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 May Monthly NAV Estimate and Publishes Q1 2021
Report
18 June 2021
NB Private Equity Partners Limited ("NBPE" or the "Company"), a
closed-end private equity investment company, today releases its 31
May 2021 monthly NAV update and Q1 2021 Quarterly Report.
Key Highlights
Portfolio continues to build on its strong performance in
2020
NAV per share of $25.43 (GBP17.89), +14.7% in 2021
-- As of 31 May 2021 NBPE's NAV total return is 14.7% during 2021 year to
date
-- One year LTM NAV total return is 52.2%
-- After incorporating updated Q1 2021 private company valuation information,
the 31 May 2021 NAV per share is $25.43 (GBP17.89)
-- 31 March 2021 NAV per share of $25.35, a $170.1 million, or $3.63
per share, increase relative to 31 December 2020
-- Additional $9.5 million, or $0.20 per share, NAV increase in April
and May attributable to changes in public company valuations, FX
rates and interest accruals
-- $6.9 million of expenses, fee accruals, ZDP accrual and credit
facility expenses during April and May
Realisations at significant uplifts to carrying value and
cost
-- Performance predominantly driven by the previously announced seven full
or partial realisations in 2021 year to date, with additional uplift
expected in the coming months as additional transactions close
-- Aggregate uplift of 110% to the December 2020 valuation; 3.6x cost
across the seven transactions
-- Approximately $120 million of the NAV increase in Q1 private
valuation information was attributable to these seven companies,
certain of which have closed and the remainder of which are
expected to close over the coming months
-- A further $20 million ($0.43 per share) of estimated NAV uplift is
expected in the coming months as these investments close and/or
additional valuation information is received from underlying
managers
-- Significant cash realisations and IPO of Agiliti (NYSE: AGTI)
-- Approximately $139 milion of cash distributions received year to
date - including cash received through 31 May 2021 and additional
proceeds received in June
-- An additional $83 million is expected in the coming months as the
remaining transactions described above close
-- Agiliti completed its IPO on 23rd April and as of 31 May 2021,
gains in the share price have generated $7 million of NAV uplift
relative to the 31 December 2020 valuation
-- $50 million invested or committed to five new investments during 2021
-- Credit facility is currently undrawn giving significant
flexibility and resources
-- Actively reviewing a high level of new investment opportunities
-- Ability to be highly selective with pace of new investing --
current portfolio is 116% invested
Peter von Lehe, Managing Director of Neuberger Berman, commented
on the first quarter, "NBPE has continued to build on its strong
performance in 2020, reporting a NAV total return of almost 15%
year to date. Year to date performance has been driven by
realisations at significant uplifts to carrying value and cost, and
strong operating performance across the portfolio. We believe the
portfolio is well positioned to continue to generate value for
shareholders, benefiting from a number of structural growth trends
and the potential for further exits in 2021 and beyond."
Portfolio Valuation at 31 May 2021
The value of NBPE's portfolio as of 31 May 2021 was based on the
following information(1) :
-- 18% of the portfolio fair value was valued as of 31 May 2021
-- 13% in public securities2
-- 5% in private direct debt investments
-- 1% of the portfolio fair value was valued as of 30 April 2021
-- 1% in private direct investments
-- 81% of the portfolio fair value was valued as of 31 March 2021
-- 80% in private direct equity investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.com https://www.globenewswire.com/Tracker?data=LiuWEo3ci0OHB2CrJSMN9j_YGGgT0gNUvzhxWqXsw2xnyTL2bV9ZGrSpujmippUP1v8W0tF4xY75PYtDLPV8TymzYKBN4gndIuywxWX2w-Hwmpxnmni-Zo7T8Q5po0tg
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 25 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 $429 billion in client assets as of March
31, 2021. 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) Please refer to the valuation methodology section of the
monthly report for a description of the Manager's valuation
methodology. While some valuation data is as of 31 March 2021 and
30 April 2021, the Manager's analysis and historical experience
lead the Manager to believe that this approximates fair value at 31
May 2021.
(2) Includes Petsmart / Chewy as value is predominantly driven
by the public value of Chewy.
Attachments
-- NBPE May Monthly NAV Update vF
https://ml-eu.globenewswire.com/Resource/Download/e116981e-baa7-41fd-a2df-baeb9e13b7f5
-- NBPE Q1 2021 Quarterly Report vF
https://ml-eu.globenewswire.com/Resource/Download/0a141eb9-e7b3-427e-85ea-575e50d2a574
(END) Dow Jones Newswires
June 18, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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