Nb Private Equity Partners Share Discussion Threads

[speedsgh] 24/4/2024 22:23

Sorry @ali47 - you'll have to read yourself and come to your own conclusions. NBPE is on my watchlist but too much going on at the moment to look at the results in any detail.

[ali47fish] 24/4/2024 18:57

speed can you summarise and evaluate

[speedsgh] 24/4/2024 12:46

Est. NAV per share of $27.30 (£21.61) at 31/3/24 vs $28.07 (£22.02) at 31/12/23...

NBPE Announces Audited 2023 Results and 31 March 2024 Est. NAV -

[qs99] 11/3/2024 16:00

Nice step up, hope to see back of £17 this week! DYOR

[qs99] 04/3/2024 12:58

Continuing its rise nicely....

[qs99] 01/3/2024 10:46

Looking forward to the update here given over 70% of the portfolio has not been updated since September. DYOR

[tag57] 25/2/2024 17:25

Any chart analysts on to interpret the price chart from May 22 to now? Looks like some sort of pennant BWDIK.

[pugugly] 25/2/2024 14:25

Also picked up by Citywire-

[vacendak] 22/2/2024 09:08

Still drip feeding monthly, so not complaining too much about minor quarterly under performance.

[lozzer69] 22/2/2024 07:11

Questor column in Daily Telegraph today says NBPE is its top pick in private equity

[speedsgh] 16/1/2024 14:14

NBPE Announces December Monthly NAV Estimate -

NAV Highlights (31 December 2023)

~ NAV per share of $28.08 (£22.03), an increase of 1.4% during the month driven by the value of quoted holdings and positive foreign exchange movements
~ Private valuations remain as of 30 September 2023 (+5.5% on a constant currency basis for the nine months to 30 September 2023)
~ $171 million of proceeds received in 2023 with a further $39 million expected from announced but not yet closed transactions1
~ Full or partial sales in 2023 have achieved a 2.2x gross multiple of capital and were at a 12% uplift2
~ $376 million of available liquidity at 31 December 2023 (excluding cash expected to be received from exits that have been announced but not yet closed)
~ NBPE expects to issue its 2023 annual financial report in April 2024; Q4 2023 valuation information will be incorporated into future monthly NAV estimates as information is received over the coming weeks

[skyship] 15/1/2024 07:55

nexus - quite a bit of good number crunching in that post.

I hope APEO delivers for you...

[nexusltd] 14/1/2024 22:31

@skyship. Thank you for your post#488, which prompted a review.

1. You are absolutely right in looking @ Total NAV return data which also include reinvested divis +ve and fees -ve. On this basis NBPE’ compares poorly with APEO, HVPE & PIN on 3 and 5 year Morningstar data.

2. From AIC screen data of 29 December 2023, the NBPE 3 yr & 5 yr share price average discount to NAV is 29%, 28%, using the 30/11/23 estimated NAV of $27.70, current discount is c. 26%. So not much to go for on this basis. The APEO 3 yr & 5 yr share price average discount to NAV is 32%, 29%, using the 30/11/23 estimated NAV of 761.4p, current discount is c. 39%. More to go for.

3. Again from AIC screen data; NBPE’s NAV total return 10 Year Annualised (%), looks better at 14.8%, just pipping APEO at 14.6%. On a 10 yr view, best performer first, 3i, HGT, HVPE, NBPE, APEO, … Lower fees having increasing impact with longer time frames may be contributing to improved relative performance.

4. From NBPE November fact sheet. Maturity profile 2017-2019 inclusive (ignoring older holdings) = 60%. 2023 (poor year) exit uplift 17%. From APEO November factsheet maturity profile 2017-2019 inclusive = 47%. The APEO factsheet does not reveal % holdings older than 6 yrs, so included in the 47% & potentially long term/stale. Likelihood of near term NPBE NAV increase due to valuation uplift on exit > APEO’s.

Conclusion. In my view the tactic of disposing of NBPE in favour of APEO on the grounds of APEO’s higher discount wrt to long term averages is sound. Keep in mind however the higher probability of NBPE’s more mature portfolio offering a significant NAV uplift on exit as PE markets re-open. As I am looking to increase my allocation to PE I’m opening a position in APEO.

