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
19 October 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 30 September 2023 monthly NAV estimate.
Highlights (30 September 2023)
-- NAV per share of $27.15 (GBP22.24), a decline of 2.8% during the month
-- Monthly NAV decline driven by changes in value of quoted holdings and
negative foreign exchange adjustments in NBPE's non-USD investments
-- Realisation activity continues with the announced full sale of Melissa &
Doug (fka undisclosed branded toy company) bringing total year to date
announced cash proceeds to $148 million1
-- Full or partial sales year to date have achieved a 2.0x gross multiple of
capital and were at a 13% uplift to the value three quarters prior to the
announced transaction2; $15 million realised from quoted holdings year to
date, which are now 9% of the portfolio fair value
-- $283 million of available liquidity at 30 September 2023
As of 30 September YTD 1 Year 3 years 5 years 10 years
2023
--------------------- ------ ------ ------- ------- --------
NAV TR (USD)* (1.1%) 3.1% 50.0% 73.6% 204.1%
Annualised 3.1% 14.5% 11.7% 11.8%
--------------------- ------ ------ ------- ------- --------
MSCI World TR (USD)* 11.6% 22.6% 28.1% 45.6% 133.3%
Annualised 22.6% 8.6% 7.8% 8.8%
--------------------- ------ ------ ------- ------- --------
Share price TR (GBP)* 3.6% 7.3% 85.1% 71.3% 329.7%
Annualised 7.3% 22.8% 11.4% 15.7%
--------------------- ------ ------ ------- ------- --------
FTSE All-Share TR 4.5% 13.8% 39.8% 19.7% 71.8%
(GBP)* 13.8% 11.8% 3.7% 5.6%
Annualised
--------------------- ------ ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 30 September 2023
NAV performance during the month driven by:
-- 2.3% NAV decrease ($30 million) from the value of quoted holdings (which
constitute 9% of portfolio fair value)
-- 0.4% NAV decrease ($6 million) from negative FX movements, primarily
attributable to changes in the EUR/USD rate
-- 0.1% NAV decrease ($1 million) attributable to expense accruals and
offset by changes in the Zero Dividend Preference share (ZDP) liability
Realisations from the portfolio continue in 2023
-- 2023 year to date announced cash proceeds of $148 milllion3
-- Full sales of Accedian, FV Hospital, Boa Vista, and Melissa & Doug (fka undisclosed branded toy company) as well as further liquidity from the partial sale of Petsmart and full and partial sales of public stock in Vertiv, Concord, Holley, Solarwinds and N-able
$20m of investment year to date through 30 September 2023
-- Including $13m follow-ons investments in Solenis and Renaissance Learning
to support transformative M&A
Significant available liquidity at 30 September 2023
-- $210 million undrawn credit line and $73 million of cash / liquid
investments
-- In addition, $78 million of distributions expected to be received over
the coming months from announced realisations
Portfolio Valuation
The fair value of NBPE's portfolio as of 30 September 2023 was
based on the following information:
-- 12% of the portfolio was valued as of 30 September 2023
--
-- 9% in public securities
-- 3% in private direct investments
-- 88% of the portfolio was valued as of 30 June 2023
--
-- 87% in private direct investments
-- 1% in private fund investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=EVekHc3zPuGkCcG0WAfbepUVQ_ryg38228wp0QztcQOVS3TNPiZrXmZFTYYN3pmdeVqy_bFYTmVlw6SFDcuogwsxV1QvTms4zkYtc-IPL2xMU5N1K69HLTLIN0gTPBZa
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 30 September 2023)
Fair Value % of
Company Name Vintage Lead Sponsor Sector ($m) FV
Action 2020 3i Consumer 74.6 5.5%
Financial
