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NB Private Equity Partners (NBPE) investor relations material

NB Private Equity Partners H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary25 Sep, 2025

Executive summary

  • Focuses on direct investments in private equity-owned companies, primarily in the US, targeting long-term structural growth sectors and leveraging a selective co-investment model with top-tier managers.

  • Net asset value (NAV) reached $1,283 million as of 30 June 2025, with NAV per share at $28.14, reflecting a 4.0% total return in USD for the six months, driven by private company valuation increases, quoted holdings, and FX gains.

  • Portfolio is highly diversified across sectors, geographies, and managers, with 73 direct equity investments and $1.3bn in direct investments as of 31 August 2025.

  • Five-year gross IRR on direct equity investments is 16.4%, with a 2.1x multiple of cost on realisations and a 31.5% average uplift on IPOs/realisations.

  • Portfolio companies showed resilient operating performance, with weighted average LTM revenue and EBITDA growth of 8.8% and 9.8%, respectively.

Financial highlights

  • NAV per share at 31 August 2025 was $27.79 (£20.57), with a YTD NAV total return of +4.5% and +4.8% over the last twelve months.

  • NAV total return of 4.0% for H1 2025; year-to-date NAV TR of 4.5% as of 31 August 2025.

  • $128 million of realisations YTD, with $86 million in cash proceeds received and ~$41 million pending/expected.

  • Public holdings, representing 7% of portfolio fair value, were up 13.8% YTD (ex-FX).

  • Top 10 investments (31% of fair value) delivered LTM revenue growth of 13.7% and LTM EBITDA growth of 15.9%.

Outlook and guidance

  • Management remains confident in portfolio positioning, citing robust underlying performance, strong liquidity, and a dynamic, selective investment approach.

  • Ongoing focus on co-investing with leading managers and maintaining fee efficiency.

  • Exit environment showed renewed momentum in late Q2 and into H2 2025, but timing and pace of sustained rebound remain uncertain.

  • Portfolio has a number of 'exit ready' companies, expected to drive liquidity and performance as market conditions improve.

  • Board and management remain focused on narrowing the share price discount and improving total shareholder returns through buybacks, dividends, and enhanced investor relations.

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Frequently asked questions

NB Private Equity Partners Limited (NBPE) is a Guernsey-based closed-ended investment company specializing in direct private equity investments. It co-invests alongside private equity sponsors, focusing on generating attractive returns through investments in the equity of private equity-backed companies. The company manages investment risk by diversifying its portfolio across various sectors, including technology, media, telecom, consumer/e-commerce, business services, and financial services. NBPE aims for diversification not only in sector but also across asset class, vintage year, geography, industry, and sponsor. The company is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.

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