NB Private Equity Partners Limited

1 NB Private Equity Partners Limited2015 annual financial report and Consolidated financial StatementsNB Private Equity Partners |2015 annual financial report Chairman s Letter Investment Manager s report Company Overview Key Performance Dividends Portfolio Highlights NAV Results Performance Analysis Portfolio Overview Portfolio Diversification Largest Company Exposures Direct Equity Investments Key Portfolio Stats New Investments During 2015 Direct Equity Investment Performance Schedule of Investments Income Investments Key Portfolio Stats New Investments During 2015 Income Investment Performance Schedule of Investments Fund Investments Fund Investment Performance Schedule of Investments Valuation of Investments Public Stock Exposure Unfunded Commitments Liquidity & Capital Resources Market Commentary Strategic report Directors report Statement of Directors Responsibility Corporate Governance report Risk report Audit Committee Chairman s Letter Audit Committee report Directors Biographies13567891011121314151720222325 26272829303132333539414352585964NB Private Equity Partners |2015 annual financial report Independent Auditor s report to NB Private Equity Partners Limited Consolidated financial Statements Appendices Valuation Methodology Forward Looking Statements

2 Overview of the Investment Manager Directors, Advisors and Contact Information2666895969798NB Private Equity Partners |2015 annual financial ReportDear Shareholder,I am pleased to present the 2015 annual financial report and Consolidated financial Statements of NB Private Equity Partners Limited ( NBPE or the "Company ). NBPE invests in Private Equity backed companies. The Company benefits from the significant resources of its manager, NB Alternatives Advisers LLC ( Investment Manager or the Manager ), by allowing the Company to pursue investments across a Private company s capital structure, based on the most attractive risk / reward profile and available opportunity set. In addition to the sourcing and due diligence advantages offered by the Neuberger Berman platform, investing directly into companies in this manner also brings the advantage of a structure with a single layer of fees on direct investments.

3 NBPE thereby offers a high quality Private Equity and debt investment portfolio, with a lower total fee level than is typically available through other listed funds, fund of funds or Private Limited partnerships ( LP ) fund structures. I am pleased to outline the accomplishments of the Company during 2015. First, NBPE received over $300 million of distributions during 2015, which was the largest amount received in the Company s history. Second, new investment activity continued at a strong pace, with over $225 million of new investments during the year. Third, the Company paid $ per share in dividends during the year and also implemented a sterling dividend currency election ( Currency Election ) and a dividend re-investment plan ( DRIP ), as a means to further increase shareholder value.

4 The Company s income investment portfolio continued to generate run rate cash income at year end which fully covered the dividend payment. Lastly, even during volatile markets, particularly in the latter part of the year, the Company managed to produce net asset value per share ( NAV or Net Asset Value ) growth of I am pleased to report on these accomplishments in more was a record year for distributions. During 2015, NBPE received over $300 million of distributions, representing approximately 37% of the portfolio value at the beginning of the year. This distribution activity was driven by $171 million of distributions from the income investment portfolio, driven by the full exit of nine debt positions during the year, of which $ and $ million were received in interest and principal, respectively.

5 These investments had an average holding period of two years. This underscores the Manager s approach to NBPE s income investment portfolio: investing in good credits in established and stable Private Equity backed companies, where there is a clear path to exit and strong Private Equity sponsorship. In addition, eight direct Equity investments were fully realised, generating a gross multiple of invested invested over $225 million into new investments, driven by approximately $136 million and $79 million invested in new direct income and direct Equity investments, respectively. While new investment activity favoured income investments over direct Equity investments nearly 2 to 1, this was partly a result of strong realisations in the income portfolio.