[skyship] 14/1/2024 12:53

A distinct possibility.

[cousinit] 14/1/2024 12:29

My definition of status quo not quite the same.

'No changes will be made ... prior to the Transaction completing.'

If there were no plans to change anything that could easily have been phrased differently.

Phoenix are key in APEO, whether it's abrdn or Patria managing it... if they choose to play a particular tune. On balance, this probably does make it more likely that APEO could be susceptible to a bid

[vacendak] 14/1/2024 09:03

There was a bit of a faff when BMO investments, or whatever they were called exactly, (having previously bought F&C) was sold to Columbia Threadneedle. I had a few investment trusts from the old F&C saving schemes days in my ISA and they all sort of suffered a drop.
Same as here the new CT people kept all the teams in the various investment trusts they managed (BPET became CTPE for the PE component for instance).

Maybe people do not like change.

[ali47fish] 13/1/2024 22:18

all this private converstiona about apeo are diificulr to digest- beetyer focus intrinsically on nbpe

[skyship] 13/1/2024 20:31

Indeed - Status Quo maintained, as I said above.

[cousinit] 13/1/2024 20:15

Although...

(I've not checked any of the later updates but I did recall seeing this)

Statement regarding Investment Manager

The Board of abrdn Private Equity Opportunities Trust plc ("APEO" or the "Company") notes the announcement made today by abrdn plc ("abrdn") in respect of the conditional sale (the "Transaction") of its European-headquartered Private Equity business ("abrdn Private Equity"), including abrdn Capital Partners LLP ("abrdn Capital Partners"), to Patria Investments Ltd ("Patria"), a global alternative asset manager established in Latin America. Further information on Patria is set out below.

abrdn Capital Partners is the Company's investment manager and Alternative Investment Fund Manager (AIFM). The Board has been discussing the proposed Transaction with abrdn, the Company's investment management team and with Patria. The Board has received assurances from abrdn and Patria that the Company's investment management team will remain unchanged should the Transaction proceed. abrdn has also confirmed that appropriate arrangements will be put in place to maintain the existing administration and other services currently provided by abrdn or third party service providers.

The Board is evaluating the impact of the Transaction on the Company and its management team and is continuing to have constructive discussions with Patria. No changes will be made to the Company's existing management and administration arrangements prior to the Transaction completing. The Board will provide an update to APEO's shareholders on the progress of the Transaction in due course.

[skyship] 13/1/2024 11:26

Absolutely none whatsoever - because it isn't involved! Status Quo maintained.

[danieldruff2] 13/1/2024 08:52

Is there not a major lump of uncertainty with APEO moving from abrdn to Patria?

[skyship] 12/1/2024 20:52

Nexus

Fees mean little. More important is total NAV return:

These are the Morningstar stats for 3yr & 5yr

EPIC............3yr..........5yr

# APEO..........14.0%.......14.9%

# HVPE..........19.7%.......16.9%

# NBPE..........13.5%.......12.8%

# PIN...........14.9%.......12.6%


HVPE the top performer; but allowing for the fact that they accrue more because they don't pay a dividend; APEO comes out top.

However you cut it, NBPE comes out better than PIN, but below the other two.

SELL NBPE......BUY APEO!

[nexusltd] 12/1/2024 15:02

@skyship "Very little reason I can find as to why NBPE trades at such a premium to APEO, HVPE & PIN. The 26.1% discount seems rather low versus peers."

Direct investment(co-investment)dispenses with a tier of fees, & importantly provides much greater control over unfunded future commitments(cash flow). Have you compared NBPE's info in this respect, with APEO's, HVPE's & PIN's?

[skyship] 12/1/2024 13:32

Very little reason I can find as to why NBPE trades at such a premium to APEO, HVPE & PIN. The 26.1% discount seems rather low versus peers.

The latter two not paying a dividend, but plenty of buybacks; and even a recent profitable Tender. The first, APEO, trades at a 39.4% discount and provides a 3.44% yield. APEO looks the best value at current prices IMO.

[vacendak] 12/1/2024 07:56

Yes, the email update was pleasing to read. Happy to have built up a nice decent holding over the last year.