Good afternoon, all. I hope everyone's well. Just give it a couple of minutes to allow people to join before I kick off, if that's all right. For those just joining, thank you so much. Love to see you. We'll leave it two minutes or so just to allow others to join, and then we'll kick off, if that's okay. Cool. I think we'll start there. I think a couple of people will be joining over the next couple of minutes. I just wanted to firstly thank you all for. Love to see you all. Thank you for joining this interim results update call and obviously the monthly NAV for August, which was also released today. What I'll do over the next 20-30 minutes, just give you a run through a couple of slides, giving you an overview of the results and also where we are as at August 31, and then very happy to answer any questions that people might have on the results or anything more broader that we've speaking about. Maybe I'll kick off, if that's all right. Maybe on the first slide, so slide three, just looking at the results for August, highlighting a couple of numbers to draw out, and then we'll go into further detail in due course. As you can see, NAV total return for the half year was 1.9% in dollar terms. It's about 3.4% in sterling, predominantly driven by private valuations. The August monthly, again, released today, was up about 1.7%, primarily driven by the quoted holdings. NAV total return for the eight months to August 31 is 4.2%. You can clearly see on that top one as well, roughly about $150 million of realizations today, about 12% of opening portfolio NAV. That was to the first half. We've received or we have a further $68 million of visible proceeds that we'll be receiving over the next few months as well. So taking the total of proceeds we've got visibility on all received to about $280 million, which is higher than the $180 million we received last year. I'll touch on that in a little bit more detail. In terms of portfolio company performance, operating metrics, as you can see, LTM revenue growth and EBITDA growth of 11.1% and 12.1%. This compares to 9.1% and 9.7% at year-end. And appreciation, ex effects of private investments of about 2.7%. In terms of the capital position on the third row, investment level is about 115% today, with available liquidity of $142 million. Finally, a big focus or from a capital allocation perspective, the focus on portfolio refresh and also returning capital to shareholders made possible by the flexibility of the model. You can see that to June we made $104 million of new investments into the portfolio. That's for six new portfolio companies. After the end of that period, we've committed to a further three new investments and a follow-on, totaling about $60 million. In addition, in terms of capital returns to investors year to date, that's $144 million, about 12% of opening NAV, which is double or just about double the amount that we returned over the same period last year. The other highlight to make, just in terms of the announcement this morning, you will notice that the appointment of David MacLellan as an independent director and Chair Designate for NBPE. William Maltby, the Chair, is due to retire following the board meeting in December after being on the board for about nearly eight years. Maybe that kind of gives an overview of the results and the August monthly. What I will do now is just run through some of that in a little bit more detail, just to kind of give a flavor of where we are today, and I can obviously touch on and elaborate on a bit more around some of the new deals, and also some of the realizations. I know all of you on the call know NBPE well, so thank you for that. The key things to draw out here, gross portfolio of about GBP 1.3 billion. 71 investments today or to the 31st of August across 49 different private equity managers. The average age is about 5.5 years. We anticipate this will fall in due course as realizations are coming through. In terms of portfolio diversification, no real change here. Although, the shape of both the industry and also the vintage year is evolving as realizations occur and new deals are made. I will touch on this a little bit later, but as you can see, 2024 vintages and younger, so 2024, 2025, and 2026, by the time we have invested the pending transactions or pending deals will account for about just over a third of the portfolio. I think that is just something to reference and highlight as we are focusing on kind of the refresh of the portfolio and recycling of capital into new deals, and also to returning capital to investors. Again, I will not spend a huge amount of time on this. You know the benefits of the model, but I do think that is really coming to the fore now. We focused for a long time on balance sheet stability and balance sheet strength and made an acknowledgement in June, with the updated capital allocation framework that actually, our prudence actually impacted the shorter-term performance. Therefore, the commitment to recycle capital into new deals to drive medium to long-term NAV growth, as well as returning capital to shareholders through dividends and buybacks. Maybe I will just touch on or move on to kind of performance, portfolio performance. As you can see, the private valuations on a constant currency basis were up 2.7% in H1, and 3% actually over Q2, which accounts for about 93% of the value of the portfolio. As mentioned, public companies or quoted holdings, there was a slight increase from $89 million to $88 million in December to 89. This does not tell the full story as actually in H1, quoteds had a bit of an impact on the portfolio or the return as a whole. But actually what we saw, since then, obviously, as I mentioned in August, about 1.7% uplift, and that was mainly driven by recovery in some of our quoted holdings. As mentioned, about 4.2% NAV total return year to date. I think the key thing for me to focus on here actually is just in terms of the operator performance, it remains strong across the portfolio. It's driven broad-based value increases, and I think that's interesting. Firstly, across the top holdings, the top 10 positions account for about 41% of fair value and appreciated by about 8.3%, about $43 million. This was further supported by value increase across the remaining top positions or the next top 20 companies, which increased in value on aggregate by about 3%, so $14 million. These obviously include a number of the newer investments, which aren't included in the operating metrics and are currently held at cost. The top 30 positions account for about 80% of the