Neuberger Private Equity Partners Limited USD · LSE:NBPE
Neuberger Private Equity Partners Limited USD — Neuberger Private Equity Partners — Investor Presentation (September 2026)
60 slides from Neuberger Private Equity Partners Limited USD's investor presentation, September 2026
Slide 1: Neuberger Private Equity Partners
Neuberger Private Equity Partners Investing in private companies to generate long-term growth As of 31 August 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: YTD June 2026 Results Highlights, with August 2026 NAV Update
YTD 30 June 2026 Results Highlights, with August 2026 NAV Update Performance $28.00 / $28.13 1.9% / 4.2% $150m Summary NAV per share NAV Total return Announced realisations - 12% (30 June 2026 / 31 Aug 2026) (June/Aug 2026) of opening portfolio NAV Portfolio Company 11.1% 12.1% 2.7% Performance LTM
Slide 4: NBPE Overview
NBPE Overview
Slide 5: 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 $1.3bn 95% Va
Slide 6: NBPE – Investing in Private Companies to Generate Long-term Growth
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, 20% 80% Top 30 Private Equity Investments’ share of portfolio fair value Note: as of 31 August 2026. *undisclos
Slide 7: 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 76% 24% 12% 2024 11% 2023 2018 2% 11% 2022 8% 2019 12% 2021 17% 2020 11% Industry Diversification Sponsor Diversification Francis
Slide 8: 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 9: Neuberger Private Markets Overview
Neuberger Private Markets Overview
Slide 10: Neuberger Private Markets Overview
Neuberger Private Markets Overview An industry leader with an integrated platform and attractive market position Co-Investments $47 bn(1) Primaries Integrated Platform Advantages3 $48 bn(1) • Solutions Provider to Lead Sponsors • Significant Investment Scale $170+ • Skilled, Experienced, Stable & Al
Slide 11: 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 12: NBPE Portfolio: Resilient Performance
NBPE Portfolio: Resilient Performance
Slide 13: Public and Private Valuations in 2026
Public and Private Valuations in 2026 Overall NAV performance was up by 2.7%, +$32 million (ex FX), in the value of private holdings in 2026 YTD Private Companies ($ millions) $1,300 93% of value Summary of Value Changes $1,250 In 2026 YTD $1,200 $32 $1,188 $34 ($2) $1,150 $1,124 $1,100 $1,050 • Pri
Slide 14: Top Companies
Top 10 Companies Representing approximately 41% of portfolio NAV 31 AUGUST 2026 COMPANIES INV. DATE SECTOR SPONSOR / GP COMPANY DESCRIPTION NAV 2020 Consumer 3i European discount retailer $78.4m 2021 Industrials Platinum Equity Specialty chemicals and services provider $72.6m Distributor of mission-
Slide 15: Strong underlying performance broadening out beyond largest holdings
Strong underlying performance broadening out beyond largest holdings LTM Operating Metrics Over Time1 Commentary (Private Companies, Wtd Avg) 20% • Strong underlying performance: Top 10 companies, representing 41% of the portfolio, continued to deliver strong double-digit operating 15% performance,
Slide 16: 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 17: New Investments
New Investments
Slide 18: Refreshing the portfolio
Refreshing the portfolio $114 million committed in 2026 YTD 31 August 2026 Prioritised Against a challenging backdrop, NBPE reduced the amount of capital deployed into new balance sheet investments in 2022 – 2025; investment level maintained at the lower level of 100% - 110% strength of NAV Lack of
Slide 19: New Investment Activity
New Investment Activity ~$114 million committed to six new investments through 31 August 2026 2026 Investments (YTD 31 Aug 2026): $114mm 115% Committed Capital Investment Level New 2026 Investments: 6 new investments Since YTD 2026 3 AI themed related Undisclosed Technology Company Undisclosed Techn
Slide 20: New Investments as of 31 August 2026
