Research on NB Private Equity Partners Ltd. (NBPE) from Hardman & Co
NBPE’s end-June 2026 results saw an acceleration in i) investee companies’ EBITDA growth ‒ avg. 12% vs. 10% end-2025 ‒ we believe, the key driver to long-term value creation, ii) realisations – NBPE expects FY’26 to be at least 18% opening NAV vs. three-year average 13.5%, iii) investments – previous FY’26 guidance $100m+; to June, NBPE completed $104m, with a further $60m signed, iv) buybacks/dividends ‒ $144m returned YTD vs. $62m for same 2025 period. NBPE’s exit-ready mature portfolio and multiple market dynamics are favourable to realisations. In our view, a major factor, potentially closing the discount.
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