UPDATE (Oct 2026): NBPE changed its name from NB Private Equity Partners to Neuberger Private Equity Partners in June 2026. Its NAV total return was -8% in the year to December 2022, +2% to December 2023, +2% to December 2024, +5% to December 2025, and +2% in the first half of 2026, making it one of the poorer-performing trusts in the Private Equity sector in the last few years. The company bought back a few shares in 2023 and 2024, but stepped up the pace from early 2025 onwards. In February 2025, it set aside $120m for buybacks over the next three years, subject to conditions, and it added a...
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After spending much of the 2010s trading at somewhat narrower discounts, private equity trusts saw their ratings deteriorate sharply in 2022 to their widest level since the financial crisis. While discounts across the sector have narrowed a little since, most still trade at wider than 20% despite their fairly impressive long-term performance records. In this article, we look at the history of private equity discounts, how they have varied by trust, and what steps each is taking to improve its rating. In short, while much progress has been made over the last couple of years, some trusts have ma...
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