*Important Information About Awards
European Pensions, a leading publication for pension funds across Europe, launched these awards to give recognition to and honor the investment firms, consultancies and pension providers across Europe that have set the professional standards in order to best service European pension funds over the past year. The Asset Management Awards' and the European Pensions Awards' judging is undertaken by a group of judges with expertise across the UK institutional and retail asset management spaces. Each judge reviews submitted entry material and then scores the entries out of a total of score of 10 providing their reasoning as to why they have submitted that score. Two judges analyze each category and the firm with the highest overall score wins that category. Votes are verified by the European Pensions' and the Insurance Asset Management's editorial teams. Private Equity Wire, a specialist industry publication in Europe launched their awards to showcase excellence among industry participants. The publication partnered with Bloomberg to create a clearly defined methodology for selecting the award winners. Shortlists were created by Bloomberg from a fund manager universe including all funds managed by European-domiciled GPs with a minimum fund size of $100 million. Asset band grouping thresholds were based on individual fund sizes, not overall GP assets under management in a category. Funds were grouped according to category and vintages from 2013 to 2018 and ranked on the basis of their net IRR. GPs with more than one fund ranked among the top performers across multiple vintages within any category were shortlisted. Winners from each category were then decided by majority vote from the publication's readers. These awards do not constitute an investment recommendation. No fess were paid to participate. Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client's experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service or finalization.
Information as of December 31, 2021, unless otherwise indicated.
1 Although the terms listed in this column are common for traditional private equity funds, the terms of many such funds may deviate, and in some cases materially, from these in one or more respects.
2 As of January 2021.
3 Awarded by UN-supported Principles for Responsible Investment. Principles for Responsible Investment Scores. PRI grades are based on information reported directly by PRI signatories, of which investment managers totalled 1,924 for 2020, 1,119 for 2019, 1,120 for 2018 and 935 for 2017. All signatories are eligible to participate and must complete a questionnaire to be included. The underlying information submitted by signatories is not audited by the PRI or any other party acting on its behalf. Signatories report on their responsible investment activities by responding to asset-specific modules in the Reporting Framework. Each module houses a variety of indicators that address specific topics of responsible investment. Signatories’ answers are then assessed and results are compiled into an Assessment Report. The Assessment Report includes indicator scores, summarizing the individual scores achieved and comparing them to the median; section scores, grouping similar indicator scores together into categories (e.g. policy, assurance, governance) and comparing them to the median; module scores, aggregating all the indicator scores within a module to assign one of six performance bands (from E to A+). Awards and ratings referenced do not reflect the experiences of any Neuberger Berman client and readers should not view such information as representative of any particular client’s experience or assume that they will have a similar investment experience as any previous or existing client. Awards and ratings are not indicative of the past or future performance of any Neuberger Berman product or service. Moreover, the underlying information has not been audited by the PRI or any other party acting on its behalf. While every effort has been made to produce a fair representation of performance, no representations or warranties are made as to the accuracy of the information presented, and no responsibility or liability can be accepted for damage caused by use of or reliance on the information contained within this report. Information about PRI grades is sourced entirely from PRI and Neuberger Berman makes no representations, warranties or opinions based on that information. 2020 PRI Leaders Group. The PRI Leaders’ Group is based on a different theme each year. In 2020, the theme is climate reporting. All investor signatories – asset owners and investment managers – were eligible. To be considered for the Leaders’ Group 2020, signatories had to demonstrate a strategic approach to aligning their organization with the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) in their 2020 responses to the PRI Reporting Framework.’ To assess this, UN PRI looked at their publicly disclosed responses throughout the climate change reporting indicators of the Strategy and Governance (SG) module, as well as whether they reported: publicly expressing support for the TCFD; having a board-approved implementation plan in place; how their organization is using scenario analysis; considering both short- and long-term climate risks; and working towards specific climate-related targets. Having screened all signatories against this year’s theme, a combined score using responses from across the Reporting Framework was used to identify, from that pool, the Leaders’ Group 2020.
