What Happened to NB Private Equity Partners Limited Shares on 13 November 2026?

NB Private Equity Partners Limited (LSE:NBPE) shares eased 0.91% to 1,530.0p on 13 November 2026. The listed private equity Investment company was in focus following its audited annual results for 2025 and its monthly NAV updates published through 2026.

The reports set out NAV growth, portfolio company operating performance, new investments and share buybacks.

Key Highlights

NAV per share was $27.94 (£20.77) at 31 December 2025, with a NAV total return of 5.0% in the 12 months. At 30 April 2026, NAV per share was $27.42 (£20.18), and the NAV total return for the month was 1.1%.

The private portfolio value increased 3.9% in 2025 on a constant currency basis.

About NB Private Equity Partners Limited

NB Private Equity Partners is a FTSE 250 listed private equity investment company managed by Neuberger Berman, with a portfolio of around $1.2bn. It invests mainly in direct co-investments alongside leading private equity sponsors.

The portfolio is weighted 77% to North America and 23% to Europe.

Portfolio Performance

Portfolio company operating performance was described as resilient, with last twelve month Revenue growth of 9.1% and EBITDA growth of 9.7% across weighted average holdings. The top ten investments delivered double-digit growth.

The portfolio is spread across industrials, technology, media and telecom, consumer, financial services, Business services and healthcare.

New Investments

Since the year end, NBPE committed $79 million to five new investments in the first quarter of 2026, which refresh the portfolio and lay foundations for future growth as set out at the Capital Markets Day in November 2025. Four of the new investments are AI-driven or well positioned to benefit from AI.

Management said it will balance the pace of new investments with realisations and returns of capital.

Buybacks and Dividends

Including Buybacks to the end of March 2026, since the beginning of 2025 NBPE had repurchased around 4.0 million shares at a cost of $81 million, at a weighted average discount of 27%. This was accretive to NAV by about $0.62 per share.

The company also pays a dividend, with the half-year Dividend accrued in NAV.

Portfolio Mix

At 30 April 2026, industrials and industrial technology represented 21% of the portfolio, technology, media and telecom 19%, consumer and E-commerce 16%, business services 16%, financial services 15% and healthcare 9%. Vintage years range from 2016 and earlier to 2026.

The mix of vintages gives exposure to different stages of the investment cycle.

Understanding Co-Investment and Vintage Years

A co-investment is a direct investment made alongside a private equity sponsor, often with lower fees than a fund investment. Vintage year is the year in which an investment was made.

Private company values are updated with information provided by sponsors and valuers.

Why the Update Matters for the Sector

Listed private equity vehicles are followed for NAV, realisations, buybacks and portfolio operating performance. NBPE's reports show how a portfolio of direct holdings is refreshed.

The listed structure gives access to private markets through a daily traded share.

Putting the Update in Context

Investment trusts can hold both capital and revenue reserves, and their boards oversee the investment manager on behalf of shareholders. Reading the report alongside the factsheet helps place a single trading day within a longer record of delivery.

Investment trusts are closed-ended companies listed on the stock exchange, which means the number of shares in issue is fixed unless the board decides to issue or buy back shares. Net asset value per share shows the value of the underlying portfolio, while the share price reflects what buyers and sellers are willing to pay on the day.

Key Growth Catalysts

Operating growth in portfolio companies, new investments and buybacks are the main supports. A diversified portfolio across sectors and sponsors adds balance.

Realisations can provide cash for returns to shareholders.

Factors to Monitor

Private valuations, exchange rates and quoted holdings influence monthly NAV. Realisation timing can vary.

The discount to NAV can change over time.

What Investors Should Watch Next

Investors may wish to follow monthly NAV updates, realisations, buyback activity and new investments.

Conclusion

NB Private Equity Partners Limited (LSE:NBPE) eased 0.91% to 1,530.0p on 13 November 2026. NB Private Equity Partners reported a 5.0% NAV total return for 2025, committed $79m to five new investments and continued buybacks. The next monthly NAV update is the next point of reference.