Core Insights - NB Private Equity Partners (NBPE) reported a monthly NAV estimate of $27.44 per share as of September 30, 2025, reflecting a total return of (1.3%) for the month [5][17] - The company has a total liquidity of $265 million, including $55 million in cash and liquid investments, and $210 million in undrawn credit lines [8][10] - Year-to-date, NBPE has repurchased approximately 1.4 million shares at a weighted average discount of 28%, resulting in an NAV per share accretion of approximately $0.25 [11][5] NAV Performance - The NAV total return (TR) for the year-to-date is 3.1%, while the one-year return is 11.5% [3] - Over the last three years, the NAV TR has increased by 62.3%, and over five years, it has grown by 163.1% [3] - In comparison, the MSCI World TR has shown a year-to-date return of 17.8% and a five-year return of 239.5% [3] Investment Activity - In September 2025, NBPE deployed $10 million into a new investment in Infra Group, alongside PAI, and has invested a total of $23 million year-to-date in new and follow-on investments [5][10] - The company received $15 million in proceeds during September, contributing to a total of $101 million year-to-date, with an additional $64 million expected in the coming months [4][10] Portfolio Valuation - As of September 30, 2025, the fair value of NBPE's portfolio was primarily composed of private direct investments, with 93% valued as of June 30, 2025 [11] - The top five investments include Action, Osaic, Solenis, Monroe Engineering, and BeyondTrust, collectively representing a significant portion of the portfolio [9] Geographic and Sector Allocation - The portfolio is geographically concentrated, with 76% in North America and 24% in Europe [13] - Sector-wise, the largest allocations are in Tech, Media & Telecom (22%), Consumer/E-commerce (20%), and Industrials (19%) [13]

Group 1 - Axon Enterprise, Inc. has experienced a strong start to the year with better bookings compared to the previous year, indicating positive sales performance [4] - The improvement in bookings is attributed to two main factors: a previous slow start in Q1 of the prior year and a shift in the sales team's approach to incentivization and budget awareness [4][5] - The company president, Josh Isner, has been with Axon for 16 years and has served as president for two years, highlighting his extensive experience within the organization [2][3] Group 2 - The first quarter of the year is characterized by a lack of budget expirations, which can lead to a slower sales environment compared to other quarters when budgets are refreshed [4][5] - The company noted that certain regions, such as Florida, Texas, and the U.S. Federal government, have specific budget cycles that impact sales dynamics [4]

Core Insights - NB Private Equity Partners (NBPE) reported a total NAV return of 1.5% for the year ending December 31, 2024, with net assets of $1.3 billion and a NAV per share of $27.53 [4][6] - The private investment portfolio increased in value by 6.9% on a constant currency basis, although gains were partially offset by foreign exchange fluctuations and public holdings [4][6] - The company generated $179 million in proceeds from realisations during 2024, representing 14% of the portfolio's opening fair value [4][6] Financial Performance - The NAV TR for NBPE was 1.5% for 2024, while the MSCI World TR was significantly higher at 19.2% [3] - Over the past three years, NBPE's NAV TR decreased by 4.0%, while the share price TR declined by 1.1% [3] - The company paid dividends of $0.94 per share during 2024 [6] Portfolio Overview - The underlying portfolio reported a weighted average revenue growth of 8.0% and EBITDA growth of 13.1% for the last twelve months [7] - As of March 31, 2025, the NAV per share was $27.17, with a year-to-date NAV increase of 0.4% [12][8] - The portfolio is well-diversified, with 94% in private direct investments and 6% in public securities as of March 31, 2025 [13] Liquidity and Investment Strategy - NBPE ended 2024 with $283 million in available liquidity, including $73 million in cash and liquid investments, and a $210 million credit line [5][10] - The company has repurchased approximately 624,000 shares for $12.3 million at a weighted average discount of 29%, resulting in NAV accretion of approximately $0.10 per share [11] Geographic and Sector Allocation - The portfolio is primarily focused on North America (77%) and Europe (22%), with only 1% in Asia and the rest of the world [15] - Sector allocation includes 23% in Tech, Media & Telecom, 21% in Consumer/E-commerce, and 18% in Industrials/Industrial Technology [15][16]