Investor Presentaiton
Direct Equity Vintage Year Returns
NBPE's mature direct equity investments have returned meaningful amounts of capital and
generated strong gross return multiples. Value creation in younger vintages is underway
Direct Equity Vintage Year Returns (Multiple & Internal Rate of Return "IRR")
Multiple
3.5x
3.0x
Average Total Multiple: 1.9x
2.4x
2.4x
2.3x
2.5x
2.0x
1.5x
1.0x
0.5x
1.6x
1.8x
0.0x
2010
2011
2012
2013
2014
1.5x
2015
IRR
60%
Realised
Investments1: 2.9x
2.1x
50%
40%
2.0x
1.9x
30%
1.6x
1.3x
20%
10%
0%
-10%
2016
2017
2018
2019
2020
â– Realised Unrealised IRR
Invested
Capital
$9.6
$23.1
$33.5
$47.7
$115.5
$76.0
$118.4
$228.2
$178.5
$94.1
$79.5
($ in millions)
Note: as of 31 May 2021; data excludes 2021 vintage due to maturity. Gross returns are presented on a "gross" basis (i.e. they do not reflect the management fees, carried interest, transaction costs and
other expenses that may be paid by investors, which may be significant and may lower returns).
1. Includes investments which are realised but have remaining value held in escrow.
NEUBERGER BERMAN
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