Osaic 2019 Reverence Capital Services 56.5 4.1%
Financial
USI 2017 KKR Services 54.0 4.0%
Constellation Business
Automotive 2019 TDR Capital Services 47.9 3.5%
Solenis 2021 Platinum Equity Industrials 47.2 3.5%
Fortna 2017 THL Industrials 39.7 2.9%
Cotiviti 2018 Veritas Capital Healthcare 37.1 2.7%
AutoStore
(OB.AUTO) 2019 THL Industrials 35.1 2.6%
Business Services Business
Company(4) 2017 Not Disclosed Services 33.4 2.4%
BeyondTrust 2018 Francisco Partners Technology / IT 32.7 2.4%
Monroe Engineering 2021 AEA Investors Industrials 31.9 2.3%
Further Global Financial
Kroll 2020 / Stone Point Services 30.1 2.2%
Branded Cities Communications
Network 2017 Shamrock Capital / Media 29.9 2.2%
Financial
True Potential 2022 Cinven Services 29.8 2.2%
Marquee Brands 2014 Neuberger Berman Consumer 28.9 2.1%
Stubhub 2020 Neuberger Berman Consumer 26.4 1.9%
Business
Staples 2017 Sycamore Partners Services 25.6 1.9%
NB Renaissance
Engineering 2020 / Bain Capital Technology / IT 24.5 1.8%
Bylight 2017 Sagewind Partners Technology / IT 23.9 1.8%
Trilantic Capital Business
Addison Group 2021 Partners Services 23.9 1.8%
Auctane 2021 Thoma Bravo Technology / IT 22.9 1.7%
Business
GFL (NYSE: GFL) 2018 BC Partners Services 22.5 1.6%
Excelitas 2017 AEA Investors Industrials 21.6 1.6%
Bridge Growth
Accedian 2017 Partners Technology / IT 21.3 1.6%
Melissa & Doug 2017 AEA Investors Consumer 21.2 1.6%
FV Hospital 2017 Quadria Capital Healthcare 20.5 1.5%
Renaissance
Learning 2018 Francisco Partners Technology / IT 20.0 1.5%
Bridge Growth
Solace Systems 2016 Partners Technology / IT 19.8 1.5%
Viant 2018 JLL Partners Healthcare 19.1 1.4%
Qpark 2017 KKR Transportation 17.2 1.3%
Total Top 30
Investments $939.2 68.8%
================================================================= ========================== =====
Geography % of Portfolio
North America 74%
Europe 22%
Asia / Rest of World 4%
Total Portfolio 100%
==================================== ==============
Industry % of Portfolio
Tech, Media & Telecom 22%
Consumer / E-commerce 20%
Industrials / Industrial Technology 17%
Business Services 12%
Financial Services 14%
Healthcare 9%
Other 5%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2015 & Earlier 6%
2016 7%
2017 26%
2018 18%
2019 14%
2020 12%
2021 13%
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 $439 billion in client assets as of September 30,
2023. For more information, please visit our website at
https://www.globenewswire.com/Tracker?data=-q5B88416uhVyLnTSm6zCCxrcqNaaXv4xsl0DqRLeA4-ncoxD4Tx5Ju9rC_mdj82h7bswRkgVXV-4kbC0JVUgg==
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) $70 million received through 30 September 2023, with a
further $78 million expected from announced but not yet received
transactions. $20 million was attributable to announced sales in
2022 but received in 2023. Pending realisations are subject to
customary closing conditions. No assurances can be given the
transactions ultimately close.
(2) For one investment with a partial sale, multiple and uplift
reflect realised proceeds only.
(3) $70 million received during 2023, of which $20 million was
attributable to announced sales in 2022 but received in 2023.
Pending realisations are subject to customary closing conditions.
No assurances can be given the transactions ultimately close.
(4) Undisclosed company due to confidentiality provisions.
Attachment
-- September 2023 NBPE Factsheet vF
https://ml-eu.globenewswire.com/Resource/Download/5fc1c0f4-233b-4280-8212-08861b1c877d
(END) Dow Jones Newswires
October 19, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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