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
18 July 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 30 June 2023 Monthly Net Asset Value ("NAV")
estimate.
Highlights (as of 30 June 2023)
-- NAV per share of $28.43 (GBP22.36), a 1.0% increase during the month
-- Two main drivers in the month were an increase in quoted holdings, and
positive FX movements
-- 14% of the valuation information based on quoted holdings as of 30 June
2023; additional Q2 valuation information expected in the coming weeks.
NBPE expects to issue its Interim Financial Report in September
-- 250,024 shares repurchased during the month of June, accretive to NAV per
share by $0.05
-- Two new pending portfolio company realisations with the recently
announced sales of both Accedian and FV Hospital to strategic acquirers.
These two exits are estimated to generate a total of approximately $40
million of proceeds and are expected to close in the coming months1
-- NBPE continues to be well positioned to take advantage of investment
opportunities - $291 million of available liquidity (excluding the above
pending realisations)
As of 30 June 2023 YTD 1 Year 3 years 5 years 10 years
--------------------- ------ ------ ------- ------- --------
NAV TR (USD)* 1.0% 2.5% 70.6% 84.0% 228.6%
Annualised 2.5% 19.5% 13.0% 12.6%
--------------------- ------ ------ ------- ------- --------
MSCI World TR (USD)* 15.4% 19.1% 43.2% 58.3% 161.5%
Annualised 19.1% 12.7% 9.6% 10.1%
--------------------- ------ ------ ------- ------- --------
Share price TR (GBP)* (3.9%) 6.1% 84.2% 74.4% 290.0%
Annualised 6.1% 22.6% 11.8% 14.6%
--------------------- ------ ------ ------- ------- --------
FTSE All-Share TR 2.6% 7.9% 33.2% 16.5% 78.0%
(GBP)* 7.9% 10.0% 3.1% 5.9%
Annualised
--------------------- ------ ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 30 June 2023
NAV performance during the month driven by:
-- 0.6% NAV increase ($8 million) from the value of quoted holdings (which
constitute 14% of portfolio fair value)
-- 0.6% NAV increase ($8 million) from positive FX movements, primarily
attributable to changes in the EUR/USD rate
-- 0.2% NAV decrease ($2 million) attributable to changes in the Zero
Dividend Preference share (ZDP) liability and expense accruals
Robust liquidity -- $45 million of proceeds received year to
date and two additional announced pending realisations during June
/ early July
-- Two recently announced pending realisations of Accedian and FV Hospital
are estimated to generate approximately $40 million of additional
proceeds and are expected to close in the coming months1
-- $291 million of available liquidity ($1 million of cash, $290 million of
undrawn credit facility), excluding the above pending realisations
Portfolio Valuation
The fair value of NBPE's portfolio as of 30 June 2023 was based
on the following information:
-- 20% of the portfolio was valued as of 30 June 2023
--
-- 14% in public securities
-- 6% in private direct investments
-- 80% of the portfolio was valued as of 31 March 2023
--
-- 79% in private direct investments
-- 1% in private funds
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=G-lj_IEiKgOyUQhoM-wJsAYcI96SgDcUtd3E2gIQMEmaFKcvl99y_CLtD3NeaDZuv9pkywCvUDNeVlIWf9ER9IZlsFFpKZXRsYmvlU2cN0zpFz9WISeXuxHkacVk8vSu
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as of 30 June 2023)
Fair Value % of
Company Name Vintage Lead Sponsor Sector ($m) FV
Action 2020 3i Consumer 70.3 5.0%
Financial
Advisor Group 2019 Reverence Capital Services 54.2 3.8%
AutoStore
(OB.AUTO) 2019 THL Industrials 54.0 3.8%
Constellation Business
Automotive 2019 TDR Capital Services 51.1 3.6%
Financial
USI 2017 KKR Services 50.0 3.5%
Solenis 2021 Platinum Equity Industrials 45.2 3.2%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 41.2 2.9%
Fortna 2017 THL Industrials 39.7 2.8%
Cotiviti 2018 Veritas Capital Healthcare 36.6 2.6%
Business
GFL (NYSE: GFL) 2018 BC Partners Services 33.8 2.4%
Business Services Business
Company* 2017 Not Disclosed Services 32.6 2.3%
Further Global / Financial
Kroll 2020 Stone Point Services 32.1 2.3%
BeyondTrust 2018 Francisco Partners Technology / IT 29.6 2.1%
Financial
True Potential 2022 Cinven Services 29.5 2.1%
Marquee Brands 2014 Neuberger Berman Consumer 28.3 2.0%
Monroe Engineering 2021 AEA Investors Industrials 26.6 1.9%
Stubhub 2020 Neuberger Berman Consumer 26.4 1.9%
NB Renaissance /
Engineering 2020 Bain Capital Technology / IT 25.3 1.8%
Branded Cities Communications
Network 2017 Shamrock Capital / Media 25.1 1.8%
Bylight 2017 Sagewind Partners Technology / IT 23.9 1.7%
Trilantic Capital Business
Addison Group 2021 Partners Services 23.9 1.7%
Business
Staples 2017 Sycamore Partners Services 22.6 1.6%
Auctane 2021 Thoma Bravo Technology / IT 22.4 1.6%
Petsmart / Chewy
(NYSE: CHWY) 2015 BC Partners Consumer 22.0 1.5%
Excelitas 2017 AEA Investors Industrials 21.9 1.5%
Bridge Growth
Accedian 2017 Partners Technology / IT 21.6 1.5%
Branded Toy
Company* 2017 Not Disclosed Consumer 21.2 1.5%
Renaissance
Learning 2018 Francisco Partners Technology / IT 19.8 1.4%
FV Hospital 2017 Quadria Capital Healthcare 17.9 1.3%
Qpark 2017 KKR Transportation 17.5 1.2%
Total Top 30
Investments $966.3 68.1%
================================================================= ========== =====
*Undisclosed company due to confidentiality provisions.
Geography % of Portfolio
North America 73%
Europe 23%
Asia / Rest of World 4%
Total Portfolio 100%
==================================== ==============
Industry % of Portfolio
Tech, Media & Telecom 20%
Consumer / E-commerce 19%
Industrials / Industrial Technology 17%
Business Services 13%
Financial Services 14%
Healthcare 10%
Other 6%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2014 & Earlier 4%
2015 3%
2016 7%
2017 24%
2018 18%
2019 17%
2020 11%
2021 12%
2022 3%
2023 1%
Total Portfolio 100%
==================================== ==============
[1] Pending realisations are subject to customary closing
conditions. No assurances can be given that the referenced
transactions will ultimately close.
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.
Neuberger Berman's investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm's diverse team has over 2,750 professionals.
For nine consecutive years, Neuberger Berman 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).
The firm manages $443 billion in client assets as of June 30, 2023.
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.
Attachment
-- June 2023 NBPE Factsheet vF
https://ml-eu.globenewswire.com/Resource/Download/6655eba0-2936-4b70-86ef-0f5c7fd6bfa7
(END) Dow Jones Newswires
July 18, 2023 02:00 ET (06:00 GMT)
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