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
23 August 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 31 July 2023 Monthly Net Asset Value ("NAV")
estimate.
Highlights (as of 31 July 2023)
-- NAV per share of $28.79 (GBP22.38), a 2.9% increase during the month1
-- Main driver of performance was an increase in private valuations from the
receipt of 30 June 2023 valuation information
-- Of information received so far, aggregate private companies valuations
are up 2.4% on a constant currency basis in the second quarter of 2023
-- Approximately 70% of the portfolio valued based on 30 June 2023 or 31
July 2023 valuations
-- Solenis closed the $4.6 billion acquisition of Diversey in July,
combining two industry leaders in adjacent but highly complementary
markets; NBPE invested a further $10 million to support the transaction
-- Realisations of Accedian and FV Hospital announced, estimated to generate
approximately $40 million of proceeds, taking total year to date
realisations announced to $97 million
-- 8,400 shares repurchased during the month of July, accretive to NAV per
share by less than $0.01
-- NBPE continues to be well positioned to take advantage of investment
opportunities - $297 million of available liquidity2
As of 31 July 2023 YTD 1 Year 3 years 5 years 10 years
------------------------ ----- ------ ------- ------- --------
NAV TR (USD)* 4.9% 4.7% 72.9% 88.8% 230.9%
Annualised 4.7% 20.0% 13.6% 12.7%
------------------------ ----- ------ ------- ------- --------
MSCI World TR (USD)* 19.3% 14.1% 41.2% 58.7% 156.7%
Annualised 14.1% 12.2% 9.7% 9.9%
------------------------ ----- ------ ------- ------- --------
Share price TR (GBP)* 1.9% 3.9% 98.4% 80.4% 298.1%
Annualised 3.9% 25.6% 12.5% 14.8%
------------------------ ----- ------ ------- ------- --------
FTSE All-Share TR (GBP)* 5.3% 6.1% 41.8% 18.1% 71.1%
Annualised 6.1% 12.3% 3.4% 5.5%
------------------------ ----- ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 31 July 2023
NAV performance during the month driven by:
-- 2.5% NAV increase ($33 million) from the receipt of 30 June 2023 private
company valuation information
-- 0.0% NAV increase ($1 million) from the value of quoted holdings (which
constitute 14% of portfolio fair value)
-- 0.5% NAV increase ($7 million) from positive FX movements, primarily
attributable to changes in the EUR/USD rate
-- 1.7% NAV decrease ($22 million) related to the accrual of the 31 August
2023 dividend payment
-- 0.2% NAV decrease ($3 million) attributable to changes in the Zero
Dividend Preference share (ZDP) liability and expense accruals
$10 million follow-on investment in Solenis to support
transformative M&A, with the acquisition of Diversey
-- Solenis, an industry leading provider of chemicals and services to water
intensive industries, has acquired Diversey, a leading provider of
hygiene, infection prevention and cleaning products and technology
-- The acquisition increases Solenis' suite of solutions to span consumer,
institutional, industrial, food and beverage, and pool water markets
making Solenis a more diversified company with significantly increased
scale, broader global reach and the ability to offer a 'one-stop shop'
suite of solutions to address water management, cleaning and hygiene
issues on a global basis
-- Solenis is now NBPE's 6th largest portfolio company, valued at $49
million (3% of NAV)
-- NBPE's new investment in Solenis takes total year-to-date investment to
$19 million
Robust liquidity -- $57 million of proceeds received
year-to-date and two additional announced pending realisations
which are expected to close in the coming months(1)
-- The recently announced pending realisations of Accedian and FV Hospital
are estimated to generate approximately $40 million of total proceeds and
are expected to close in the coming months3
-- $297 million of available liquidity ($2 million of cash, $295 million of
undrawn credit facility), excluding the above pending realisations
NBPE's investment policy has been amended to facilitate
efficient cash management in relation to the minimum draw
requirement on its revolving credit facility(4)
-- Clarificatory amendment to investment policy facilitates flexibility for
short term cash management options
Portfolio Valuation
The fair value of NBPE's portfolio as of 31 July 2023 was based
on the following information:
-- 17% of the portfolio was valued as of 31 July 2023
-- 14% in public securities
-- 3% in private direct investments
-- 53% of the portfolio was valued as of 30 June 2023
-- 53% in private direct investments
-- 30% of the portfolio was valued as of 31 March 2023
-- 30% in private direct investments
(1) After adjusting for the accrued dividend payable.
