Key Takeaways
- • NBPE H1 2026 NAV Return: Neuberger Berman Private Equity (NBPE) reported a net asset value per share total return of 1.9% in USD (3.4% in GBP) for the six months ended 30 June 2026, driven predominantly by private equity performance.
- • Venture Fund Momentum Accelerates: Venture funds are projected to increase in value by an average of 5.9% in Q2 2026 (median 0.9%), building on strong prior-year momentum and representing a 15.4% annualized increase over the trailing twelve months as of Q1 2026.
- • Buyout Funds Show Resilience Despite Near-Term Headwinds: Buyout funds (including growth equity) are expected to decrease marginally by 0.4% in Q1 2026 (median -0.6% in USD), but newer vintage funds (2020–2024) demonstrated positive performance with 1–2% quarterly growth and a robust 12.0% annual return, indicating strong value creation in the deployment phase.
- • Broad Portfolio Activity: As of 31 May 2026, NBPE's portfolio activity included 15 IPOs/stock receipts, 48 full direct equity investment exits, and 21 partial equity investments, reflecting active capital deployment and exit execution across the platform.
- • Leveraging Integrated Platform Strength: NBPE operates as a curated private equity solution managed by Neuberger Berman, leveraging the firm's integrated private markets platform, relationship networks, and differentiated deal flow insights to drive long-term capital growth for institutional investors.
Summary
Neuberger Berman's Private Equity Partners (NBPE) delivered mixed but ultimately positive results for the first half of 2026, with a reported NAV per share total return of 1.9% in USD (3.4% in GBP) for the six-month period ended 30 June 2026. The performance was predominantly driven by private equity valuation movements, reflecting broader market dynamics in the alternative investment space during a period of macro uncertainty and selective opportunity identification.
Venture capital funds within the Neuberger Private Markets universe demonstrated notable strength heading into mid-2026. Based on preliminary Q2 2026 valuation analysis conducted by Doug Manor, Managing Director of Neuberger Private Markets, venture funds are anticipated to increase in value by an average of 5.9% during the second quarter (with a median increase of 0.9%), building on momentum from prior quarters. More significantly, venture funds have generated an average annualized return of 15.4% over the trailing twelve-month period, reflecting sustained valuations and exit activity in the venture segment despite broader macro volatility.
Buyout funds and growth equity strategies faced near-term headwinds in early 2026, with preliminary Q1 data indicating an expected average decline of 0.4% in value (median -0.6% in USD). However, this aggregate figure masks significant performance divergence by vintage year. Notably, the cohort of buyout funds with vintage years 2020–2024—which are in the active deployment and value creation phase of their fund lifecycles—demonstrated positive quarterly performance of 1–2% and a robust annualized return of 12.0% in USD terms. This strong performance among recent vintages underscores effective value creation execution and favorable deployment timing, offsetting headwinds experienced by more mature fund cohorts.
Through 31 May 2026, NBPE's portfolio reflected active capital deployment and disciplined exit execution across its investment platform. The fund's activity included 15 IPOs and stock receipt exits, 48 full direct equity investment exits, and 21 partial equity investments, demonstrating consistent monetization and reinvestment activity. NBPE operates as an integrated private equity platform managed by Neuberger Berman, a leading private markets investor that leverages consolidated relationships, proprietary deal flow, and differentiated market insights to curate solutions for long-term capital growth across the institutional investor base.
Venture capital funds within the Neuberger Private Markets universe demonstrated notable strength heading into mid-2026. Based on preliminary Q2 2026 valuation analysis conducted by Doug Manor, Managing Director of Neuberger Private Markets, venture funds are anticipated to increase in value by an average of 5.9% during the second quarter (with a median increase of 0.9%), building on momentum from prior quarters. More significantly, venture funds have generated an average annualized return of 15.4% over the trailing twelve-month period, reflecting sustained valuations and exit activity in the venture segment despite broader macro volatility.
Buyout funds and growth equity strategies faced near-term headwinds in early 2026, with preliminary Q1 data indicating an expected average decline of 0.4% in value (median -0.6% in USD). However, this aggregate figure masks significant performance divergence by vintage year. Notably, the cohort of buyout funds with vintage years 2020–2024—which are in the active deployment and value creation phase of their fund lifecycles—demonstrated positive quarterly performance of 1–2% and a robust annualized return of 12.0% in USD terms. This strong performance among recent vintages underscores effective value creation execution and favorable deployment timing, offsetting headwinds experienced by more mature fund cohorts.
Through 31 May 2026, NBPE's portfolio reflected active capital deployment and disciplined exit execution across its investment platform. The fund's activity included 15 IPOs and stock receipt exits, 48 full direct equity investment exits, and 21 partial equity investments, demonstrating consistent monetization and reinvestment activity. NBPE operates as an integrated private equity platform managed by Neuberger Berman, a leading private markets investor that leverages consolidated relationships, proprietary deal flow, and differentiated market insights to curate solutions for long-term capital growth across the institutional investor base.
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