NB Private Placements: Monthly Net Asset Value Update for May

June 15, 2022

NB Private Equity (NBPE), the $1.4 billion listed private equity investment firm managed by Neuberger Berman, today releases its monthly estimate of net asset value as of May 31, 2022.

Strong points (at 31 May 2022)

• Net asset value per share of $29.55 (£23.45)
• 2% increase since April 30, 2022, largely due to updated first quarter 2022 private company valuation information
• All direct private equity investments are now valued based on March 31, 2022 valuation information, representing a 2% increase in value from December 31, 2021 for the private company’s portfolio.
• Year-to-date, this increase in private company valuations has been offset by lower valuations of NBPE-listed portfolio companies, resulting in a 5% decline in TR NAV since the start of the year. year
• Total announced year-to-date portfolio realizations of $120 million
• Well positioned to take advantage of investment opportunities – $368 million in cash and undrawn credit lines available

*Reflects cumulative returns over the periods indicated and is not annualized.

Activity Report (at May 31st 2022)

Net asset value increased by 2% in May 2022, thanks to the receipt of private company valuation information for the first quarter of 2022

• Net asset value up 1.5% ($22 million) during the month of May following Q1 2022 private company valuation news
• Increase of 0.5% ($7 million) due to positive public valuations and positive currency movements

$120 million in achievements announced in 2022

• 2022 year-to-date announced achievements of 120 million dollars¹
  • Five full or partial divestments announced in 2022 include: the remaining assets of Telxius, the announced full divestments of Leaseplan and Omega Environmental Technologies, the partial completion of MHS Global and the sale of an additional unannounced transaction which was signed in June but has not been closed yet²
  • These five total or partial disposals announced should generate a gross capital multiple of 2.9x and an increase of 8% compared to the valuations of December 31, 2021

New investment activity

• NBPE is well positioned to take advantage of new opportunities
• Continue to cautiously assess new opportunities with a focus on investing in our two key themes, long-term secular growth and/or low cyclicality

Solid liquidity

• $368 million in available cash ($68 million in cash³$300 million unused line of credit)
• NBPE converted into US dollars the equivalent of approximately £32 million in May, representing approximately 50% of the ZDP 2022 final principal entitlement which matures in September 2022

Portfolio valuation

The fair value of the NBPE portfolio as of May 31, 2022 was based on the following information:

• 17% of the portfolio is valued as of May 31, 2022
  • 14% in public securities
  • 3% in direct private investments
• 83% of the portfolio is valued as of March 31, 2022
  • 82% in direct private investments
  • 1% in private funds

For more information, please contact:

NBPE Investor Relations +1 214 647 9593

Kaso Legg Communications +44 (0)20 3995 6673

Charles Gorman [email protected]

Additional information

*Company not disclosed due to confidentiality clauses.

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

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies, including equities, fixed income, quantitative and multi-asset classes, private equity, real estate and hedge funds, on behalf of institutions, advisors and individual investors in the whole world. With offices in 25 countries, Neuberger Berman’s diverse team includes more than 2,500 professionals. For eight consecutive years, the company has been named first or second in the Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 or more employees). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to less than 1% of investment companies for excellence in environmental, social and governance (ESG) practices. The PRI also gave Neuberger Berman an A+ in each qualifying category for our approach to ESG integration across all asset classes. The company manages $447 billion in client assets as of March 31, 2022. For more information, please visit our website at www.nb.com.

¹ $56 million of in cash from achievements received through May 31, 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including realization signed in June 2022, the NBPE foresees a total Additional cash proceeds $81 million, which would result in $120 million of total achievements in 2022.
² Pending achievements are subject to customary closing conditions. No guarantee can be given as to the final closing of the transactions.
³ Understand £31.8 million of cash converted to USD at month-end exchange rate.

• NBPE Fact Sheet May 2022 vF