1. NBPE reported a NAV of $27.67 as of November 30, 2025. 2. Approximately 695k shares were repurchased, enhancing NAV by ~$0.12. 3. Private investments increased by 1.3% on a constant currency basis. 4. $289 million in liquidity positions NBPE well for new opportunities. 5. GFL's fair value within NBPE's portfolio is $27.3 million.
FAQ
Why Bullish?
Positive NAV growth and increased liquidity suggest investment opportunities may arise.
How important is it?
The article highlights NBPE's financial health and share buybacks, impacting GFL's valuation.
Why Long Term?
Sustained performance and liquidity will support future growth over time.
NB Private Equity Partners (GFL) Announces November 2025 Monthly NAV Estimate
St Peter Port, Guernsey – December 23, 2025 – NB Private Equity Partners (NBPE), a FTSE 250-listed private equity investment company with assets totaling $1.2 billion, has released its monthly net asset value (NAV) estimate for November 30, 2025. This report reflects the company's ongoing commitment to transparency and enhancing shareholder value.
NAV Highlights for November 30, 2025
- NAV per share: $27.67 (£20.88), marking a 0.5% total return in USD for the month.
- Valuation data derived from Q3 information, with 92% of valuations reflecting private company assessments.
- Private investments saw an aggregate appreciation of 1.3% on a constant currency basis during the third quarter.
- Approximately 695k shares were repurchased, totaling about $14.2 million, at a weighted average discount of 24%.
- $289 million in available liquidity as of November 30, 2025.
Year-to-Date Performance and Comparison
The following figures illustrate the year-to-date and longer-term performance of NBPE:
| Time Period | NAV Total Return (USD) | MSCI World TR (USD) | Share Price Total Return (GBP) | FTSE All-Share TR (GBP) |
|---|---|---|---|---|
| Year-to-Date | 4.0% | 20.6% | 4.3% | 21.4% |
| 3 Years | 9.5% | 71.3% | 14.3% | 41.3% |
| 5 Years | 3.1% | 19.7% | 4.6% | 12.2% |
| 10 Years | 59.2% | 87.7% | 86.6% | 76.8% |
Portfolio Overview as of November 30, 2025
The NAV performance for the month was predominantly influenced by private company valuations, which contributed as follows:
- 0.2% NAV increase ($2 million) from updated private company valuations.
- 0.1% NAV increase ($1 million) from foreign exchange movements.
- Buybacks contributed 0.4% of NAV.
- (0.2%) NAV decrease ($3 million) due to expense accruals.
Year-to-date, NBPE has realized $157 million from exits, with cash received from the closing of an undisclosed exit. The realized equity co-investments have reported a 50% increase compared to 2024, yielding an average uplift of 17%.
Share Buybacks and Liquidity Position
NBPE increased its share buyback pace in November, repurchasing approximately 695k shares at a significant discount. Specific details include:
- Total buybacks in November were approximately $0.12 NAV per share accretive.
- Year-to-date buybacks totaled 2.9 million shares (around $57 million) at a weighted average discount of 26%, adding approximately $0.48 NAV per share.
With $289 million in total liquidity as of the end of November, NBPE is well-positioned to capitalize on future investment opportunities.
Investment Strategy and Future Outlook
NB Private Equity Partners continues to focus on direct private equity investments in collaboration with leading private equity firms. The firm emphasizes effective fee management by primarily engaging in investments with no management fees or carried interest payable to third-party GPs. The investment strategy is largely aimed at achieving long-term capital appreciation while providing bi-annual dividends to shareholders.