portfolio's fair value. This is obviously, as mentioned in the results, was offset by markdowns of about $25 million across a number of companies. Mainly it was a concentration of about five businesses. There wasn't one specific reason for the markdowns. These ranged from slower growth, delayed cost savings, some soft comparables and multiple contraction, and one restructure. However, I think the really interesting thing to highlight here is for the first time in several quarters, valuation increases were broadened out across the portfolio as a whole, with a number of older, longer-term assets held, delivering write-ups and contributing meaningfully to NAV growth, a shift from what it had before. Clearly, as I talked about, recent investments are still having costs. We're already seeing some positive signs around those new investments, which I'll touch on in a little more detail in due course. So maybe turning to operating metrics, as you can see, LTM revenue growth of 11%, 11.1%, and LTM EBITDA growth of 12.1% on a weighted average basis. This incorporates about 80% of the direct private equity portfolio, about 49 different companies. Obviously, this compares to around 9.1% and 9.7% as of year-end. You can see below that in terms of valuation and leverage, they remained relatively stable compared to year-end. EV/EBITDA multiple of 15.3 times and net debt to EBITDA of 5.1 times. On the right-hand side in the writing, it's interesting that the top 10 companies are growing fast, as you'd probably expect. They're our best performers. 15.7% revenue over the last 12 months and 15.5% EBITDA growth. Some of these key contributors, we've talked about them before, you know them well. The likes of Action, Solenis, FDH Aero, OneMonroe, True Potential, driven by both organic and M&A, and also operating leverage. I think, again, I wanted to highlight a couple of things. Firstly, just in terms of the newer investments, you can see here, just looking at 2024 and 2025 vintage performance, the total gross multiple of 2024 and 2025 is currently at 1.6 times, so aggregate gross MOICs, they're performing well. The average gross IRR is about 28%. If you look at the revenue and EBITDA growth as well, about 14.5% and 15.7% over the last 12 months. So they're off to a good start and really performing well. I think that was one of the reasons is we talked about the importance of refreshing the portfolio because actually, the 2024, 2025 vintages are and have been performing very strongly. Obviously, and I talked about this a little bit, we're already seeing our 2026 vintages is marked at 1.1 times cost. Despite just being relatively new, we are already seeing some positive returns from those at the moment as well. Taking into, as I mentioned before, around a third of the portfolio, once pending investments are invested, a third of the portfolio will be in 2024, 2025, and 2026 vintages. Maybe just moving on, unless there are any questions, moving on to realization activity in 2026. As you can see, and as highlighted, $150 million of realizations announced in H1. 12% of open portfolio value with an additional $68 million of further visibility or proceeds that will be pending, that we will receive before the end of the year. As you can see on the right-hand side, some key contributors to that were the sale of FDH, which has been signed but not yet closed. I know we've talked about that in detail before. The likes of Solenis, we exited via continuation vehicle a few months ago now. Obviously, a software business. Hydro, which is a hydraulic component manufacturer and another software company in Basis Technologies. A number of partial sales. Osaic, one of our best performing assets, a wealth management business supporting over 10,000 financial advisors in the United States. We decided to, through a continuation vehicle, we had the opportunity to recycle some of those proceeds. Bending Spoons, we took a small position, or we realized a portion of our position in Bending Spoons pre-IPO. Husky is another example. It's a global provider of energy, engineering, plastic, injection molding, tooling, and systems, and we took a bit of money off the table in that as well. As you can see, this was done at a 3.1x total of invested capital and roughly a 6% uplift to carrying value three quarters prior. Maybe just drilling down a little bit more into the liquidity. As you can see here, we received $92 million of the 150 in H1, with about $58 million outstanding. The deal has been signed, the money closed. As mentioned, a further $68 million, so anticipating year-to-date proceeds reaching at least $280 million. Obviously, we're using that capital to fund both the new investment pipeline and the return of capital to investors through share buybacks and through dividends. Maybe turning to new investments, and I think it's important maybe just to spend a couple of minutes again just talking around how we're positioning the rationale and reasoning for the new investment activity over the last few months. As many of you know, and we've spoken about in detail before, we decided to prioritize balance sheet strength against a more challenging backdrop over the last number of years and reduce the amount of capital deployed into new investments between 2022 and 2025. Obviously, actually, we de-geared the portfolio from a north of 20% in 2019, all the way down to zero at the back end of last year. This obviously impacted performance, and a lack of recycling has weighed on shorter medium-term performance of the portfolio. Therefore, from looking at a number of factors, we are refreshing the portfolio. This year have committed $140 million to 60 investments, levering the strength of the Neuberger platform, and increase the investment level target to between 110 and 120 in the short to medium term, as we can take advantage of an attractive pipeline of deals from the Neuberger platform and the accretiveness that share buybacks have to all shareholders. In terms of that and what that actually looks like, as you can see today, and as mentioned, we invested $104 million before, during H1. A further $10 million to a follow-on investment subsequently. As highlighted, we have, I think, committed another $50 million to three further investments, which are due to close in Q4, taking 2026 total commitments to about $164 million, across nine different portfolio companies. Maybe just spending two minutes on some of the businesses that we've invested into. As you can see, Conservice, alongside TPG, is a utility management and billing platform for U.S. property