Neuberger Private Equity Partners Limited USD · LSE:NBPE
Neuberger Private Equity Partners Limited USD — Neuberger Private Equity Partners — Investor Presentation (June 2026)
62 slides from Neuberger Private Equity Partners Limited USD's investor presentation, Jun 30, 2026
Slide 1: Neuberger Private Equity Partners
Neuberger Private Equity Partners Investing in private companies to generate long-term growth As of 30 June 2026, unless otherwise noted
Slide 2: This Presentation May Contain Forward Looking Statements
This Presentation May Contain Forward Looking Statements THIS PRESENTATION HAS BEEN CREATED WITH THE BEST AVAILABLE INFORMATION AT THIS TIME. INFORMATION FLOW IN THE PRIVATE EQUITY ASSET CLASS OFTEN LAGS FOR SEVERAL MONTHS. THE PRESENTATION MAY CONTAIN FORWARD LOOKING STATEMENTS, PROJECTIONS AND PRO
Slide 3: NBPE Overview
NBPE Overview
Slide 4: NBPE – Investing in Private Companies to Generate Long-term Growth
NBPE – Investing in Private Companies to Generate Long-term Growth Mature, high-quality co-investment portfolio built investment by investment, increasingly exit-ready, and constructed around long-term secular growth themes Portfolio Snapshot 1 Direct, Multi-Manager Investment Approach $1.2bn 95% Va
Slide 5: A well diversified and carefully constructed portfolio of direct investments
NBPE – Investing in Private Companies to Generate Long-term Growth A well diversified and carefully constructed portfolio of direct investments Private Equity Diversification 41 companies, 15% 85% Top 30 Private Equity Investments’ share of portfolio fair value Note: as of 30 June 2026. *undisclosed
Slide 6: Portfolio Diversification
Portfolio Diversification Diversified by geography, vintage year, industry, and sponsor Geography Vintage Year 2016 & 2026 Earlier 2025 9% 5% North America Europe 2% 2017 77% 23% 12% 2024 13% 2018 2023 11% 2% 2022 7% 2019 11% 2021 2020 17% 11% Industry Diversification Sponsor Diversification Francis
Slide 7: Benefits of NBPE's Co-investment Approach
Benefits of NBPE’s Co-investment Approach NBPE’s co-investment approach offers the precision of direct investment with broad diversification across managers, sectors and company sizes, all within an efficient fee and capital structure Diversified Focused on the Best Dynamic Fee Efficient Opportuniti
Slide 8: Neuberger Private Markets Overview
Neuberger Private Markets Overview
Slide 9: Neuberger Private Markets Overview
Neuberger Private Markets Overview An industry leader with an integrated platform and attractive market position Co-Investments $46 bn(1) Primaries Integrated Platform Advantages3 $46 bn(1) • Solutions Provider to Lead Sponsors • Significant Investment Scale $165+ • Skilled, Experienced, Stable & Al
Slide 10: NBPE Leverages Robust Neuberger Platform Co-Investment Deal Flow
NBPE Leverages Robust Neuberger Platform Co-Investment Deal Flow Neuberger's differentiated positioning as a capital solutions provider has been a cornerstone of sustained deal flow growth. Since 2015, co-investment opportunities sourced have more than tripled Average Co-Investment Opportunities Ori
Slide 11: NBPE Portfolio: Resilient Performance
NBPE Portfolio: Resilient Performance
Slide 12: Public and Private Valuations in 2026
Public and Private Valuations in 2026 Overall NAV performance was up by 0.9% in the value of private holdings in 2026 YTD Private Companies 0.9% ($ millions) vs Dec 25 94% of $1,300 value Summary of Value Changes $1,250 In 2026 YTD $1,200 $23 $10 $1,159 $1,150 $1,132 ($7) $1,100 $1,050 • Private com
Slide 13: Top 10 Companies
