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. Current performance remains below long-term trends, but a normalisation in exits and strong new investment performance would see more traditional levels of returns generated. We forecast rising gains in 2H’25/2026.
