Neuberger Private Equity Partners Limited Finalizes £440,000 Buyback of Class A Shares on LSE

NBPE’s Direct Private Equity Strategy and Fee Efficiency

Neuberger Private Equity Partners Limited operates as a Guernsey-domiciled closed-end investment company, offering investors direct private equity exposure alongside leading global private equity firms. Its fee-efficient investment model is notable, as most direct investments incur no management fees or carried interest payable to third-party general partners, contrasting with other listed private equity vehicles where such fees can significantly reduce returns. NBPE’s investment manager, NB Alternatives Advisers LLC—an indirect wholly owned subsidiary of Neuberger Berman Group LLC—is responsible for sourcing, executing, and managing all portfolio investments.

The company targets capital appreciation primarily through net asset value growth over time while maintaining a bi-annual dividend policy. By investing directly alongside premier private equity firms rather than via fund-of-funds, NBPE benefits from enhanced fee transparency and alignment with portfolio company performance. This approach aligns with Neuberger Berman’s broader commitment to active management, fundamental research, and engaged ownership globally.

Details of Share Buyback Execution and Pricing

On 23 July 2026, NBPE completed the repurchase of 30,000 Class A Shares, marking the first disclosed transaction under the general authority granted at the 11 June 2026 annual general meeting. Shares were bought on the London Stock Exchange at prices ranging from £14.50 to £14.66 per share. The aggregate transaction value was approximately £440,000, although the company did not specify the weighted average price or total consideration. Jefferies International Limited acted as the broker for this transaction.

All repurchased Class A Shares will be cancelled rather than held in treasury, reducing the share count and potentially increasing earnings per share for remaining shareholders, assuming stable net asset value. The shares’ ISIN is GG00B1ZBD492, enabling precise tracking of trading activity. The buyback was conducted within the company’s authorised framework, adhering to shareholder approvals and FCA Disclosure Guidance and Transparency Rules.

Effect on Outstanding Share Capital and Voting Rights

Following cancellation of the 30,000 repurchased shares, outstanding Class A Shares total 40,459,301. Additionally, 3,150,408 Class A Shares are held in treasury, which carry no voting rights and are excluded from voting entitlement calculations for regulatory reporting. Under FCA rules, investors must use the figure of 40,459,301 voting rights when assessing notification thresholds or material changes in holdings.

This distinction ensures market transparency and accurate calculation of shareholding percentages. Cancelled shares are permanently removed from the capital structure, whereas treasury shares may be reissued in the future, although no such plans have been announced. The current balance between outstanding and treasury shares provides NBPE with capital management flexibility while maintaining clear visibility of voting structures for stakeholders.

Neuberger Berman’s Global Investment Expertise

Neuberger Berman Group LLC, NBPE’s investment manager’s parent, is an employee-owned, private, independent investment manager founded in 1939. As of 31 March 2026, it managed approximately $567 billion across equities, fixed income, private markets, real estate, and hedge funds for institutions, advisors, and individuals worldwide. With around 3,000 employees in 26 countries, it ranks among the largest dedicated private investment managers globally, providing NBPE’s manager with extensive deal flow, market insight, and execution capabilities in private equity.

The firm has earned accolades such as Best Asset Manager for Institutional Investors in the US by Crisil Coalition Greenwich and Best Place to Work in Money Management by Pensions & Investments for firms with over 1,000 employees. Its employee-owned structure aligns interests with clients and investors, reducing conflicts often present in publicly listed or externally owned firms.

Guernsey Domicile and Regulatory Compliance

NBPE is a Guernsey-domiciled closed-end investment company, benefiting from a robust regulatory environment and tax efficiencies common among listed private equity vehicles. The Guernsey Financial Services Commission has authorised its operations and capital raising. The company complies with international standards for investor protection and financial reporting.

Regulatory filings, including this buyback announcement, are made via the London Stock Exchange and Investegate in line with FCA Disclosure Guidance and Transparency Rules. The announcement includes standard disclaimers on forward-looking statements and risk factors, underscoring the company’s commitment to transparent communication with shareholders and market participants regarding capital structure changes and shareholder-approved programmes.

Capital Management and Shareholder Returns

The shareholder-authorised buyback on 11 June 2026 offers NBPE flexibility to deploy capital when shares trade at valuations deemed attractive relative to net asset value. Buybacks at prices below intrinsic net asset value can enhance returns by reducing share count while preserving overall assets, potentially increasing earnings and asset value per share if net asset value per share remains stable.

Alongside buybacks, NBPE maintains a bi-annual dividend policy, balancing regular cash distributions with capital appreciation goals. The announcement does not clarify whether this buyback exhausts shareholder authority or if further repurchases will occur. Investors should note that buyback benefits depend on investment performance and repurchase prices relative to intrinsic value.

Private Equity Market Positioning and Co-Investment Advantages

NBPE’s direct co-investment approach alongside established private equity firms offers advantages such as lower fee drag, greater transparency, and access to premier deal opportunities. Most direct investments incur no management fees or carried interest payable to third-party general partners, distinguishing NBPE from traditional fund-of-funds or multi-manager trusts.

The private equity market has evolved with growing capital flows into direct co-investments and continuation funds. NBPE’s access to Neuberger Berman’s global private equity network enhances its ability to source and execute high-quality investments. The scale and stability of Neuberger Berman bolster NBPE’s credibility with leading sponsors and participation in attractive syndications.

Regulatory Reporting and Disclosure Standards

The announcement includes ISIN GG00B1ZBD492 and detailed voting rights figures, ensuring compliance with FCA Disclosure Guidance and Transparency Rules. The use of 40,459,301 voting rights as a baseline supports consistent shareholder notification and regulatory assessments. This technical precision exemplifies best practices among listed investment vehicles, providing clarity for investors managing compliance.

Disclosure of transaction details—date, share count, price range, and broker—meets London Stock Exchange transparency standards. Forward-looking disclaimers caution investors on speculative projections. Multiple investor relations contacts, including NBPE and Oak Group, facilitate engagement and information access.

Investment Outlook and Future Capital Deployment

The completed buyback reflects NBPE’s readiness to allocate capital for shareholder benefit when valuations and market conditions are favourable. The announcement does not provide guidance on future buybacks, dividends, or performance targets, maintaining prudent caution on forward-looking statements. Investors should monitor regular net asset value reports and disclosures on buyback authority utilisation.

Private equity market dynamics—including macroeconomic factors, interest rates, and credit conditions—impact deal activity and exit opportunities. NBPE’s diversified exposure across multiple sponsors and portfolio companies offers some risk mitigation, though performance depends on portfolio quality and value creation by private equity managers. Prospective investors should seek independent advice to evaluate NBPE’s strategy, fee structure, and distribution policy relative to their investment goals.