(2) Not accounting for the above-mentioned pending realisations
and any near-term drawn down under NBPE's credit facility as set
out below.
(3) Pending realisations are subject to customary closing
conditions. No assurances can be given that the referenced
transactions will ultimately close.
(4) NBPE directors have resolved to make a clarificatory
amendment to the cash management section of NBPE's Investment
Policy as follows: "In addition to the investments referred to
above, the Company may also hold cash and may temporarily invest
such cash in cash equivalents, money market instruments, government
securities, asset-backed securities and other investment grade
securities, pending investment in private equity related assets or
opportunistic investments or otherwise for efficient portfolio
management."
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=4YuaMXVOVuePhLZsCDC_a0rWOox4KW--x6ZRMMWSV5BnXwY4jwlJTsOuQh7gKsHvkZFkFbE37NgmSSb4qmUYGBIvepWFSAnEBwkT73RXne9lQ0Ia2_evtKFKjphRKs8Y
Luke Dampier
Charlotte Francis
Supplementary Information (as of 31 July 2023)
Fair Value
Company Name Vintage Lead Sponsor Sector ($m) % of FV
Action 2020 3i Consumer 77.7 5.4%
AutoStore
(OB.AUTO) 2019 THL Industrials 61.7 4.2%
Reverence Financial
Advisor Group 2019 Capital Services 56.8 3.9%
Financial
USI 2017 KKR Services 54.0 3.7%
Constellation Business
Automotive 2019 TDR Capital Services 51.7 3.6%
Platinum
Solenis 2021 Equity Industrials 49.0 3.4%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 42.9 3.0%
Material
Handling
Systems 2017 THL Industrials 37.9 2.6%
Veritas
Cotiviti 2018 Capital Healthcare 37.0 2.5%
Francisco
BeyondTrust 2018 Partners Technology / IT 32.7 2.3%
Business
Services Not Business
Company* 2017 Disclosed Services 32.6 2.2%
Monroe AEA
Engineering 2021 Investors Industrials 31.9 2.2%
Further
Global /
Stone Financial
Kroll 2020 Point Services 30.1 2.1%
Financial
True Potential 2022 Cinven Services 29.8 2.1%
GFL (NYSE: Business
GFL) 2018 BC Partners Services 29.0 2.0%
Neuberger
Marquee Brands 2014 Berman Consumer 28.3 2.0%
Branded Cities Shamrock Communications
Network 2017 Capital / Media 26.5 1.8%
Neuberger
Stubhub 2020 Berman Consumer 26.4 1.8%
Sycamore Business
Staples 2017 Partners Services 25.6 1.8%
NB
Renaissance
/ Bain
Engineering 2020 Capital Technology / IT 25.5 1.8%
Sagewind
Bylight 2017 Partners Technology / IT 23.9 1.7%
Trilantic
Capital Business
Addison Group 2021 Partners Services 23.9 1.6%
Auctane 2021 Thoma Bravo Technology / IT 22.9 1.6%
AEA
Excelitas 2017 Investors Industrials 21.9 1.5%
Bridge
Growth
Accedian 2017 Partners Technology / IT 21.3 1.5%
Branded Toy Not
Company* 2017 Disclosed Consumer 21.2 1.5%
Renaissance Francisco
Learning 2018 Partners Technology / IT 20.0 1.4%
Bridge
Growth
Solace Systems 2016 Partners Technology / IT 19.8 1.4%
Petsmart /
Chewy (NYSE:
CHWY) 2015 BC Partners Consumer 18.3 1.3%
Qpark 2017 KKR Transportation 17.9 1.2%
Total Top 30 Investments 998.4 68.8%
======================================================= ============ =======
*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 21%
Consumer / E-commerce 19%
Industrials / Industrial Technology 18%
Business Services 12%
Financial Services 14%
Healthcare 10%
Other 5%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2015 & Earlier 7%
2016 6%
2017 24%
2018 18%
2019 17%
2020 12%
2021 12%
2022 3%
2023 1%
Total Portfolio 100%
==================================== ==============
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
-- July 2023 NBPE FactsheetvFF
https://ml-eu.globenewswire.com/Resource/Download/5365671e-4c87-472e-a12d-77180a865fa4
(END) Dow Jones Newswires
August 23, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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