NBPE Nb Private Equity Partners Limited

 
TIDMNBPE 
 
 
   THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR 
DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE 
UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS 
 
   NBPE Announces January Monthly NAV Update 
 
   17 February 2021 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company"), a 
closed-end private equity investment company, today announces an updated 
Net Asset Value ("NAV") estimate for the month ended 31 January 2021. 
 
   Key Highlights 
 
 
   -- NBPE's 31 January 2021 NAV per Share of $21.15 (GBP15.40) increased $0.62 
      per share from the estimated 31 December 2020 NAV per Share of $20.53 
      (GBP15.02) (following the declaration of the first biannual dividend of 
      2021) 
 
          -- 34% and 18% of the private equity fair value is based on updated 
             private company valuation information as of 31 December 2020 and 
             31 January 2021, respectively 
 
          -- Additional fourth quarter valuation information expected over the 
             coming weeks and will be incorporated into future monthly NAV 
             updates 
 
   -- The table below summarises the monthly and LTM NAV performance through 31 
      January 20211 
 
 
 
 
                                      31 Jan-21 
(Returns in USD)               Month     LTM 
Total return NAV development 
 per Share                      4.6%      16.6% 
NAV development per Share       3.0%      13.0% 
 
 
   -- 31 January 2021 NAV growth of $28.8 million, or $0.62 per share, relative 
      to the 31 December 2020 NAV driven by: 
 
          -- $38.8 million, or $0.83 per share, of unrealised gains from 
             additional private valuation information 
 
          -- $9.9 million of unrealised gains, or $0.22 per share, primarily 
             attributable to public valuations, foreign exchange adjustments on 
             non-USD investments and other mark to market adjustments 
 
          -- $6.1 million of expenses, $0.13 per share, attributable to 
             management fee and carried interest accruals, ZDP interest and net 
             loss on ZDP FX, credit facility interest and other expenses 
 
          -- $0.7 million of accrued cash and PIK interest from the income 
             portfolio, or $0.01 per share 
 
          -- $14.5 million, or $0.31 per share, associated liability with the 
             declared but unpaid dividend 
 
 
 
   Portfolio Valuation 
 
   The value of NBPE's private equity portfolio as of 31 January 2021 was 
based on the following information(2) : 
 
 
   -- 18% of the private equity fair value was valued as of 31 January 2021 
 
          -- 13% in public securities3 
 
          -- 5% in private direct debt investments 
 
   -- 34% of the private equity fair value was valued as of 31 December 2020 
 
          -- 34% in private direct equity investments 
 
   -- 48% of the private equity fair value was valued as of 30 September 2020 
 
          -- 47% in private direct equity investments 
 
          -- 1% in fund investments 
 
 
 
 
   Manager Commentary 
 
   During January NBPE received $3.5 million of proceeds from direct equity 
investments, consisting of $3.1 million of partial realisations and $0.5 
million from the sale of public shares of Avantor (NYSE: AVTR); 
additional cash proceeds from the final exit of Avantor shares will be 
received by NBPE in the coming weeks. In addition, NBPE received $2.8 
million from income investments, consisting primarily of proceeds from 
the exit of NBPE's first lien debt position in Blue Nile. 
 
   During January and in early February, public announcements were made 
regarding the separate full or partial sale of the assets of each of 
Telxius, Hivory and Innovacare. These transactions are all signed and 
are subject to customary closing conditions. Valuation adjustments and 
proceeds will be included in NBPE's financials at the appropriate time 
and subject to respective closing conditions. 
 
   On 15 January 2021, NBPE declared its first semi-annual dividend of 2021 
of $0.31 per share which was increased as a result of strong 2020 NAV 
growth. 
 
   Approximately 18% of valuation information in this estimate is as of 
31st January and 34% of valuation information is updated to 31 December 
2020. NBPE's private valuations increased by $38.8 million as a result 
of the receipt of updated Q4 valuation information. Additional valuation 
information will be incorporated in future monthly NAV updates and NBPE 
expects to issue its audited financial report in April 2021. 
 
   For further information, please contact: 
 
   NBPE Investor Relations                     +1 214 647 9593 
 
   Kaso Legg Communications                +44 (0)20 3995 6673 
 
   Charles Gorman 
https://www.globenewswire.com/Tracker?data=e4I-vk1LX0ejlEBa4YbsmLU8rZEyDbMS50x9gzKgjr0avX-6tpMFsaXxacR9KGy9CblDyLE0ppwIJuYr2WduSYDYi77rZVd3dI-PKKb7jrbz3ISZN3CXbjKfY6ccWZ8M 
nbpe@kl-communications.com 
 
   About NB Private Equity Partners Limited 
 
   NBPE invests in direct private equity investments alongside market 
leading private equity firms globally. NB Alternatives Advisers LLC (the 
"Investment Manager"), an indirect wholly owned subsidiary of Neuberger 
Berman Group LLC, is responsible for sourcing, execution and management 
of NBPE. The vast majority of direct investments are made with no 
management fee / no carried interest payable to third-party GPs, 
offering greater fee efficiency than other listed private equity 
companies. NBPE seeks capital appreciation through growth in net asset 
value over time while paying a bi-annual dividend. 
 
   LEI number: 213800UJH93NH8IOFQ77 
 
   About Neuberger Berman 
 
   Neuberger Berman, founded in 1939, is a private, independent, 
employee-owned investment manager. The firm manages a range of 
strategies--including equity, fixed income, quantitative and multi-asset 
class, private equity, real estate and hedge funds--on behalf of 
institutions, advisors and individual investors globally. With offices 
in 24 countries, Neuberger Berman's diverse team has over 2,300 
professionals. For seven consecutive years, the company has been named 
first or second in Pensions & Investments Best Places to Work in Money 
Management survey (among those with 1,000 employees or more). In 2020, 
the PRI named Neuberger Berman a Leader, a designation awarded to fewer 
than 1% of investment firms for excellence in Environmental, Social and 
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ 
in every eligible category for our approach to ESG integration across 
asset classes. The firm manages $405 billion in client assets as of 
December 31, 2020. For more information, please visit our website at 
www.nb.com. 
 
   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. 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. 
 
   (1) Assumes reinvestment of dividends on the ex-dividend date and 
reflects cumulative returns over time period shown. GBP NAV total return 
for the monthly and LTM periods are 4.1% and 12.2%, respectively; GBP 
NAV return for the monthly and LTM periods are 2.5% and 8.7%, 
respectively. 
 
   (2) Please refer to the valuation methodology section of the monthly 
report for a description of the Manager's valuation methodology. 48% of 
underlying valuation data is as of 30 September 2020. Given the current 
market / economic environment the Manager notes that while this 
valuation data may be stale, it remains the best estimate we are 
currently able to provide but may not accurately reflect the fair value 
at 31 January 2021. 
 
   (3) Includes Petsmart / Chewy as value is predominantly driven by the 
public value of Chewy. 
 
 
 
 
 
   Attachment 
 
 
   -- NBPE January Monthly NAV Update 
      https://ml-eu.globenewswire.com/Resource/Download/c7677158-0dcd-4aff-999f-e1de9df6365d 
 
 
 
 
 
 
 

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February 17, 2021 02:00 ET (07:00 GMT)

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