4 As of December 31, 2020. Represents aggregate committed capital since inception in 1987, including commitments in the process of documentation or finalization. Excludes Dyal Capital Partners.
5 Average annual retention over the past ten years of PIPCO Investment Team Managing Directors and Principals. Computed as number of departures over total number of senior investment professionals among the Private Investment Portfolios and Co-investment senior team only
6 Reflects Private Investment Portfolios and Co-investment (“PIPCO”) Managing Directors only.
7 Represents active portfolio companies for PIPCO and Secondaries through September 30, 2020.
8 Represents commitments made during NB Alternatives Vintage Years 2018 2020 for PIPCO and Secondaries.
9 Includes Limited Partner Advisory Committee seats and observer seats for PIPCO and Secondaries since inception as of December 31, 2020.
Offering and investment rules differ significantly from country-to-country.
RISK AND REWARD PROFILE |


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The risk indicator assumes you keep the product for 8 years. You cannot cash in early.
SUMMARY OF RISK FACTORS
An investment in the Fund is speculative and involves a high degree of risk suitable only for those investors who have the financial sophistication and expertise to evaluate the merits and risks of such an investment. An investment in the Fund should only be considered by persons who can afford a loss of their entire investment. The following is a summary of only certain considerations and is qualified in its entirety by the Prospectus and Key Information Document. Prospective investors should consult their own tax and legal advisors about the implications of investing in the Fund.
Long-term nature and Limited Liquidity. The Fund is an illiquid investment, and its investments are long-term in nature. The Fund has an initial term of eight years from its final closing date and such term may be extended to a maximum term of eleven years from the final closing date. The Fund is a closed- ended investment. Investors have no redemption rights at their initiative during the term of the Fund and the holding period is fixed until the end of the term of the Fund.
Market Conditions. Market conditions can change or change more quickly than Neuberger Berman Group, LLC or an affiliate (collectively, “Neuberger Berman”) currently anticipates. No assurance or guarantee can be given that investments meeting the Fund’s investment objectives can be acquired or disposed of at favourable prices or that the market for such investments (or market conditions generally) will either remain stable or, as applicable, recover or improve, since this will depend upon events and factors outside the control of the Fund’s investment team.
No Assurance of Investment Return. There can be no assurance or guarantee that the Fund’s objectives will be achieved, that the past, targeted or estimated results presented herein will be achieved, or that investors in the Fund will receive any return on their investments in the Fund. Past activities of investment entities sponsored by Neuberger Berman provide no assurance or guarantee of future results.
Legal, Tax and Regulatory Risks. Legal, tax and regulatory changes could occur during the term of the Fund that may adversely affect the Fund or its shareholders.
Use of Leverage. The Fund may employ leverage and engage in borrowing in connection with its investment activities or participate in investments with highly leveraged capital structures. Although the use of leverage may enhance returns and increase the number of investments that can be made, leverage also involves a high degree of financial risk. Borrowings of the Fund may be secured by the capital commitments of the Shareholders and the other assets of the Fund, which may increase the risk of loss of such assets.
THE FOREGOING DOES NOT PURPORT TO BE A COMPLETE EXPLANATION OF THE RISKS AND CONFLICTS INVOLVED IN THIS OFFERING OR AN INVESTMENT IN THE FUND. POTENTIAL INVESTORS SHOULD READ THIS PRESENTATION, THE PROSPECTUS, THE KEY INFORMATION DOCUMENT AND THE SUBSCRIPTION AGREEMENT OF THE FUND IN THEIR ENTIRETY BEFORE DECIDING WHETHER TO INVEST IN THE FUND AND SHOULD CONDUCT THEIR OWN DILIGENCE OF THE OPPORTUNITY AND IDENTIFY AND MAKE THEIR OWN ASSESSMENT OF THE RISKS INVOLVED.
Investors are advised that only a small percentage of their overall investment portfolio should be invested in an ELTIF.
