Neuberger Private Equity Partners (NBPE) Finalizes Buyback of 24,848 Class A Shares on LSE

NBPE’s Direct Private Equity Investment Strategy and Fee Advantages

NBPE operates as a Guernsey-incorporated closed-end investment company focused on direct private equity investments alongside leading global private equity partners. Managed by NB Alternatives Advisers LLC, a wholly owned subsidiary of Neuberger Berman Group LLC, NBPE benefits from institutional-quality deal flow and investment expertise supported by a large asset management platform.

A key differentiator in NBPE’s approach is its fee structure, which largely avoids management fees and carried interest payable to third-party general partners on direct investments. This fee efficiency sets NBPE apart from many listed private equity vehicles, allowing shareholders to benefit from capital appreciation and bi-annual dividends with reduced drag from external management costs. This structural advantage supports long-term net asset value growth.

Details of the Buyback Transaction and Pricing

The buyback was completed on 22 July 2026 on the London Stock Exchange, with NBPE purchasing 24,848 Class A Shares at prices ranging from A314.32 to A314.64 per share. The shares carry ISIN GG00B1ZBD492, uniquely identifying NBPE’s Class A Shares for settlement and regulatory purposes. The transaction was executed under a share buy-back agreement with Jefferies International Limited, which acted as the intermediary.

All repurchased shares were cancelled rather than held in treasury, resulting in a permanent reduction in share capital. This cancellation is accretive to net asset value per share by reducing the total shares outstanding. The price range provides insight into NBPE’s market valuation on the transaction date, although the company did not disclose the weighted average purchase price.

Post-Buyback Share Capital and Treasury Holdings

Following cancellation of the 24,848 shares, NBPE’s outstanding Class A Shares stand at 40,489,301, representing voting shares for regulatory reporting under FCA rules. Investors must reference this figure when calculating ownership thresholds for disclosure purposes.

NBPE also holds 3,150,408 Class A Shares in treasury. These treasury shares do not carry voting rights or dividend entitlements but provide flexibility for future capital management, including potential distribution, employee share schemes, or cancellation. Distinguishing between outstanding and treasury shares is important for assessing shareholder dilution and economic interest.

Shareholder Authorization and Governance Compliance

The buyback was conducted under general authority approved by shareholders at NBPE’s Annual General Meeting on 11 June 2026. This authority permits the board to repurchase shares within specified limits, adhering to UK Listing Rules and regulatory frameworks. The board’s decision to proceed on 22 July 2026 was within these granted powers.

Jefferies International Limited served as the purchasing intermediary, ensuring compliance with market regulations on timing, pricing, and disclosure. The buy-back agreement outlines terms including price and volume limits, promoting transparency and arm’s-length execution in shareholders’ interests.

Neuberger Berman’s Global Asset Management Strength

NBPE is managed by NB Alternatives Advisers LLC, part of Neuberger Berman Group LLC, an established independent investment manager founded in 1939. Neuberger Berman is employee-owned, with no external corporate parent, aligning its interests with clients. It employs around 3,000 people across 26 countries and manages $567 billion in assets as of 31 March 2026.

The firm’s investment philosophy emphasizes active management, fundamental research, and engaged ownership, underpinning NBPE’s direct private equity portfolio. Neuberger Berman manages diverse asset classes globally and has earned accolades such as Best Asset Manager for Institutional Investors in the US by Crisil Coalition Greenwich and #1 Best Place to Work in Money Management by Pensions & Investments for firms with over 1,000 employees.

Capital Management Approach and NAV Impact

The share buyback reflects NBPE’s strategic capital management. Repurchasing shares below estimated net asset value per share can enhance returns for remaining shareholders by reducing outstanding shares while maintaining asset base. Conversely, buybacks above NAV may dilute shareholder value. The transaction prices between A314.32 and A314.64 offer market valuation insight, though NBPE has not disclosed NAV per share at the time, so accretion or dilution effects are not conclusively determined.

Buybacks are commonly used by investment companies to manage share price discounts to NAV, redeploy excess capital, or return capital to shareholders. NBPE’s choice to cancel rather than retain shares in treasury signals a commitment to reducing share capital, contrasting with treasury retention which preserves flexibility. Investors should view this buyback within NBPE’s broader capital management and investment performance context.

Regulatory Framework and Investor Safeguards

NBPE is a Guernsey-domiciled closed-end investment company regulated by the Guernsey Financial Services Commission and listed on the London Stock Exchange, subject to UK Listing Rules and FCA Disclosure Guidance and Transparency Rules. This dual regulatory oversight ensures timely disclosure, director dealing restrictions, and adherence to corporate governance standards. The public announcement of the buyback demonstrates NBPE’s commitment to transparency.

Operating under Guernsey’s regulatory regime, which aligns broadly with international standards, NBPE provides investors with protections while highlighting that investment values may fluctuate and past performance does not guarantee future results. Risks associated with direct private equity, including liquidity constraints and valuation uncertainties, remain relevant for shareholders.

Outlook and Shareholder Considerations

This buyback does not indicate any change in NBPE’s investment strategy or outlook. The company remains focused on direct private equity alongside top-tier global partners, targeting capital appreciation and bi-annual dividends. Shareholders should monitor NBPE’s financial results, NAV trends, and portfolio updates through regular disclosures. No forward guidance on NAV, share price, or further buybacks was provided in this announcement.

Investors should evaluate NBPE’s performance relative to its objectives and peer group, reviewing NAV per share, dividend yields, and portfolio quality. The buyback should be considered within NBPE’s overall capital allocation strategy and prevailing market conditions. Any significant future developments, including additional buybacks or dividend policy changes, will be disclosed per regulatory requirements.