Top 10 Companies Representing approximately 41% of portfolio NAV 30 JUNE 2026 COMPANIES INV. DATE SECTOR SPONSOR / GP COMPANY DESCRIPTION NAV 2020 Consumer 3i European discount retailer $73.9m 2021 Industrials Platinum Equity Specialty chemicals and services provider $67.0m Distributor of mission-cr
Slide 14: Strong Underlying Performance, Particularly from Larger Holdings
Strong Underlying Performance, Particularly from Larger Holdings Revenue growth remains resilient; EBITDA growth softened in a more challenging macro environment, with leverage remaining reasonable LTM Operating Metrics Over Time2 (Private Companies, Wtd Avg) 20% 15% Commentary • Strong underlying p
Slide 15: M&A Activity continues to be a key value creation driver for our PE Managers
M&A Activity continues to be a key value creation driver for our PE Managers Infra Group FDH Aero Mariner OneMonroe Solenis Infra Group is a multi- FDH Aero is a distributor Mariner is a leading, OneMonroe is a A leading global provider disciplinary integrated of C-class parts (e.g., national Regist
Slide 16: New Investments
New Investments
Slide 17: Refreshing the portfolio
Refreshing the portfolio $104 million committed in 2026 YTD Prioritised Against a challenging backdrop, NBPE reduced the amount of capital deployed into new balance sheet investments in recent years; investment level maintained at the lower level of 100% - 110% strength of NAV Impact on Lack of recy
Slide 18: New Investment Activity
New Investment Activity ~$104 million committed to six new investments in the last ~6 months. 109% investment level at 30 June 2026 2026 YTD Investments: $98mm $104mm 109% Invested Capital Committed Capital Investment Level YTD 30 June 2026 YTD 30 June 2026 30 June 2026 New 2025-2026 Investments: 7
Slide 19: New Investments as of 30 June 2026
New Investments as of 30 June 2026 Undisclosed Undisclosed Undisclosed Infra Group Conservice Ryan Technology Technology Technology Vinted Company* Company* Company* Infra Group is a Provider of utility B2B tax services Vinted operates a multi-disciplinary management, billing, provider that helps mo
Slide 20: Infra Group: Leading multi-disciplinary network infrastructure service provider
Infra Group: Leading multi-disciplinary network infrastructure service provider Transaction Overview Company Description PAI Partners, who became Infra Group’s majority investor in July • Infra Group is a multi-disciplinary integrated infrastructure service provider operating in 2023, recapitalised
Slide 21: Ryan: Global Provider of Tax Recovery Services
Ryan: Global Provider of Tax Recovery Services Transaction Overview Company Description Neuberger invested in Ryan to recapitalise the company with a • Ryan is a leading B2B tax services provider that helps enterprise clients recover tax common equity security savings across business tax lines inclu
Slide 22: Vinted: Europe's leading C2C marketplace for second-hand goods
Vinted: Europe’s leading C2C marketplace for second-hand goods Transaction Overview Company Description A mid-life co-investment in Europe’s leading C2C marketplace for • Vinted operates a mobile-first, consumer-to-consumer (C2C) online marketplace for pre- second-hand goods, alongside a seasoned sp
Slide 23: 2024 and 2025 Investments
2024 and 2025 Investments Investments made in 2024 and 2025 are performing well to date and remain early in their holding periods Investment Performance Summary (2024 and 2025 Investments as of 30 June 2026) $ in millions $200 $161 $150 $100 $105 1.5x ~22% Aggregate Gross MOIC Average Gross IRR $50
Slide 24: Realisations
Realisations
Slide 25: Realisation Activity in 2026
Realisation Activity in 2026 $146 million of announced realisations 2026 YTD1 Annual Liquidity Proceeds 2026 Realisations1 ($ in millions, % of opening portfolio value) $400 $389 $350 $300 $250 $199 $200 $179 $180 $171 $146 $150 $120 $100 $59 Two undisclosed Tech, $50 Media & Telecom $87 $0 companie
