RCS — Neuberger Prv Equity — Results analysis from Kepler Trust Intelligence

For best results when printing this announcement, please click on link below: RNS Number: 1897W Neuberger Private Equity Prtnr Ltd 24 September 2026 Neuberger Private Equity Partners 24/09/2026 Results analysis from Kepler Trust Intelligence Neuberger Private Equity Partners (NBPE) has announced its interim results for the six months to 30/06/2026. 7% increase in private company valuations (ex-FX), alongside positive contributions from share buybacks, partially offset by the negative impact of foreign exchange and quoted holdings. 1%, respectively, with a number of companies seeing an acceleration of growth relative to the end of last year.

Overall, realisation and investment activity has been robust, with $150m of realisations announced in the six months to 30/06/2026, and visibility of a further $68m of proceeds from transactions yet to be announced. This represents a significant increase compared to the $86m of realisations achieved over the first six months of 2025. 5%. Proceeds in 2026 are anticipated to reach at least 18%, materially higher than this average.

On the investment front, Neuberger have committed NBPE to six new investments over the interim period, amounting to $104m, and a further $60m committed since then to three new investments, and one follow-on in an existing 2026 investment. 9% of NAV). During the year, NBPE allocated a further $120m to share buybacks, with a balance of c. $76m remaining at the time of writing.

Kepler view This was a positive set of interims from NBPE, which in our view provides several points of evidence that the green shoots of a recovery are appearing. The team has been active on the investment front and we understand that nearly one-third of the portfolio is now represented by investments made in 2024 or later. At the same time, NBPE's strategy sees the board continue to return capital to shareholders. NBPE's discount remains wide at c.

30% to the 31/08/26 NAV, and so returning capital via buybacks is accretive. NBPE also pays a dividend from capital, which represents a yield at the current price of c. 8%. Taken together, according to our calculations NBPE has returned the largest amount of capital as a % of NAV in the listed private equity peer group over the last five years.

It is also encouraging to see the strong performance of the top ten holdings and the 2024/25 vintages (both of which have reported stronger-than-average revenue and earnings growth). With the managers reporting good visibility on further realisations, they are optimistic about the portfolio's prospects for the second half of the year. Given NBPE's differentiated proposition, should NAV returns continue to improve, it is possible that shareholder returns will be boosted by the discount narrowing yet further. CLICK HERE TO READ THE FULL REPORT Visit Kepler Trust Intelligence for more high quality independent investment trust research.

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