Neuberger Private Equity Partners (NBPE)
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Neuberger Private Equity Partners (NBPE) aims to provide investors with the strong return potential of private equity, through a disciplined, selective co-investment strategy, backed by Neuberger’s $165bn private-markets platform and specialist team. NBPE’s manager can be highly, building the portfolio investment by investment and curating a portfolio that exposes shareholders to the best opportunities, whilst mitigating risks through portfolio construction.
Having a pure co-investment model confers additional benefits to NBPE, a primary one being that it enables dynamic capital-allocation decisions. This is proving particularly helpful given the current discount to NAV and the board’s desire to deploy capital into both buybacks (see Discount) and new investment opportunities (see Portfolio) whilst, at the same time, maintaining the dividend. On all fronts, NBPE has been particularly active. Since the start of 2025, NBPE has returned 14% of NAV through buybacks and dividends (see Dividend). At the same time, NBPE has been refreshing the portfolio into the manager’s significant deal pipeline, resulting in $104m across six new investments being invested or committed year to date (to 31/05/2026). As we discuss in the Performance section, 2024 and 2025 vintages are performing ahead of the rest of the portfolio, giving credence to the board’s capital allocation framework.
Neuberger are reviewing 14.6 deals per week currently, reflecting the relative paucity of capital available for co-investments and their advantageous position in the market for co-investment deals. NBPE’s board have plenty of control over the balance sheet because of the co-investment model, and so, the increase in gearing seen so far this year (see Gearing), is a conscious decision reflecting the desire to invest in attractive opportunities to refresh the portfolio and drive future NAV growth. We understand that over the medium term, gearing will now be in the range of 110–120%.
As a result of the unique model, NBPE has had the ability to invest more and return capital faster than with a traditional fund-of-funds approach.
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Rewatch our roundtable discussion and series of webinars with Schiehallion, NB Private Equity Partners and HarbourVest Global Private Equity.
