NPG Records is the current active record label owned by Prince. "NPG" is short for "New Power Generation".
It was founded to release his music after Paisley Park Records was shut down by Warner Bros. Records in 1993.
Though the 1994 compilation 1-800-NEW-FUNK featured several artists, NPG Records never developed into a full label like Paisley Park did: instead, it exclusively released Prince's albums or side-projects.(Wikipedia)