Slide 26: NBPE Liquidity By Quarter (2023 – 2026) & Macro Events
NBPE Liquidity By Quarter (2023 – 2026) & Macro Events Realisation activity over the last several years has experienced significant volatility quarter to quarter, largely driven by macro events and uncertainty; though prior years have seen meaningful increases in activity once uncertainty fades and
Slide 27: NBPE's Co-Investment Portfolio is Well Positioned to Benefit From an Improvement in Market
NBPE’s Co-Investment Portfolio is Well Positioned to Benefit From an Improvement in Market, With a Number of ‘Exit Ready’ Companies NBPE’s long-term co-investment performance 2 7 Largest Largely Realised / Remaining No Investment Has Unrealised Investments: NAV >$1M Diversified Undisclosed Business
Slide 28: Liquidity & Capital Allocation
Liquidity & Capital Allocation
Slide 29: Strong Capital Position
Strong Capital Position By prioritising balance sheet strength, NBPE now has a very strong liquidity position, with approximately $206 million of available liquidity1 2 9 Capital Position ($ in millions) $250 $206 $200 $31 $150 $125 $100 $175 $125 $50 $- Credit Facility Drawn Total Liquidity 30 June
Slide 30: Returning Capital to Shareholders: Dividends & Buybacks
Returning Capital to Shareholders: Dividends & Buybacks Including the 2H 2026 declared dividend, NBPE has returned or declared over $620 million to investors, by way of dividends and share buybacks Recent Per Share Dividends Dividends & Buybacks $ per Share $1.00 3.4% 4.9% $0.94 $0.94 $0.94 $0.94 $0
Slide 31: Concluding Thoughts
Concluding Thoughts We remain confident in the portfolio and its positioning Selective: Co-investing with Dynamic: Control of Fee Efficiency: Single layer of leading PE managers, focusing on investment pacing and capital fees on the vast majority of co- Differentiated attractive opportunities with a
Slide 32: Supplementary Market Information
Supplementary Market Information
Slide 33: Global Private Equity Activity
Global Private Equity Activity Activity recovered strongly through 2025. While AI-driven software sector pressure and geopolitical uncertainty contributed to slower Q1 2026 activity, 1H 2026 activity is on track for another strong year Global Private Equity Deal Activity and Deal Count $2,400 $2,337
Slide 34: Realisation Volumes
Realisation Volumes Exit activity had been slowly building since 2023, before slowing in early 2025 and rebounding strongly towards the end of 2025. On a run-rate basis 1H 2026 exit activity is shaping up to be another strong year Global Private Equity-Backed Exits $2,000 5,000 $1,800 $1,689 4,482 4
Slide 35: Valuation Multiples Over Time
Valuation Multiples Over Time US valuation multiples have generally remained consistent between 10-11x over the last decade with valuation multiples in Europe generally trading lower than the US EV / EBITDA 12.3x 11.9x 11.5x 11.4x 11.4x 11.5x 11.1x 10.9x 11.0x 10.7x 10.8x 11.0x 10.3x 10.6x 10.6x 10.
Slide 36: Private Market Index vs. NBPE Performance Since 2021
Private Market Index vs. NBPE Performance Since 2021 Headwinds that have persisted since the peak years of 2020 and 2021 have impacted global buyout returns over the last three years Aggregate Change in Private Company Valuations (ex-FX)3 LTM Value Change by Underlying Vintage Year4 50% 45% +12.0% i
Slide 37: Private Equity AUM (Net Asset Value + Dry Powder)
Private Equity AUM (Net Asset Value + Dry Powder) Global Private Equity AUM ($ in bns) $7,000 $6,407 $6,136 $5,803 $1,587 $5,142 $5,250 $5,050 $3,992 $3,500 $3,280 $2,755 $2,498 $2,194 $4,821 $1,882 $1,944 $1,510 $1,620 $1,728 $1,750 $1,402 $1,197 $1,295 $0 2008 2009 2010 2011 2012 2013 2014 2015 20
