Saba Capital Management, L.P., the New York-based activist investment firm controlled by Boaz Weinstein, has filed a TR-1 major holdings notification disclosing a reduction in its combined position in NB Private Equity Partners Limited (NBPE) to 4.677786% as of 30 October 2026. The notification, issued to the market on 3 November 2026, reveals that Saba's total stake — encompassing both direct voting rights and financial instruments — fell from a previously notified 5.063097%. The disclosure covers holdings spread across nine separate Saba-affiliated vehicles, including funds registered in the Cayman Islands, the United States, and Ireland, underscoring the complexity of the firm's position in the closed-ended fund.

Key Points

  • NB Private Equity Partners Limited (NBPE), ISIN GG00B1ZBD492, is a Guernsey-domiciled, non-UK closed-ended investment company
  • Saba Capital Management's combined position in NBPE fell to 4.677786% from a previously notified 5.063097%
  • The threshold was crossed on 30 October 2026; the issuer was notified on 3 November 2026
  • Investors may watch whether Saba's position continues to decline or stabilises near the 5% disclosure threshold

Saba Capital's Voting Rights and Total Return Swap Position in NBPE Broken Down

According to the notification, Saba Capital Management holds 640,342 shares carrying direct voting rights, equivalent to 1.774511% of NBPE's total voting rights. In addition, the firm retains exposure through a Total Return Swap, cash-settled and expiring on 15 December 2026, referencing 1,047,663 voting rights, or 2.903275% of the total. These two components combine to give a total position of 4.677786%, representing 1,688,005 voting rights in the issuer. The voting rights held through financial instruments declined notably from the previously notified 3.291619%, while the directly held share position moved only marginally, from 1.771478% to 1.774511%.

Nine Saba-Affiliated Vehicles Hold Exposure Across Multiple Jurisdictions

The notification lists nine distinct Saba-affiliated entities as shareholders, including Saba Capital Bluebird Fund Ltd, Saba Capital CEF Opportunities 1 and 2 (all Cayman Islands-domiciled), Saba K Fund LP, Saba Capital Pine Creek Fund LP, Saba Capital Master Fund Ltd, two separately managed accounts designated SMA #8 and SMA #10, and the Ireland-domiciled Saba Capital Investment Trusts UCITS ETF. Ultimate control of the entire chain rests with Boaz Weinstein, via Saba Capital Management GP, LLC and Saba Capital Management, L.P., as disclosed in the notification's chain-of-control section.

NB Private Equity Partners' Profile and Saba's Pattern of Closed-Ended Fund Activism

NB Private Equity Partners Limited is a Guernsey-registered, non-UK closed-ended fund focused on private equity investments, trading under the ticker NBPE. Saba Capital Management has publicly pursued strategies involving closed-ended funds trading at discounts to net asset value across multiple UK and international markets. The firm's use of Total Return Swaps — in this case expiring in December 2026 — allows economic exposure without direct share ownership, a structure that is disclosed under DTR5.3.1R(1)(b). The reduction in the swap component is the primary driver of the overall decline in Saba's notified stake in NBPE.