6 The Company maintains a long-term average allocation target of 60% and 40% to direct Equity investments and income investments, respectively, depending on the available set of investment 2015, NBPE paid $ per Share in dividends which represents a increase over the amounts paid during 2014. Importantly, NBPE s dividends are paid from income, not capital, and the income investment portfolio continues to generate strong cash yields to support the dividend. NBPE also implemented two new programs with respect to the dividend during 2015: a Currency Election for United Kingdom shareholders and a DRIP, for shareholders who prefer to focus on capital gains rather than income. The directors believe these options are a further example of actions by the Company toCHAIRMAN S LETTER3 NBPE received over $300 million of distributions during 2015, which was the largest amount in the Company s history.

7 For the Year Ended 31 December 2015 annual financial report and Consolidated financial StatementsLETTER FROM THE CHAIRMANNB Private Equity Partners |2015 annual financial Reportenhance shareholder value over time. During 2015 NBPE s NAV increased by on a total return basis, including dividends paid. The directors believe, especially in light of financial and economic conditions in the latter half of the year, that this represents good performance and the directors believe the portfolio remains strong and well positioned for the future. The directors continue to remain focused on the discount to NAV, particularly given the widening of the discount towards the end of the year. The directors believe the current share price does not reflect the true value of the Company s assets and remain committed to the strategy outlined above and to find new ways to narrow the discount over shareholders know, the Company s credit facility expires in April 2017 and the Zero Dividend Preference Shares ( ZDPs or ZDP Shares ) mature in May 2017.

8 The directors are actively engaged in evaluating refinancing options for both and believe the Company s capital structure is well-positioned for future needs. Lastly, the directors would like to thank John Hallam, who resigned as Audit Committee Chairman in 2015 after eight years of service to the Company. The board welcomes John Falla as the new chairman of the Audit directors and I thank you for your continued MorganChairmanGuernsey, 14 March 2016 CHAIRMAN S LETTER4 LETTER FROM THE CHAIRMAN (CONT.)For the Year Ended 31 December 2015 annual financial report and Consolidated financial StatementsNB Private Equity Partners |2015 annual financial ReportCompanyNB Private Equity Partners Limited ( NBPE or the Company ) Guernsey closed-ended investment company 48,790,564 Class A ordinary shares ( Class A Shares or Shares ) outstanding 10,000 Class B ordinary shares ( Class B Shares.)

9 Together Ordinary Shares ) outstanding 32,999,999 Zero Dividend Preference shares ( ZDP Shares ) outstanding Investment ManagerNB Alternatives Advisers LLC ( Investment Manager or the Manager ) 29 years of Private Equity investing experience Investment Committee with approximately 230 years of professional experience Approximately 100 investment professionals; 150 administrative & finance professionals Offices in New York, London, Boston, Dallas, Hong Kong, Milan and Bogot Key StatisticsAt 31 December 2015At 31 December 2014 Net Asset Value of the Class A Shares$ $ Equity Investments$ $ Investments$ $ Investments$ $ Private Equity Fair Value$ $ Equity Investment Level116%121%Cash and Cash Equivalents$ $ Facility Borrowings Drawn($ )($ )ZDP Share Liability (Dollar equivalent liability)($ )($ )Net Other Liabilities($ )($ )NAV per Ordinary Share$ $ per Ordinary Share including Cumulative Dividends$ $ Shares Asset Value per ZDP per Share:Dividends paid this period$ $ dividends since inception$ $ OVERVIEW_____Note.

10 Numbers may not sum due to OVERVIEW & KEY financial STATISTICSFor the Year Ended 31 December 2015 annual financial report and Consolidated financial StatementsNB Private Equity Partners |2015 annual financial report $ InvestedINVESTMENT MANAGER S REPORTKey NAV per Share total return1( )Share price return( ) Share price total return1 Portfolioat 31 December 201565%of fair value in Equity investments235% of fair value in income investmentsCash Flows during 2015$ million of distributions from investments$ million funded to investments$ of dividends paidNew Direct Investment Activity during 201515 Direct Equity investments417 Income investments re-investment of dividends at the closing share price on the ex-dividend date.