NBPE Announces May Monthly NAV Update

Neuberger Private Equity Partners Announces May Monthly NAV Update

St Peter Port, Guernsey, 24 June 2026

Neuberger Private Equity Partners (NBPE), the $1.1bn0F¹, FTSE 250, listed private equity investment company managed by Neuberger, today announces its 31 May 2026 monthly NAV estimate.

NAV Highlights (31 May 2026)

• NAV per share was $27.22 (£20.19), a USD total return of (0.7%) in the month
• Approximately 91% of valuation information based on 31 March 2026 private company valuations or quoted holdings
• On a constant currency basis, Q1 2026 private valuations were down (0.3%)1F²
• Partial realisation of Osaic, an independent broker dealer, in May 2026 via a continuation vehicle. As part of the transaction, NBPE realised approximately 40% of its 30 April 2026 NAV; total exit proceeds from Osaic are $27 million
• Announced realisation of FDH Aero, a global leader in aerospace and defence logistics and a 2024 vintage co-investment; the transaction is expected to close in the second half of 2026
• Pro forma for other expected realisations and cash received to-date during the month of June, total realisations for the year would be $144 million
  • ~341k shares repurchased (cost of ~$6.4 million) in May 2026 at a weighted average discount of 32% resulting in ~$0.07 NAV per share accretion in the month
  • $25 million invested in an undisclosed technology company; $104 million committed to new investments year-to-date
  • Continued balance sheet flexibility with $190 million of available liquidity at 31 May 2026

* All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

Portfolio Update to 31 May 2026

NAV performance during the month primarily driven by changes in private company valuations and quoted holdings

• (0.5%) NAV decrease ($5 million) from updated private company valuation information
• (0.2%) NAV decrease ($2 million) from quoted holdings
• Immaterial change in NAV from foreign exchange movements
• (0.2%) NAV decrease ($3 million) attributable to expense accruals
• 0.2% NAV increase attributable to share buybacks

$25 million of realisation proceeds received in May 2026; total announced realisations of $144 million

• Consisting primarily of proceeds received from the partial exit of Osaic, an independent broker dealer, through a continuation vehicle process; NBPE invested $15 million into Osaic in 2019
• Following the partial realisation of approximately 40% of NBPE’s April net asset value, which generated $27 million of total sales proceeds, NBPE’s remaining net asset value in Osaic is approximately $42 million
• Announced realisation of FDH Aero, a global leader in aerospace and defence logistics; NBPE invested in FDH in 2024 (~2 year holding period to-date). The transaction is expected to close in the second half of 2026
• Together with other expected realisations and other cash received to-date in June, pro forma realisations in 2026 would be $144 million

One new direct investment completed in May 2026

• $25 million invested in one new undisclosed technology company
• $104 million committed to new investments year-to-date

Continued buybacks in May 2026 and an additional $120 million allocated to buybacks over the next two years

• ~341k shares repurchased in May 2026 at a weighted average discount of 32%; buybacks were accretive to NAV by ~$0.07 per share
• Year-to-date, NBPE has returned $57 million to shareholders through dividends and buybacks
• On 1 June 2026, NBPE announced a further $120 million allocation to share buybacks over the next two years, taking the cumulative allocation to share buybacks since the beginning of 2025 to $240 million

Well positioned to take advantage of opportunities with $190 million of total liquidity at 31 May 2026

• $10 million of cash and liquid investments with $190 million of undrawn credit line available
• Investment level of 110%
• Will continue to balance the pace of new investments with realisations and returns of capital to shareholders
• At 31 May 2026, there was approximately $91 million of pending realisations, which provides a meaningful enhancement to the liquidity position as cash is received from the underlying transactions

Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 May 2026 was based on the following information:

• 8% of the portfolio was valued as of 31 May 2026
  • 6% in public securities
  • 2% in private direct investments
• 91% of the portfolio was valued as of 31 March 2026
  • 91% in private direct investments
• 1% of the portfolio was valued as of 31 December 2025
  • 1% in private direct investments

Supplementary Information (as of 31 May 2026)

*Undisclosed company due to confidentiality provisions.

For further information, please contact:

NBPE Investor Relations        +44 20 3214 9002
Luke Mason        [email protected]

Teneo                        +44 (0) 20 7260 2700

Tom Murray [email protected]

Rob Yates

Jessica Pine

About Neuberger Private Equity Partners Limited

Neuberger Private Equity Partners invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of Neuberger Private Equity Partners. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. Neuberger Private Equity Partners seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger
Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 26 countries. The firm manages $567 billion of equities, fixed income, private markets, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again this past year, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards.
Data as of March 31, 2026.

Media Contacts:
US: Soogyung Jordan: [email protected]
EMEA: Fiona Kehily: [email protected]

All Neuberger figures are as of December 31, 2025, unless otherwise noted, and are subject to change without notice. The firm data, including employees and assets under management, reflect the collective data of the various affiliated investment advisors who are subsidiaries of Neuberger Berman Group LLC. The company history/timeline includes the history of all the company’s subsidiaries, including predecessor companies and acquisitions.

This material is issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications to learn about each company and the legal restrictions and restrictions. The name “Neuberger Berman” and logo are registered service marks of Neuberger Berman Group LLC.

© 2026 Neuberger Berman Group LLC. All rights reserved.

¹ Based on net asset value.
² Based on information received to-date and may be subject to change.

Attachment

• May 2026 NBPE Factsheet vF2