Neuberger Private Equity Partners Limited USD · LSE:NBPE
Neuberger Private Equity Partners Limited USD — NB Private Equity Partners — Proactive One2One Investor Forum (September 2025)
30 slides from Neuberger Private Equity Partners Limited USD's conference presentation, September 2025
Slide 1: Introduction to NB Private Equity Partners
Proactive One2One Investor Forum Introduction to NB Private Equity Partners Investing in private companies to generate long-term growth Luke Mason – Principal, NB Private Markets
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: NB Private Markets Overview
NB Private Markets Overview
Slide 4: Neuberger Berman Overview
Neuberger Berman Overview Independent, privately owned, global investment manager NEUBERGER BERMAN: $538 BN ALTERNATIVES EQUITY FIXED INCOME $187bn $142bn $208bn THE NB DIFFERENCE History Ownership Depth Stability Culture 85+ 100% 2,800+ 96% Awarded 1st or 2nd Place Years Independent, Employees Acro
Slide 5: NB Private Markets Overview
NB Private Markets Overview Neuberger Berman’s Private Markets Platform manages over $140bn+ in commitments Neuberger Berman Private Markets NB Private Markets Platform 450+ 21+ Primaries Co- $40 bn(5) Investments $44 bn(6) Global Private Markets Average Years Experience Professionals of Senior Inve
Slide 6: Why Private Equity?
Why Private Equity?
Slide 7: Private Markets Have Historically Offered Higher Potential Returns Than Public Markets
Private Markets Have Historically Offered Higher Potential Returns To Investors Than Public Markets Comparison of horizon returns for publicly traded indices versus private equity 20 Year 15 Year 10 Year 5 Year 21.0% 18.5% 18.7% 17.8% 15.7% 15.8% 14.0% 13.6% 12.9% 9.4% 9.4% 8.2% MSCI World Global PE
Slide 8: Private Markets Offer A More Diversified Universe To Invest
Private Markets Offer A More Diversified Universe To Invest 10 years ago, the top 10 stocks comprised 18% of the S&P 500 index; Currently, the top 10 account for 37% of the index size and are mostly tech companies Share of Top 10 Stocks of S&P 500’s Market Cap, 2015-06-30 (left) vs. 2025-08-31 (righ
Slide 9: Private Markets Offer a Larger Investable Universe
Private Markets Offer a Larger Investable Universe Private equity opens investors up to a whole new investment opportunity U.S. Listed Companies vs. U.S. Private Equity-Owned Companies1 18,000 16,000 14,000 12,021 12,000 10,000 8,000 6,000 5,421 4,000 2,000 0 2000 2001 2002 2003 2004 2005 2006 2007
Slide 10: Private Equity Valuations Are Attractive Compared To Public Equity
Private Equity Valuations Are Attractive Compared To Public Equity On A Short-And Long-Term Basis The valuation gap between private and public equity valuations may provide an attractive entry point U.S. Purchase Price Multiples (EV/EBITDA) Average From 2015 U.S. Purchase Price Multiples (EV/EBITDA)
Slide 11: NBPE Overview
NBPE Overview
Slide 12: NBPE – Investing in Private Companies to Generate Long-term Growth
NBPE – Investing in Private Companies to Generate Long-term Growth FTSE 250 Launched $1.3bn Semi-Annual Company 2007 Net Assets Divided THE NBPE APPROACH Direct Exposure to Investing alongside top- A highly selective and Private Companies tier PE managers in their responsible investment core areas o
Slide 13: Differentiated Co-Investment Strategy
Differentiated Co-Investment Strategy NB platform growth, strategy and market environment leading to higher amount of mid-life and co-underwrite opportunities, where we can act as a flexible and value-added capital solutions provider LOWER COMPLEXITY HIGHER COMPLEXITY Co-Underwrite / Broad Syndicati
Slide 14: Case Study New Investment: Benecon
Case Study New Investment: Benecon Highlights: Company Description: Investment Thesis Strong GP Partner Benecon develops and administers self- funded employee health benefits Large, underserved market with programs. It provides a full suite of considerable barriers to entry actuarial, compliance,
Slide 15: Recent Deal Flow Review
Recent Deal Flow Review The overall private equity market transaction volume decreased by over 15% in the past 4 years, while NB’s deal flow increased by over 50% Global Buyout Deal Count(1) NB Private Markets Deal Flow(2) -16% +51% 2024 vs. 2021 ▼YoY 2024 vs. 2021 ▲YoY 5,418 627 4,527 4,537 596 563
Slide 16: Portfolio Overview
Portfolio Overview
Slide 17: A Well-Diversified Portfolio
A Well-Diversified Portfolio Diversified and carefully constructed portfolio Key Portfolio Stats 44 companies, $1.3bn 98% 22% Value of direct Of fair value invested investments in direct equity 78% 74 47 Number of direct Private equity Business Services Top 30 Private Equity Investments’ share Compa
Slide 18: Top Private Investments – Focused on Two Key Themes
Top 30 Private Investments1 – Focused on Two Key Themes Diversified by industry, private equity sponsor, geography and vintage year Geography Industry Diversification Vintage Year Healthcare 8% Other 2016 Business Services 2% 2024 10% 3% 11% Europe 2022 2017 22% 6% Tech, Media & 18% Telecom Consumer
Slide 19: Top Private Companies
Top 10 Private Companies Top 10 Private Inv. Sector Sponsor / Thesis 31 July 2025 NAV Companies Date GP / % of Total 2020 Consumer 3i Store growth through expansion to other European countries $89.1mm / 7.0% 2019 Financial Services Reverence Secular tailwinds, M&A in fragmented, consolidating indust
Slide 20: Liquidity & Capital Allocation
Liquidity & Capital Allocation
Slide 21: Liquidity Over the Last Five Years
Liquidity Over the Last Five Years $179 million of cash proceeds received in 2024 from 11 partial and full exits; $81 million of realisations through 31 August 2025 Annual Portfolio Liquidity ($ in mn, % of opening portfolio value) Realisations $450 • 2024 total cash received of $179 million, or 14%
Slide 22: Capital Allocation – Dividends & Buybacks
Capital Allocation – Dividends & Buybacks Since inception NBPE has returned over $480m to shareholders through dividends and buybacks through 3 September 2025 Dividend History Capital Allocation & Buybacks $ per Share $1.00 • Alongside allocating capital to NBPE’s investment $0.94 $0.94 $0.94 progra
Slide 23: Concluding Thoughts
Concluding Thoughts While we are operating in an uncertain environment, we remain confident in the portfolio and its positioning Selective: Co-investing with leading PE managers, focusing Dynamic: Control of investment Fee Efficiency: Single layer of on attractive opportunities with pacing and capit
Slide 24: Endnotes
Endnotes
Slide 25: 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 26: Endnotes
Endnotes 1. As of 31 July 2025. Uplift analysis includes 14 IPOs/stock receipts, 31 full direct equity investment exits, and 17 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
Slide 27: Disclaimers
Disclaimers
Slide 28: 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 29: 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 30: 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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