Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

NB Private Equity Partners / Equity Bottom-Up

<ul><li>NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).</li></ul>

NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among larger positions), ii) well positioned for improving exits (mature portfolio with a number of exit-ready companies), iii) balance sheet strength (flexibility to increase investment in attractive new opportunities in addition to returning capital to shareholders, iv) optimal access via co-investments (NB’s differentiated co-investment platform provides efficient access to attractive opportunities alongside high-quality managers), and v) attractive investment pipeline (focus on mid-life co-investments providing exposure to companies already in the value-creation phase).

NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model

<ul><li>In our view, NBPE’s 1H’25 results may be characterised as turning the corner.</li><li>There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.</li><li>NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.</li></ul>

In our view, NBPE’s 1H’25 results may be characterised as turning the corner.There has been a modest improvement in financial performance, the outlook for exits (with expected uplifts to carrying values) has improved, and the pipeline of new investments is strong.NBPE’s balance sheet has ample liquidity to take advantage of these opportunities, and its recent focus on mid-life deals means that value creation from these new investments has been rapid.

NB Private Equity Partners (NBPE): 1H’25 results: turning the corner

<ul>
<li>Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex.</li>
<li>The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit.</li>
<li>In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities.</li>
</ul>


Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed holdings and forex.
The private company growth (6.9% constant currency) was also below average, with lower-than-usual exit activity seeing less exit uplift benefit.
In our view, 2024 was noise within a long-term value-creation model that should outperform listed equities.


NB Private Equity Partners: 2024 - short-term noise over long-term growth

<ul><li>We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.</li><li>In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.</li><li>The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.</li></ul>

We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

<ul><li>Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades.</li><li>For researchers, industry leaders and investors, understanding the landscape of AI and how it will evolve over the coming years is becoming increasingly important as AI plays a bigger role in every aspect of our professional and personal lives.</li><li> AI is no longer “just another tech wave or bubble.” Unlike previous AI winters, AI technologies are working at scale across many different applications and use-cases, delivering valuable insights and productivity gains.</li></ul>

Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article, Professor Andy Pardoe, Professor of AI and Chair of the Deep Tech Innovation Centre at the University of Warwick, gives his perspective on the artificial intelligence (AI) industry and how it is advancing at an unprecedented pace, outstripping anything witnessed in previous decades.For researchers, industry leaders and investors, understanding the landscape of AI and how it will evolve over the coming years is becoming increasingly important as AI plays a bigger role in every aspect of our professional and personal lives. AI is no longer “just another tech wave or bubble.” Unlike previous AI winters, AI technologies are working at scale across many different applications and use-cases, delivering valuable insights and productivity gains.

Chesnara PLC - Hardman & Co Monthly: October 2025

United States

NB Private Equity Partners is a closed end investment fund incorporated in Guernsey. The fund invests in a diversified portfolio of direct yielding investments, co-investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

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NB Private Equity Partners (NBPE LN)

NB Private Equity Partners (NBPE): 2025 CMD: good returns from low-risk PE model

NBPE’s key takeaways from its 2025 Capital Markets day were i) high-quality portfolio (strong underlying operating performance, particularly among...

Hardman & Co

NB Private Equity Partners (NBPE): 1H’25 results: turning the corner

In our view, NBPE’s 1H’25 results may be characterised as turning the corner. There has been a modest improvement in financial performance, the...

Hardman & Co

NB Private Equity Partners: 2024 - short-term noise over long-term growth

Like many in the PE space, NBPE’s 2024 total $ NAV return (1.5%) was below the five-year average (11.0%), driven by falling valuations of listed...

Hardman & Co

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique...

Hardman & Co

Chesnara PLC - Hardman & Co Monthly: October 2025

Feature article: Building tomorrow’s AI: How the UK will become the global architect of Trustworthy Intelligence In this month’s feature article,...

Hardman & Co

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