NB Private Equity Partners Monthly Net Asset Value Update for October 2009

11 November 2009

NB Private Equity Partners Limited ("NBPE" or "the Company"), a closed-end private equity fund of funds investment company, today announced an updated Net Asset Value ("NAV").

As of 31 October 2009, NBPE's unaudited NAV per share was $8.78, representing an increase of 1.5% compared to the unaudited NAV per share of $8.64 at 30 September 2009.

The value of NBPE's private equity portfolio as presented in the October 2009 monthly report was based on the following information:

* 21% of the private equity fair value was held in credit-related fund investments that were re-valued as of 31 October 2009 * 7% of the private equity fair value was held in publicly traded securities that were re-valued as of 31 October 2009 * 32% of the private equity fair value was held in private equity funds using valuation information through 30 September 2009 * 17% of the private equity fair value was held in private co-investments using valuation information through 30 September 2009 * 23% of the private equity fair value was held in private equity funds using valuation information through 30 June 2009

During October, NBPE's portfolio value increased due to $2.4 million of unrealized gains on credit-related fund investments and $0.1 million of positive foreign exchange adjustments. These gains in value were offset by $1.8 million of unrealized losses related to public equity securities. In addition, net unrealized gains of $6.9 million were attributable to the receipt of Q3 2009 valuation information for certain fund investments and private co-investments.

During October, NBPE agreed to co-invest alongside Neuberger Berman's secondary fund in the purchase of a portfolio of private equity fund investments and co-investments at a discount to net asset value. The portfolio is well diversified by asset class, vintage year and sponsor, and will provide NBPE with a total private equity exposure of $7.4 million. The transaction has not yet closed.

NBPE expects to issue an interim management report for the nine month period ended 30 September 2009 later this week. The Company is required to consider, and will consider, all known material information in preparing such management report, including information that may become known subsequent to the issuance of this monthly report. Accordingly, amounts included in the interim management report may differ from this monthly report.

NBPE also expects to continue to provide regular NAV updates within seven business days of each month's end.

A breakdown of NBPE's NAV can be obtained in the October 2009 monthly report, which is published on the Company's website at www.nbprivateequitypartners.com. The monthly report should be read in conjunction with this announcement.

For further information, please contact:

NBPE Investor Relations +1 214 647 9593

Financial Dynamics +44 20 7269 7114 Rob Bailhache Nick Henderson

About NB Private Equity Partners Limited NBPE is a closed-end private equity fund of funds investment company admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London 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.

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.

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.

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SOURCE: NB Private Equity Partners Limited

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