NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - January 2021
February 17 2021 - 1:00AM
UK Regulatory
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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