Slide 38: Hold Periods
Hold Periods Global Exit Hold Times for Private Equity-Backed Companies 10 80% NBPE Weighted Average Holding Period at 30 June 2026 5.4 Years 8 61% 60% 6.6 Share of Inventory Held 5+ Years 6.5 6.4 Median Hold Times (years) 6.0 6.0 6.1 5.9 6 5.5 5.4 5.3 5.4 5.3 5.2 40% 4 20% 2 0 0% 2014 2015 2016 201
Slide 39: Global Active PE-Backed Companies
Global Active PE-Backed Companies Number of PE-backed Companies by Time in Portfolio 35,000 30,000 6+ years: 33% of companies 25,000 20,000 3+ years: 68% 15,000 of companies 10,000 5,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H Global PE Com
Slide 40: U.S. Buyout Fund Distributions
U.S. Buyout Fund Distributions LTM U.S. Buyout Fund Distributions as a Percentage of Beginning NAV 50% NBPE Realisations (as a % of opening value): 2025A: $180 million / 13.9% 2024A: $179 million / 13.7% 40% 30% 23.4% 20% 15.0% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 41: Leverage Levels by Geography
Leverage Levels by Geography Debt / EBITDA 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.7x 5.9x 5.6x 5.7x 5.7x 5.7x 5.4x 5.5x 5.4x 5.2x 5.3x 5.3x 5.1x 5.3x 5.2x 5.1x 5.0x 5.0x 5.0x 5.0x 4.9x 4.9x 4.7x 4.7x 4.6x 4.5x 4.6x 4.4x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H
Slide 42: Other Supplementary Information
Other Supplementary Information
Slide 43: NBPE: 2025 Results Highlights
NBPE: 2025 Results Highlights Resilient portfolio performance with significant capital returned via share buybacks & dividends in 2025, enabled by realisations from co-investments, which increased +50% year-over-year Performance ~$27.94 5.0% NAV / 7.5% SP $180m Summary NAV per share Total return Rea
Slide 44: A Cautious Investment Approach Reflecting the Uncertain Environment
A Cautious Investment Approach Reflecting the Uncertain Environment Cash realisations slowed meaningfully after 2021 and the environment became highly uncertain. New investment activity slowed in 2022 and 2023 4 4 Commentary Annual Investment Cash Flows ($ in millions) • After the 2021 peak in $450
Slide 45: Increasing Investment Level to Target Range
Increasing Investment Level to Target Range Neuberger's cautious investment approach meant NBPE’s investment level declined and cash was built over time to repay the ZDPs and de-lever. In recent months, NBPE has increased its investment level to 109% and now targets 110% - 120% over the short to med
Slide 46: NBPE's Largest Positions by Sector
NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~60% of fair value Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Technology, Media & Telecom Cyber security and secure access $38.5mm / 3.1% E-commerce shipping softwa
Slide 47: NBPE's Largest Positions by Sector
NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~60% of fair value Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Financial Services Provider of wealth management and advisory services to individuals and businesses $
Slide 48: NBPE Performance Highlights
NBPE Performance Highlights 2026 Performance NAV Total Return (USD)1 as of 30 Share Price Total Return (GBP)1 as of 30 June 2026 June 2026 % Total Return % Total Return • NAV of $27.48 / £20.70 at 30 June 2026; 300% 225% LTM NAV TR: +1.0% 261% 195% Ten Year 200% Ten Year 250% • Private company valua
Slide 49: YTD 2026 NAV Bridge
YTD 2026 NAV Bridge Change in NAV from 31 December 2025 to 30 June 2026 Change in Net Asset Value $ in millions $1,260 $1,240 $10.4 $1,220 $1,209.4 ($5.0) ($6.2) $1,200 $1,180 $1,160 $1,140 ($62.3) ($4.4) $1,130.6 ($11.3) $1,120 $1,100 December Private Value Public Valuation FX Changes Dividends Pai
Slide 50: NBPE Public Investments
