In this interview, Hardman & Co analyst Mark Thomas breaks down why NBPE’s 1H’25 results may be characterised as turning the corner. There was a modest improvement in financial performance, along with a healthier outlook for exits and a strong pipeline of mid-life co-investments already showing rapid value creation. Backed by solid liquidity, accelerating buybacks and increased allocations to new opportunities, the company is positioning itself for a stronger 2026, even though returns remain below long-term trends for now. While sentiment-driven discounts persist, recent realisations, rising exit activity and clearer operational progress suggest the underlying benefits of NBPE’s strategy may not yet be fully recognised.
About NBPE
NB Private Equity Partners is a London-listed investment company that provides access to a portfolio of direct private equity investments, with a focus on generating long-term capital growth and strong shareholder returns.
