-week low of $1,286. The annualized dividend yield stands at 3.3% on NAV and 4.7% on the share price.
On the management side, William Maltby will step down as chairman in December 2026, with non-executive director David MacLellan named chairman designate.
Parent platform Neuberger Berman manages more than $170 billion across primaries ($48 billion), co-investments ($47 billion), secondaries ($28 billion) and private debt ($28 billion). The firm sourced an average of 15.7 co-investment opportunities per week in the first eight months of 2026, compared with 3.6 per week in 2015. Management fees are 1.5% on private equity value with 7.5% carry and a 7.5% hurdle. Over ten years, cumulative NAV total return has reached 166.6% and share price total return 185.3%.
