NB Private Equity Partners Ltd

What NB Private Equity Partners Ltd does

Neuberger Private Equity Partners Limited (formerly NB Private Equity Partners Ltd, rebranded 12 June 2026) is a Guernsey-domiciled, London-listed (FTSE 250, tickers NBPE/NBPU) closed-end investment company that provides institutional and retail investors with publicly traded access to a diversified portfolio of direct equity investments in private companies. The vehicle invests primarily in private equity-backed businesses in North America (77%) and Europe (23%), targeting long-term capital appreciation through NAV growth alongside semi-annual dividend distributions with a stated 3.0% annualised dividend yield on NAV. As of 31 May 2026, the company reported NAV of $1,138.8M, Total Private Equity Fair Value of $1,255.8M, and a portfolio of approximately 90 direct company investments; shares traded at a 28.8% discount to NAV with a market capitalisation of approximately £1,122.9M.

The company is managed by NB Alternatives Advisers LLC, a subsidiary of Neuberger Berman Group LLC (founded 1939, private and employee-owned), under an investment approach that co-invests alongside third-party PE sponsors with no management fee and no carried interest payable to those sponsors, yielding a structurally fee-efficient model compared to typical listed PE competitors. Capital structure comprises Class A Ordinary Shares (primary listed security with voting and dividend rights) and Zero Dividend Preference (ZDP) Shares (non-voting preference shares with a predetermined fixed return at maturity), supplemented by a Dividend Re-investment Plan (DRIP) and a USD currency election option for US shareholders. The company targets long-duration capital and delivers returns through NAV compounding plus dividend distributions, with disclosed outcomes including a 7% five-year annualised return on direct equity investments, a 2.8x aggregate multiple of cost on realisations, and an 18% uplift to carrying value over the same period.

The go-to-market is a direct-to-consumer listed trust model: shares are distributed through the London Stock Exchange, accessible via major online trading platforms and through corporate brokers Jefferies International and Stifel, with marketing services provided by Kepler Investment Trusts and media relations by KL Communications. The company services both institutional investors (covered by eight sell-side analysts across Jefferies, Canaccord Genuity, Hardman & Co, Investec, J.P. Morgan Cazenove, Kepler Partners, and Numis Securities) and retail investors (via platform self-serve), positioning itself as a liquid, diversified, professionally managed wrapper on illiquid private market exposure for investors who cannot or do not wish to commit capital directly into PE fund vintages.

Name

NB Private Equity Partners Ltd

Legal name

Neuberger Private Equity Partners Limited

Website

https://nbprivateequitypartners.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Neuberger Private Equity Partners Limited is a Guernsey-domiciled, London-listed (LSE: NBPE) closed-end investment company offering institutional and retail investors liquid access to a diversified portfolio of approximately 90 direct equity investments in North American and European private companies, managed by NB Alternatives Advisers under parent Neuberger Berman.

Ownership category

akta.pro rank

Product category

Closed-End Private Equity Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSANAFAM

NAV-Based / Portfolio Finance (Liquidity for LPs/GPs)

Financial & Insurance/Private Equity & Venture Capital/Secondaries Funds (LP Stakes & GP-led)

Keywords

• Closed-end investment trust
• Private equity investment
• Direct equity portfolio
• Listed investment company
• Dividend income fund

Headquarters

HQ city

St. Peter Port

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others, Infrastructure

Revenue model

1. Private Equity Investment Returns: NBPE generates returns through appreciation in net asset value (NAV) from its portfolio of direct equity investments in private companies. The company also returns capital to shareholders through semi-annual dividend payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

NBPE is a London-listed, Guernsey-domiciled closed-end investment company that invests predominantly in direct equity of private equity-backed companies, providing investors with access to a diversified portfolio of approximately 90 private companies. The trust is managed by NB Alternatives Advisers LLC (a Neuberger Berman subsidiary) and structures investments through co-investment arrangements with no management fee and no carried interest payable to third-party PE sponsors, targeting long-term NAV growth combined with semi-annual dividends.

Product overview

NB Private Equity Partners (NBPE) is a single, unified investment trust structure - a closed-end investment company listed on the London Stock Exchange (ticker NBPE) that provides investors with access to a diversified portfolio of direct equity investments in approximately 90 private companies. The company is managed by Neuberger Berman's NB Alternatives Advisers LLC and invests predominantly in North American and European private equity-backed businesses, focusing on companies where no management fee or carried interest is payable to third-party sponsors, offering greater fee efficiency. The investment is structured through Class A Ordinary Shares (the primary listed security) and ZDP (Zero Dividend Preference) Shares as part of its capital structure. Supplementary shareholder services include a Dividend Re-investment Plan (DRIP) for automatic share accumulation and a Currency Election option for US shareholders. The company generates returns through net asset value growth and semi-annual dividend payments, targeting a 3.0% annualized dividend yield on NAV.

