NB Private Equity Partners | Key takeaways from recent results

By Mark Thomas

In this latest DirectorsTalk Interview, Hardman & Co analyst Mark Thomas discusses the recent performance and outlook for NB Private Equity Partners (NBPE). The conversation covers the resilience of NBPE’s portfolio companies, prospects for future realisations, the company’s enhanced share buyback programme, and the key factors shaping sentiment towards the private equity sector.

Key Moments

• 00:04 — Mark Thomas joins to discuss NB Private Equity Partners
• 00:22 — Why the Hardman report sits behind a standard investment disclaimer
• 00:48 — The key message from Hardman’s latest NBPE results report
• 01:00 — 9% EBITDA growth underpins resilient portfolio performance
• 01:21 — Why NAV growth lagged EBITDA growth
• 01:36 — A mature portfolio and improving conditions for realisations
• 02:04 — Five drivers behind Hardman’s confidence in medium-term exits
• 02:12 — Why NBPE’s portfolio is exit-ready
• 02:23 — Dry powder and larger funds as natural buyers
• 02:57 — GPs face growing pressure to deliver liquidity
• 03:04 — How AI efficiency gains could support private equity returns
• 03:30 — Continuation funds and new exit routes
• 03:39 — Why realisations may remain lumpy quarter to quarter
• 04:09 — NBPE’s updated capital allocation framework
• 04:16 — Acceleration of the $120m buyback programme
• 04:26 — Increased allocation to new investments
• 04:41 — Dividend policy targeting at least 3% of NAV
• 04:53 — Further $120m allocated to buybacks in June 2026
• 05:04 — Buybacks total $240m over 15 months, equal to 19% of NAV
• 05:17 — Key risks facing NBPE and the listed private equity sector

NB Private Equity Partners is a listed private equity investment company providing shareholders with access to a diversified portfolio of direct investments in private companies, primarily alongside leading private equity sponsors.