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
21 March 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 28 February 2023 Monthly Net Asset Value ("NAV")
estimate.
Highlights (as of 28 February 2023)
-- NAV per share of $28.09 (GBP23.36), a decline of 0.4% during the month,
driven by quoted holdings and negative foreign exchange movements
-- Positive valuation movements of additional Q4 2022 private company
valuations -- on a constant currency basis, private valuations received
to date, in aggregate, were up 2% in Q4 and 4% in 2022 as a whole
-- 80% of the valuation information for the 28 February 2023 monthly
estimate as of 31 December 2022 or 28 February 2023
-- $289 million of available liquidity, and a further $16 million of
proceeds from previously announced realisations expected in the coming
months
As of 28 February
2023 YTD 1 Year 3 years 5 years 10 years
------------------ ---- ------ ------- ------- --------
NAV TR (USD) 2.3% (3.6%) 66.4% 91.3% 232.3%
------------------ ---- ------ ------- ------- --------
MSCI World TR
(USD) 4.6% (6.9%) 34.7% 43.1% 144.6%
------------------ ---- ------ ------- ------- --------
Share price TR
(GBP) 7.2% 8.5% 73.3% 106.1% 336.4%
------------------ ---- ------ ------- ------- --------
FTSE All-Share
TR (GBP) 6.1% 7.3% 28.9% 29.2% 83.6%
------------------ ---- ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (as of 28 February 2023)
NAV performance during the month driven by:
-- 0.7% NAV decrease ($9 million) from the value of quoted holdings (which
constitute 13% of portfolio fair value)
-- 0.7% NAV decrease ($9 million) from negative FX movements, primarily
attributable to changes in the EUR/USD rate in February 2023
-- Excluding FX, 1% NAV increase ($13 million) from the receipt of fourth
quarter private company valuation information (74% of private companies
valuations based on Q4 2022 valuation information)
-- 0.1% NAV decrease ($2 million) attributable to changes in the Zero
Dividend Preference share (ZDP) liability and expense accruals
$289 million of available liquidity
-- $4 million of cash and $285 million of undrawn credit facility
-- A further $16 million of proceeds from previously announced realisations
expected in the coming months
$0.47 dividend paid in February 2023
-- In line with August 2022 dividend
-- Annualised dividend yield on 28 February NAV of 3.3%; annualised share
price yield is 4.9%1
-- Payment date of 28 February 2023
Portfolio Valuation
The fair value of NBPE's portfolio as of 28 February 2023 was
based on the following information:
-- 16% of the portfolio was valued as of 28 February 2023
--
-- 13% in public securities
-- 3% in private direct investments
-- 64% of the portfolio was valued as of 31 December 2022
--
-- 64% in private direct investments
-- 20% of the portfolio was valued as of 30 September 2022
--
-- 19% in private direct investments
-- 1% in private fund investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=zAZ8EsERSnDprTVOxUmTfl-VhFANlU3pVxkbwovKPbjHroGdWEhR5bMeL3JH27cwk8PV_FTNH2J9p7FaYulfEm_wSkJFlrpgFEsfP9i4xsggB5DSLXRsOvzmz5JmcvQ-
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as of 28 February 2023)
Fair Value % of
Company Name Vintage Lead Sponsor Sector ($m) FV
Action 2020 3i Consumer 71.7 5.1%
Constellation Business
Automotive 2019 TDR Capital Services 57.3 4.1%
AutoStore
(OB.AUTO) 2019 THL Industrials 51.5 3.7%
Financial
Advisor Group 2019 Reverence Capital Services 50.7 3.6%
Financial
USI 2017 KKR Services 50.0 3.6%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 47.6 3.4%
Material Handling
Systems 2017 THL Industrials 39.7 2.8%
Cotiviti 2018 Veritas Capital Healthcare 35.1 2.5%
Business Services Business
Company* 2017 Not Disclosed Services 32.9 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 28.5 2.0%
Marquee Brands 2014 Neuberger Berman Consumer 27.6 2.0%
Business
GFL (NYSE: GFL) 2019 BC Partners Services 27.0 1.9%
Monroe Engineering 2021 AEA Investors Industrials 26.7 1.9%
Stubhub 2020 Neuberger Berman Consumer 26.4 1.9%
NB Renaissance
Engineering 2020 / Bain Capital Technology / IT 25.0 1.8%
Branded Toy
Company* 2017 Not Disclosed Consumer 23.9 1.7%
Trilantic Capital Business
Addison Group 2021 Partners Services 23.9 1.7%
Branded Cities Communications
Network 2017 Shamrock Capital / Media 23.6 1.7%
Auctane 2021 Thoma Bravo Technology / IT 22.8 1.6%
Petsmart / Chewy
(NYSE: CHWY) 2015 BC Partners Consumer 22.4 1.6%
Excelitas 2017 AEA Investors Industrials 22.1 1.6%
Solenis 2021 Platinum Equity Industrials 21.5 1.5%
Business
Staples 2017 Sycamore Partners Services 21.2 1.5%
Bylight 2017 Sagewind Partners Technology / IT 20.6 1.5%
Bridge Growth
Accedian 2017 Partners Technology / IT 20.6 1.5%
FV Hospital 2017 Quadria Capital Healthcare 20.4 1.5%
Bridge Growth
Solace Systems 2016 Partners Technology / IT 17.2 1.2%
Renaissance
Learning 2018 Francisco Partners Technology / IT 16.5 1.2%
Total Top 30
Investments $936.6 66.7%
================================================================= =========================== =====
*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 20%
Industrials / Industrial Technology 15%
Business Services 13%
Financial Services 14%
Healthcare 11%
Other 6%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2014 & Earlier 4%
2015 3%
2016 7%
2017 24%
2018 19%
2019 18%
2020 11%
2021 11%
2022 3%
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.
With offices in 26 countries, Neuberger Berman's diverse team has
over 2,600 professionals. For eight 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). Neuberger Berman is a PRI Leader, a
designation, since last assessed, that was awarded to fewer than 1%
of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. In the 2021 PRI Assessment, the firm
obtained the highest possible scoring for its overarching approach
to ESG investment and stewardship, and integration across asset
classes. The firm manages $427 billion in client assets as of
December 31, 2022. 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) Based on share price on 20 March 2023
Attachments
-- Feb 2023 NBPE Factsheet
https://ml-eu.globenewswire.com/Resource/Download/7171a444-2f51-4a1f-9668-14c8634ff06d
-- NBPE Investor Update - March 2023vF
https://ml-eu.globenewswire.com/Resource/Download/1f883f2d-8bc5-4104-bcc6-2fbcb61fc210
(END) Dow Jones Newswires
March 21, 2023 03:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Nb Private Equity Partners (LSE:NBPU)
Historical Stock Chart
From Oct 2024 to Nov 2024
Nb Private Equity Partners (LSE:NBPU)
Historical Stock Chart
From Nov 2023 to Nov 2024
