NB Private Equity Partners Ltd. — Net Asset Value 2011

May 19, 2011

19 May 2011

NB Private Equity Partners Limited ("NBPE" or "the Company") today released its Interim Management Report for the period ending 31 March 2011 and announced a revised net asset value ("NAV") estimate for April 2011. This report is made pursuant to article 5:25e of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which requirement stems from the EU Transparency Directive.¹

As of 31 March 2011, NBPE's unaudited NAV per share increased to \$10.72, which represents an increase of 3.2% compared to the audited NAV per share of \$10.38 at 31 December 2010.

For the three month period ended 31 March 2011, NBPE's investment portfolio generated realized gains of \$15.7 million. The portfolio also had net unrealized gains of \$5.5 million from privately held investments, credit-related fund investments, and public equity securities. Investment performance during the quarter was offset by \$5.7 million of net operating expenses (including credit facility interest and ZDP share accretion), foreign exchange translation, and taxes. Share repurchases during the quarter were accretive to NAV per share by approximately \$0.03.

Based on the updated valuation information in the Interim Management Report, NBPE's revised estimate of the unaudited NAV per share at 30 April 2011 is \$10.76, which represents an increase of 1.2% compared to the unaudited NAV per share of \$10.64 that was previously published in the April monthly report.

The Interim Management Report for the period ending 31 March 2011 is available on the home page of the Company's website at www.nbprivateequitypartners.com/Default.aspx. The Interim Management Report should be read in conjunction with this announcement.

For further information, please contact:

NBPE Investor Relations Financial Dynamics Nick Henderson	+1 214 647 9593 +44 20 7269 7114
		Edward Berry

¹ Pursuant to article 5:25e and article 5:25m of the Dutch Financial Supervision Act this Interim Management Statement has been made generally available by means of a press release and by publication on NBPE's website (www.nbprivateequitypartners.com) and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten).

About NB Private Equity Partners Limited

NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of the Channel Islands Stock Exchange. NBPE holds a diversified portfolio of private equity fund investments and direct / co-investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

About Neuberger Berman

Neuberger Berman Group LLC is one of the world's leading independent, employeecontrolled asset management companies. As of 31 March 2011, assets under management were approximately \$199 billion. Established in 1939, Neuberger Berman provides a broad range of global investment solutions – equity, fixed income, and alternatives – to institutions and individuals through customized separately managed accounts, mutual funds and alternative investment products. For more information please visit Neuberger Berman's website at www.nb.com.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.