DISCLAIMER
This document is addressed to professional clients/qualified investors only.
European Economic Area (EEA): This document is a marketing communication and is issued by Neuberger Berman Asset Management Ireland Limited, which is regulated by the Central Bank Ireland and is registered in Ireland, at MFD Secretaries Limited, 32 Molesworth Street, Dublin 2.
Outside the EEA: This document is a financial promotion and is issued by Neuberger Berman Europe Limited, which is authorised and regulated by the Financial Conduct Authority and is registered in England and Wales, at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ.
NB Direct Private Equity Fund 2022 ELTIF is a sub-fund of NB Alternative Funds SICAV S.A., a regulated investment vehicle subject to the prudential supervision of the Commission de Surveillance du Secteur Financier, the Luxembourg supervisory authority of the financial sector ("CSSF"). The sub-fund is a european long term investment funds (the "ELTIF") under regulation (EU) 2015/760 and is authorised and supervised by the CSSF.
Neuberger Berman AIFM S.à r.l. may decide to terminate the arrangements made for the marketing of its funds in all or a particular country.
This is not an offer or solicitation to invest in any product. An offering of interests in the sub-fund will only be made pursuant to the Prospectus and Key Information Document, which are available on the website at: www.nb.com/ELTIF or on request from the sub-fund's distributors (as applicable). The Prospectus and Key Information Document contain detailed information about the investment objective, risk profile, frequency and the timing of distributions of proceeds, terms and conditions of an investment and risk warnings, which any investor should review carefully before deciding whether to invest.
The KID may be obtained free of charge in Czech, Dutch, English, Finnish, French, German, Italian, Portuguese, Spanish and Swedish (depending on where the relevant sub-fund has been registered for marketing), from www.nb.com/ELTIF, and the prospectus may be obtained free of charge, upon request, in English, French, German and Italian, from Neuberger Berman AIFM S.à r.l., 9, rue du Laboratoire, L-1911 Grand Duchy of Luxembourg.
This document is presented solely for information purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. By accepting delivery of this brochure, you agree that you will keep confidential all information contained within it, and will not disclose or reproduce any such information to any person without the prior consent of Neuberger Berman. We do not represent that this information, including any third party information, is complete and it should not be relied upon as such. Any views or opinions expressed may not reflect those of the firm as a whole. All information is current as of the date of this material or as otherwise specified herein, and is subject to change without notice.
No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of any investment, and should consult its own legal counsel and financial, actuarial, accounting, regulatory and tax advisers to evaluate any such investment.
The fund described in this document may only be offered for sale or sold in jurisdictions in which or to persons to which such an offer or sale is permitted. The fund can only be promoted if such promotion is made in compliance with the applicable jurisdictional rules and regulations. This document and the information contained therein may not be distributed in the US.
This document contains information about the performance of investments previously made by funds advised or managed by Neuberger Berman.
This information has not been audited or verified by an independent party. There can be no assurance that unrealised investments will be realised at the valuations shown. Past performance is not a reliable indicator of future performance and any future fund may not achieve the same level of returns as those achieved by previous investments. Internal rates of return presented on a "gross" basis do not reflect any management fees, carried interest, taxes or allocable expenses borne by investors, which in the aggregate may be substantial.
An investment in this product involves risks, with the potential for above-average risk, and is only suitable for people who are in a position to take such risks. Past performance is not a reliable indicator of current or future results. The value of investments may go down as well as up and investors may not get back any of the amount invested. The performance data does not take account of the commissions and costs incurred on the issue and redemption of shares.
The value of investments designated in another currency may rise and fall due to exchange rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. Tax treatment depends on the individual circumstances of each investor and may be subject to change, investors are therefore recommended to seek independent tax advice. Investment in the fund should not constitute a substantial proportion of an investor's portfolio and may not be appropriate for all investors. Diversification and asset class allocation do not guarantee profit or protect against loss.
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WF 873591.