NBPE Public Investments 9 total public positions with ~$79 million of fair value as of 30 June 2026 Public Stock Investments Public Portfolio Stats ($ in millions) 9 $21 Public positions of previously private companies $26 70% Of public stock value held through top three positions $8 $7 3.0x / 4.2x
Slide 51: Balance Sheet Detail
Balance Sheet Detail 30 June 2026 31 December 2025 $ in millions (Unaudited) (Audited) Total Private Equity Investments $1,232.2 $1,212.1 Investment level 109% 100% Cash / Liquid Investments $31.4 $91.6 Credit Facility Drawn ($125.0) ($90.0) Other ($8.1) ($4.2) Net Asset Value $1,130.6 $1,209.4 Divi
Slide 52: Fee Summary
Fee Summary Vehicle Level Fees Underlying Level Fees (Management Fee) Vehicle Level Fees (Carry) (Management Fee / Carry) % Directs Blended Fee Rate Generally ~1-1.5% of NAV. Vehicle fees + 1.5% - 2.0% Listed Fund 1.5% - 2.0% on committed In some cases also a 0-5% after hurdle 0-~30% fee and 20% car
Slide 53: Schedule of Investments
Schedule of Investments Company / Investment Name Asset Class Investment Date Lead Sponsor Fair Value % of NBPE NAV Action Large-cap Buyout Jan-20 3i 73.9 6.4% Solenis Mid-cap Buyout Sep-21 Platinum Equity 67.0 5.8% OneMonroe Mid-cap Buyout Dec-21 AEA Investors 66.0 5.8% FDH Aero Mid-cap Buyout May-
Slide 54: Schedule of Investments
Schedule of Investments Company / Investment Name Asset Class Investment Date Lead Sponsor Fair Value % of NBPE NAV Petsmart / Chewy (NYSE: CHWY) Large-cap Buyout Jun-15 BC Partners 8.1 0.7% Verifone Large-cap Buyout Aug-18 Francisco Partners 7.9 0.7% Stubhub Large-cap Buyout Feb-20 Neuberger Berman
Slide 55: Endnotes
Endnotes
Slide 56: Methodology
Methodology • As part of its ongoing portfolio monitoring process, Neuberger Private Markets analyzed the changes in valuation in Q4 2025 across a broad sample of private equity funds • Changes in value are primarily based on reported capital account balances, supplemented by valuation guidance repo
Slide 57: Awards Disclosures
Awards Disclosures European Pensions Awards 2020, 2024 – Private Equity Manager of the Year: European Pensions, a leading publication for pension funds across Europe, launched these awards to give recognition to and honor the investment firms, consultancies and pension providers across Europe that h
Slide 58: Endnotes
Endnotes 1. As of 30 June 2026. Analysis includes 15 IPOs/stock receipts, 48 full direct equity investment exits, and 21 partial equity investments over the trailing five years. For portfolio companies which completed an IPO or where a portfolio company received stock consideration as part of a sale
Slide 59: Disclaimers
Disclaimers
Slide 60: Legal Disclaimer
Legal Disclaimer BY ACCEPTING AND READING THIS DOCUMENT AND/OR ATTENDING THE PRESENTATION TO WHICH THIS DOCUMENT RELATES YOU WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND UNDERTAKEN FOR THE BENEFIT OF NBPE, THE INVESTMENT MANAGER, NEUBERGER BERMAN AND OTHERS THAT (A) YOU ARE OUTSIDE OF THE UNITE
Slide 61: Legal Disclaimer
Legal Disclaimer THIS DOCUMENT, ANY PRESENTATION MADE IN CONJUNCTION WITH THIS DOCUMENT AND ANY ACCOMPANYING MATERIALS (THE "INVESTOR MATERIALS") ARE STRICTLY CONFIDENTIAL AND MAY NOT BE COPIED, DISTRIBUTED, PUBLISHED OR REPRODUCED IN WHOLE OR IN PART, OR DISCLOSED OR DISTRIBUTED BY RECIPIENTS TO AN
Slide 62: Legal Disclaimer
Legal Disclaimer THE PROMOTION OF NBPE AND THE DISTRIBUTION OF THE INVESTOR MATERIALS IN THE UNITED KINGDOM IS RESTRICTED BY LAW. ACCORDINGLY, THIS COMMUNICATION IS DIRECTED ONLY AT (I) PERSONS OUTSIDE THE UNITED KINGDOM TO WHOM IT IS LAWFUL TO COMMUNICATE TO, OR (II) PERSONS HAVING PROFESSIONAL EXP
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