New Investments as of 31 August 2026 Undisclosed Undisclosed Undisclosed Conservice Ryan Technology Technology Vinted Technology Company* Company* Company* Provider of utility B2B tax services provider Vinted operates a mobile- management, billing, that helps enterprise first, consumer-to- payment p
Slide 21: 2024 and 2025 Investments
2024 and 2025 Investments The total gross MOIC of the 2024 and 2025 investments is currently 1.6x and FDH is in the process of a full realisation Investment Performance Summary (2024 and 2025 Investments as of 31 August 2026) $ in millions $200 $167 $150 $100 $105 1.6x ~28% Aggregate Gross MOIC Aver
Slide 22: 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 23: 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 24: Realisations
Realisations
Slide 25: Realisation Activity in 2026
Realisation Activity in 2026 $150 million of announced realisations 2026 YTD1, 12% of opening value Annual Liquidity Proceeds 2026 Realisations1 ($ in millions, % of opening portfolio value) $389 Realisation Type $400 Full Partial $350 $300 $250 CV $199 $200 $179 $180 $171 $1502 $150 $120 $100 $50 $
Slide 26: NBPE Liquidity By Quarter (2023 – YTD 2026) & Macro Events
NBPE Liquidity By Quarter (2023 – YTD 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
Slide 27: NBPE's Co-Investment Portfolio is Well Positioned With a Number of 'Exit Ready' Companies
NBPE’s Co-Investment Portfolio is Well Positioned 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 Services Technology Company Companies* Por
Slide 28: Liquidity & Capital Allocation
Liquidity & Capital Allocation
Slide 29: Strong Capital Position
Strong Capital Position By prioritising balance sheet strength, NBPE has a very strong liquidity position, with approximately $142 million1 of available liquidity (~$200m on a pro forma basis with announced realisations) 2 9 Capital Position ($ in millions) $250 $200 $165 $150 $142 $7 $100 $165 $135
Slide 30: Returning Capital to Shareholders: Dividends & Buybacks
Returning Capital to Shareholders: Dividends & Buybacks NBPE has returned over $144 million to investors YTD, 11.9% of opening value, by way of dividends and share buybacks Recent Per Share Dividends Dividends & Buybacks $ per Share $1.00 3.3% 4.7% $0.94 $0.94 $0.94 $0.94 $0.94 Annualised dividend y
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, on a run rate basis, is on track for another strong year Global Private Equity Deal Activity and De
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 $1,689 4,482 4
Slide 35: Valuation Multiples Over Time
Valuation Multiples Over Time US valuation multiples have generally remained consistent between 10-11x over the last decade with valuation multiples in Europe generally trading lower than the US EV / EBITDA 12.3x 11.9x 11.5x 11.4x 11.4x 11.5x 11.1x 10.9x 11.0x 10.7x 10.8x 11.0x 10.3x 10.6x 10.6x 10.
Slide 36: Private Equity AUM (Net Asset Value + Dry Powder)
Private Equity AUM (Net Asset Value + Dry Powder) Global Private Equity AUM ($ 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 37: Hold Periods
Hold Periods Global Exit Hold Times for Private Equity-Backed Companies 10 80% NBPE Weighted Average Holding Period at 31 August 2026 5.5 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 2
Slide 38: 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 39: 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: $179 million / 13.7% 40% 30% 23.4% 20% 15.0% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 40: Leverage Levels by Geography
Leverage Levels by Geography Debt / EBITDA 5.7x 5.7x 5.8x 5.8x 5.8x 5.8x 5.7x 5.9x 5.6x 5.7x 5.7x 5.7x 5.4x 5.5x 5.4x 5.2x 5.3x 5.3x 5.1x 5.3x 5.2x 5.1x 5.0x 5.0x 5.0x 5.0x 4.9x 4.9x 4.7x 4.7x 4.6x 4.5x 4.6x 4.4x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H
Slide 41: Other Supplementary Information
Other Supplementary Information
Slide 42: A Cautious Investment Approach Reflecting the Uncertain Environment