Differentiator

Problem solved

Functional benefit

Products and services

• NB Private Equity Partners (NBPE) Investment Trust A London-listed (FTSE 250) Guernsey-domiciled closed-end investment company managed by Neuberger Berman that invests in direct equity of private equity-backed companies, offering investors access to a diversified portfolio of approximately 90 private companies across industry, vintage year, and geography with the aim of generating attractive long-term returns through net asset value growth and semi-annual dividends.
• Class A Ordinary Shares Primary listed share class of NBPE traded on the London Stock Exchange under ticker NBPE, offering investors exposure to the private equity portfolio with voting rights and entitlement to dividends.
• Zero Dividend Preference (ZDP) Shares Non-voting preference shares that provide a predetermined fixed return at maturity, offered as part of NBPE's capital structure to enhance shareholder returns.

Quantifiable outcome

• 5.0% NAV total return for year ended December 2025
• +4 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered major and minor.

• KPMG Channel Islands LimitedmajorOthersIndependent accountants providing audit services. Located at Glategny Court, Glategny Esplanade, St. Peter Port, Guernsey GY1 1WR.
• Oak Fund Services (Guernsey) LimitedmajorOthersGuernsey Administrator and Company Secretary providing administrative services. Located at St Peter Port, Guernsey GY1 2NP.
• Link Asset ServicesmajorOthersRegistrar providing share registration services. Located at Beckenham, BR3 4ZF. Provides online Share Portal for shareholders to access holdings information and update preferences.
• The Bank of New YorkminorOthersDepositary bank providing custodial and depositary services. Located at 101 Barclay Street, 22nd Floor, New York, NY 10286.
• MUFG Capital AnalyticsminorOthersFund service and recordkeeping agent. Located at 325 North St Paul Street, Suite 4700.
• Kepler Investment TrustsmajorChannel Partner/ Reseller/ DistributorMarketing services and research distribution partner. Located at 9/10 Savile Row, London W1S 3PF. Provides analyst coverage and investor communications support for NBPE.
• KL CommunicationsminorChannel Partner/ Reseller/ DistributorMedia relations support providing press communications and PR services. Contact at [email protected].

Scale indicators18 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Apax Global Alpha: London-listed closed-end investment company providing diversified exposure to Apax Partners' private equity funds and debt investments. Comparable to NBPE in listed-PE structure and affiliation with a single private equity manager.
• Hg Capital Trust: FTSE 250-listed investment trust investing in Hg's portfolio of technology and services-focused private equity investments. Comparable to NBPE in listed-PE structure and manager-affiliated model, though focused on a single sponsor's deals.
• 3i Group: FTSE 100-listed private equity and venture capital company that invests directly in private companies. Comparable to NBPE as a London-listed PE investment company, though 3i is a vertically integrated manager with proprietary deal flow rather than a co-investment model.
• Caledonia Investments: FTSE 250-listed investment trust that invests across public and private equity, including direct PE. Comparable to NBPE as a London-listed diversified investment trust with significant private equity exposure and a long-term dividend track record.
• ICG Enterprise Trust: FTSE 250-listed investment trust managed by Intermediate Capital Group that invests in direct private equity. Closely comparable structure to NBPE as a listed vehicle focused on direct PE with semi-annual dividends and an investment manager parent affiliation.
• Pantheon International: FTSE 250-listed private equity investment trust that invests in a diversified portfolio of primary fund commitments and secondary direct investments. Highly comparable to NBPE in structure, listed PE investment approach, and target investor base.
• HarbourVest Global Private Equity: London-listed closed-end investment company that invests in a diversified portfolio of private equity funds and direct co-investments globally. Directly comparable to NBPE in structure (listed PE fund of funds + co-investments), target investor base, and NAV-discount trading dynamics.
• Princess Private Equity Holding: Luxembourg-listed investment company investing in a globally diversified portfolio of private equity fund interests and direct investments. Directly comparable to NBPE in listed-PE structure, primary/direct PE focus, and European-listed investor base.

Broad incumbents

• EQT AB: Stockholm-listed global private equity manager with diversified strategies across private capital. Comparable to NBPE's exposure profile, though EQT is a broad incumbent operating manager rather than a focused listed-PE investment vehicle.
• Bridgepoint Group: London-listed mid-market private equity manager. Comparable to NBPE as a London-listed PE exposure vehicle, though Bridgepoint is an operating manager with proprietary deal sourcing rather than a co-investment-driven investment trust.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NB Private Equity Partners Ltd