Core Viewpoint - NB Private Equity Partners (NBPE) has updated its Capital Allocation Framework to enhance investment performance and long-term shareholder value, emphasizing the undervaluation of its current share price and the strength of its portfolio [1][4][16]. Capital Allocation Framework - The Capital Allocation Framework consists of two main pillars: allocating capital to investment programs and returning capital to shareholders through dividends and share buybacks [6]. - The Board aims to dynamically allocate capital based on market conditions and the outlook for realizations, with a focus on new investment opportunities as the primary driver of performance and NAV growth [6][14]. Investment Activity - NBPE has announced approximately $165 million in realizations year-to-date, reflecting a 17% uplift to carrying value, with expectations for further liquidity and realizations in the coming months [8][12]. - The company plans to allocate at least $100 million to new investments over the next three to six months, targeting an investment level of 105%-110% of NAV [8][14]. - The previously announced $120 million share buyback program is being accelerated due to the Board's confidence in the portfolio and the opportunity for NAV per share accretion [8][16]. Share Buybacks - Year-to-date, NBPE has repurchased 1.9 million shares for $37.9 million at a weighted average discount to NAV of 27%, contributing $0.33 in NAV per share accretion [16]. - The remaining allocation for share buybacks as of October 31, 2025, is approximately $82 million, which could be fully utilized in the next six to nine months if the current pace continues [17][18]. Dividend Policy - Since its inception in 2013, NBPE has returned over $400 million to shareholders through dividends, with $0.94 per share returned this year, totaling approximately $43 million [21]. - The Board reaffirms its dividend policy, targeting an annualized yield on NAV of 3.0% or greater, with the current share price yielding 4.8% [22].

Core Viewpoint - NB Private Equity Partners ("NBPE") has announced the buyback of Class A Shares as authorized by shareholders, indicating a strategic move to manage share capital and enhance shareholder value [1][2]. Share Buyback Details - On 29 September 2025, NBPE purchased 10,822 Class A Shares at prices ranging from £15.06 to £14.82 [2]. - Following the buyback, the total number of outstanding Class A Shares will be 45,169,426, with an additional 3,150,408 Class A shares held in treasury [2]. Company Overview - NBPE is a closed-end investment company based in Guernsey, focusing on direct private equity investments alongside leading private equity firms globally [3][6]. - The investment manager, NB Alternatives Advisers LLC, is a wholly owned subsidiary of Neuberger Berman Group LLC, which emphasizes fee efficiency by not charging management fees or carried interest to third-party general partners [3]. Neuberger Berman Background - Neuberger Berman, founded in 1939, manages $538 billion across various asset classes and has a strong reputation for active management and fundamental research [4]. - The firm has been recognized as one of the best places to work in money management for eleven consecutive years [4].

Summary of Key Points Core Viewpoint - NB Private Equity Partners ("NBPE") has announced the buyback of Class A Shares, reflecting its commitment to enhancing shareholder value through share repurchase programs [2][3]. Group 1: Share Buyback Details - The buyback occurred on June 6, 2025, with a total of 3,000 Class A Shares purchased at prices ranging from £14.50 to £14.34 [3]. - Following the buyback, the total number of outstanding Class A Shares will be 45,533,911, with an additional 3,150,408 Class A shares held in treasury [3]. Group 2: Company Overview - NBPE is a closed-end investment company based in Guernsey, focusing on direct private equity investments alongside leading private equity firms globally [4][7]. - The investment manager, NB Alternatives Advisers LLC, is a wholly owned subsidiary of Neuberger Berman Group LLC, which emphasizes fee efficiency by not charging management fees or carried interest to third-party general partners [4]. Group 3: Neuberger Berman Background - Neuberger Berman, founded in 1939, is an independent investment manager with over 2,800 employees managing $515 billion across various asset classes [5]. - The firm has been recognized as one of the best places to work in money management for eleven consecutive years, highlighting its strong employee engagement and management philosophy [5].

Company Overview - NB Private Equity Partners ("NBPE") is a closed-end investment company based in Guernsey, focusing on direct private equity investments alongside leading private equity firms globally [3][6] - The company is managed by NB Alternatives Advisers LLC, a wholly owned subsidiary of Neuberger Berman Group LLC, which is responsible for sourcing, execution, and management of investments [3] Share Buyback Announcement - On June 3, 2025, NBPE announced the buyback of Class A Shares under the authority granted by shareholders on June 12, 2024, and an agreement with Jefferies International Limited [1][2] - A total of 3,800 Class A Shares were purchased on June 2, 2025, at prices ranging from £14.50 to £14.20 [2] - Following the buyback, the total number of outstanding Class A Shares will be 45,546,161, with an additional 3,150,408 Class A shares held in treasury [2] Investment Strategy - NBPE aims for capital appreciation through growth in net asset value over time while providing a bi-annual dividend [3] - The company emphasizes fee efficiency by making direct investments without management fees or carried interest payable to third-party general partners [3] Neuberger Berman Overview - Neuberger Berman, founded in 1939, is an employee-owned independent investment manager with over 2,800 employees across 26 countries, managing $515 billion in various asset classes [4] - The firm's investment philosophy is based on active management, fundamental research, and engaged ownership, and it has been recognized as a top workplace in money management for eleven consecutive years [4]