managers. Ultimately, in high-rise blocks, typically in major cities, what this system does is it helps landlords effectively, accurately track tenant usage such as utilities and bill them correctly. Ryan, LLC is a B2B tax service provider, and we did that alongside Ares and Onex Corporation. In the U.S., particularly focusing on property tax, in the U.S., there are 3,000 different kind of regions or jurisdictions where property tax is different. Therefore, what Ryan, LLC do is they go in, clients don't pay a fee, but what Ryan, LLC do is they take a percentage of whatever tax they recoup, and it's a very high-quality business and growing very, very strongly. The other company that you can see the brand name of is Vinted. Many of you, I know, will know Vinted very well. We managed to have a small investment in Vinted alongside EQT. We invested in that in April this year. Actually, we've subsequently gone, did a little bit of a larger follow-on into Vinted, so we've got a slightly larger holding of $4 million as it stands. The other three investments, as you can see, are AI-themed growth equity investments. We've committed roughly just north of $50 million across these three deals, taking positions between 0.8% and 2% of fair value. We did this to manage early-stage exposure to the portfolio in terms of diversification. But actually, the investment thesis very much focuses on AI growth trends, strong financial position of these companies, and in one case, first-mover advantage. Unfortunately, we are unable to disclose the names of the companies, but if you think about probably the top three or four AI companies at the moment in the news and the press, I don't think you'll be too far wrong in terms of some of the exposure we have within this portfolio. I suppose the last thing to say is the subsequent deals, clearly once they close and we have more visibility on when they will close, we'll only be announcing those in due course as well. But I think what the important thing is, hopefully this highlights, is the quality of the deal flow we have got across the Neuberger platform, and the importance that we've had, as I mentioned, of refreshing the portfolio. Today, these deals plus the deals from 2024, as I mentioned, will be about a third of the portfolio when they all come to close. As mentioned, and you can see here in terms of realized and unrealized NAV and total MOIC across different vintages, the 2023, 2024, 2025 are off to a good start. The 2026, as you can see, already at 1.1 times, the likes of Ryan, Conservice, Vinted, and a number of other transactions. Maybe I will just turn to look at capital allocation briefly, give you an update on the balance sheet, and talk around capital allocation more broadly. Then very happy to open to any kind of questions that anyone might have. In terms of our capital position as at the August 31, we have $140 million of available liquidity with about 115% at the investment level. As mentioned before, the board expects to be between 110% and 120% over the short to medium term to capture some of the attractive pipeline that at Neuberger we have, and allowing us to continue to buy back shares, which is obviously accretive to net asset value. Over the longer term, we anticipate to kind of be circa around 110% on average as distributions accelerate and as things normalize over time. In terms of our updated capital allocation framework we released in June, the board allocates a further $120 million to the buyback. That now stands at $240 million total since the start of 2025, both reflecting the board's continued view that the share price undervalues the portfolio and its prospects, but also the importance of returning capital to shareholders through dividends and buybacks. Balancing new investments crucially as well, because new investments obviously are going to drive longer-term growth over the medium to long term. Year to date, we have returned $144 million to investors. About 12% of opening NAV, as I mentioned, that is twice the amount that we did at this time last year. There was only about $62 million. Up to year-end, we did $62 million in H1 and $82 million returned since June, including a $20 million dividend. Cumulatively, as you can see on the slide on the right-hand side, since the beginning of the program, we have bought back about $160 million of shares, which is part of the buyback program. In August, the buyback to the end of August, we bought back around $70 million, an average discount of 28%, and that was circa 900,000 shares. Appreciate I have been through a fair amount and a fair lick. That is quite a lot to kind of get through, but very conscious I want to leave some time for questions if people have them. I think maybe just in summary before we kind of hand it over, and very happy to answer questions as mentioned. I think the key things from my perspective, performance is broadening out from the private portfolio, and we have had more recent tailwinds from publics, which has been positive. This has been a strong realization environment, a lot of activity from across the portfolio with approximately $68 million pending to close before year end, and an exit-ready portfolio with the potential for further realizations. Hopefully you have seen a focus on refreshing the portfolio and returning capital to shareholders through both dividends and share buybacks. That is obviously made possible with the flexibility of the co-investment model and obviously the strength of the balance sheet and where we are today. Maybe I will leave it there. Very conscious there is a lot of detail in the presentation. I have been through a fair bit, so please do if there are questions, very happy to take them now, hand up, or if not, we can take them offline and please do give me a call. Great. With that, maybe I will say thank you for joining. If there are any further questions, thoughts, please do give me a call, and I will hope to see you all very soon. The last thing to mention is we have our Capital Markets Day on November 5 in London. You should have all received an invite to that. If you have not, please just drop me a line. Very happy to send that across where we will kind of do more of a deep dive into the portfolio as a whole, new investments, and also we have got a couple of GPs that are going to be attending in person to kind of a bit more of a deep dive into their relationships with Neuberger and some of the portfolio companies we have in the portfolio. If no further questions, thank you so much for your time. Lovely to see you, and hope to catch up very soon.