A Cautious Investment Approach Reflecting the Uncertain Environment Cash realisations slowed meaningfully after 2021 and the environment became highly uncertain. New investment activity slowed in 2022 and 2023 4 2 Commentary Annual Investment Cash Flows ($ in millions) • After the 2021 peak in $450
Slide 43: Increasing Investment Level to Target Range
Increasing Investment Level to Target Range Neuberger's cautious investment approach meant NBPE’s investment level declined and cash was built over time to repay the ZDPs and de-lever. In recent months, NBPE has increased its investment level to 115% and now targets 110% - 120% over the short to med
Slide 44: NBPE's Largest Positions by Sector
NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~59% of fair value Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Technology, Media & Telecom Cyber security and secure access $39.1mm / 3.1% E-commerce shipping softwa
Slide 45: NBPE's Largest Positions by Sector
NBPE’s Largest Positions by Sector The largest three positions within NBPE’s largest sectors account for ~59% of fair value Largest Sector Positions Company Descriptions Total PE Fair Value ($ / %) Financial Services Wealth management technology platform serving advisers and retail clients $47.1mm /
Slide 46: NBPE Performance Highlights
NBPE Performance Highlights 2026 Performance NAV Total Return (USD)1 as of 31 Share Price Total Return (GBP)1 as of 31 August 2026 August 2026 % Total Return % Total Return • NAV of $28.13 / £20.75 at 31 August 2026; 300% 200% 185% LTM NAV TR: +4.7% Ten Year 257% 175% Ten Year 250% • Private company
Slide 47: YTD 2026 NAV Bridge
YTD 2026 NAV Bridge Change in NAV from 31 December 2025 to 31 August 2026 Change in Net Asset Value $ in millions $1,260 $6.0 $32.5 ($0.6) $1,240 $1,220 $1,209.4 $1,200 $1,180 $1,160 $1,140 ($115.3) $1,120 ($6.3) $1,109.6 ($16.1) $1,100 December Private Value Public Valuation FX Changes Dividends Pa
Slide 48: NBPE Public Investments
NBPE Public Investments 9 total public positions with ~$88 million of fair value as of 31 August 2026 Public Stock Investments Public Portfolio Stats ($ in millions) 9 Public positions of previously private companies $36 $25 80% Of public stock value held through top three positions 3.0x / 4.6x $9 R
Slide 49: Balance Sheet Detail
Balance Sheet Detail 31 August 2026 31 December 2025 $ in millions (Unaudited) (Audited) Total Private Equity Investments $1,276.6 $1,212.1 Investment level 115% 100% Cash / Liquid Investments $7.3 $91.6 Credit Facility Drawn ($165.0) ($90.0) Other ($9.4) ($4.2) Net Asset Value $1,109.6 $1,209.4 Div
Slide 50: 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 51: 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 78.4 6.1% Solenis Mid-cap Buyout Sep-21 Platinum Equity 72.6 5.7% OneMonroe Mid-cap Buyout Dec-21 AEA Investors 66.1 5.2% FDH Aero Mid-cap Buyout May-
Slide 52: Schedule of Investments
Schedule of Investments Company / Investment Name Asset Class Investment Date Lead Sponsor Fair Value % of NBPE NAV Conservice Large-cap Buyout Feb-26 TPG Capital 8.8 0.7% Petsmart / Chewy (NYSE: CHWY) Large-cap Buyout Jun-15 BC Partners 8.8 0.7% CrownRock Minerals Mid-cap Buyout Aug-18 Lime Rock Pa
Slide 53: Endnotes
Endnotes
Slide 54: Methodology
Methodology • As part of its ongoing portfolio monitoring process, Neuberger Private Markets analyzed the changes in valuation in Q2 2026 across a broad sample of private equity funds – Investments with a GP reported capital account = (Q1 2026 NAV – Q1 2026 contributions + Q1 2026 distributions – Q4
Slide 55: 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 56: Endnotes
Endnotes 1. As of 31 August 2026. Analysis includes 15 IPOs/stock receipts, 48 full direct equity investment exits, and 23 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 sa
Slide 57: Disclaimers
Disclaimers
Slide 58: 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 59: 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 60: 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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