NB Private Markets Access Fund Offers 5% Share Repurchase Opportunity

NB Private Markets Access Fund is opening a limited window for shareholders to redeem their investment. Through a structured repurchase offer, the fund will buy back up to 5% of its net assets—approximately $87.3 million—at net asset value (NAV).

The offer is available to holders of Institutional, A-1, and A-2 share classes. The deadline to participate is 11:59 p.m. ET on Friday, September 26, 2025.

How the Repurchase Works

The repurchase price will be based on NAV as of September 30. Investors will receive at least 95% of the value of accepted shares within 65 days of the deadline. The remaining 5%, if held back, will be paid after the fund’s fiscal year-end audit wraps up—expected by May 2026.

Shareholders can tender all or part of their holdings. Those who retain a position must keep at least $10,000 in the fund, unless this requirement is waived. A 2% fee applies to redemptions made within one year of purchase.

The fund processes redemptions using a first-in, first-out (FIFO) method. Older shares are repurchased before newer ones, which may impact whether the early repurchase fee applies.

What to Expect if You Participate

Once the fund accepts your shares, your redemption proceeds will be delivered in cash. The fund can cover these redemptions using existing cash, asset sales, or, if needed, borrowings.

If total demand exceeds the 5% cap, the board may:

• Accept more shares than planned


• Extend the offer period


• Apply pro rata allocations if oversubscribed

You can withdraw your tender at any time before the September 26 deadline. If the fund hasn’t accepted your tender by October 24, you’ll have another opportunity to withdraw.

Tax Treatment and Reporting

Redemptions through this tender are taxable. If the sale reduces your interest in the fund enough, gains or losses will typically be treated as capital gains. Otherwise, some portion of the proceeds may be classified as a dividend or return of capital.

Short-term and long-term capital gains rules apply depending on how long the shares were held. Some losses may be disallowed if similar shares are acquired soon after the redemption.

The fund will report the transaction to the IRS and provide shareholders with cost basis information. It uses FIFO as the default cost basis method. Shareholders can choose another method, but must do so before the valuation date.

Foreign investors may face withholding tax unless exempt or reduced under applicable treaties. FATCA requirements may apply as well.

Who’s Involved

NB Private Markets Access Fund is a Delaware LLC registered under the Investment Company Act of 1940. The fund is managed by Neuberger Berman Investment Advisers. It operates as a closed-end fund, offering quarterly repurchase opportunities instead of daily liquidity.

The board includes independent members and senior officers from Neuberger Berman. As of July 31, 2025, board members did not hold shares. A few officers held small personal stakes but have no plans to tender.

Why It Matters

This offer is part of the fund’s quarterly liquidity program, designed to give investors structured access to their capital. The process provides transparency through NAV-based pricing, with guardrails to protect the fund’s operations.

Investors who don’t participate may see a larger proportional share of the fund, but they should also be aware of the potential impact on expense ratios. Fewer assets under management can increase per-share costs if fixed expenses stay the same.

If necessary, the adviser may need to liquidate fund holdings earlier than expected to meet redemption obligations. That could affect the fund’s investment strategy and timing.

Next Steps

Shareholders working with financial advisers should coordinate through them to complete the tender. Instructions are included in the letter of transmittal. The fund recommends submitting documents by certified mail or fax before the deadline.

For those who decide not to participate, no action is required. Remaining invested means continuing exposure to the fund’s private markets strategy—and a position that remains subject to the fund’s quarterly repurchase cycle.