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NBPE Nb Private Equity Partners Limited

16.00 (1.01%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Nb Private Equity Partners Limited NBPE London Ordinary Share
  Price Change Price Change % Share Price Last Trade
16.00 1.01% 1,606.00 16:35:00
Open Price Low Price High Price Close Price Previous Close
1,630.00 1,610.00 1,630.00 1,606.00 1,590.00
more quote information »
Industry Sector

Nb Private Equity Partners NBPE Dividends History

No dividends issued between 24 May 2014 and 24 May 2024

Top Dividend Posts

Top Posts
Posted at 24/4/2024 22:23 by speedsgh
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.
Posted at 24/4/2024 12:46 by speedsgh
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 -
Posted at 22/2/2024 07:11 by lozzer69
Questor column in Daily Telegraph today says NBPE is its top pick in private equity
Posted at 16/1/2024 14:14 by speedsgh
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
Posted at 14/1/2024 22:31 by nexusltd
@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.
Posted at 12/1/2024 20:52 by skyship

Fees mean little. More important is total NAV return:

These are the Morningstar stats for 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.

Posted at 12/1/2024 15:02 by nexusltd
@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?
Posted at 12/1/2024 13:32 by 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.

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.
Posted at 11/1/2024 17:10 by speedsgh
NBPE Announces 1H 2024 Dividend -

William Maltby, Chairman, commented: “Today’s announced $22m dividend represents the 23rd consecutive dividend payment to be made to shareholders, taking total capital returned to shareholders via dividends to $338 million since 2013. Given the continued strong realisation activity in the portfolio, with $171 million of realisation proceeds received in 2023, the Board has also increased the Company’s existing allocation to buybacks.”

1H 2024 Dividend & Approach to Capital Allocation

~ 1H 2024 dividend payment of $0.47 per share to be paid on 29 February 2024
~ Annualised dividend yield on 30 November 2023 NAV of 3.4% and 4.5% on closing share price of £16.55 on 10 January 2024
~ Since 2013, NBPE’s average annualised dividend yield is 4.3% (based on the time of announcement)
~ Increase in the existing capital allocation to share buybacks; funds allocated and will remain allocated to buybacks
~ The Board intends to repay the Company’s 2024 ZDPs in October 2024
Posted at 04/1/2024 10:53 by spangle93
NBPE chosen by Kepler boss as his pick for the year. For balance, his suggestion at the start of last year was down 12%.

For 2024 I am switching asset class, but remaining in private markets, where I continue to think there is significant potential for skilled investors to add considerable alpha. My pick is NB Private Equity Partners (NBPE), which is a private equity trust which focusses solely on co-investment. This is a process where private equity managers invite third-party investors such as Neuberger Berman (NB) into selected deals. NBPE is an equity investor, and sits alongside these third-party managers, typically on a fee-free basis. NB have long experience in co-investing and selects only those investments which it think have a strong likelihood of success. The historic track record is strong, but returns have been relatively muted since the end of 2021 as a result of two headwinds which in our view are starting to roll off. Firstly, during 2021 several of NBPE’s successful investments chose to IPO as a means of starting the exit process. NBPE remained invested in a rump of these quoted investments, which were negatively affected by the downturn in equity markets during 2022. At the same time, rising interest rates led to a significant slowdown in realisation activity, from the boom years of 2020 and 2021.

NBPE is in a strong position to weather a deal slowdown, because of the deal-by-deal way in which it deploys capital. As such, the trust is very unlikely to find itself overextended because of commitments, and it can deploy capital opportunistically. The portfolio is increasingly mature, meaning that many of the investments may be at a stage where the sponsor (or private equity manager leading the deal) is looking to crystallise value gains through a transaction. The portfolio of mainly US-headquartered companies has delivered strong earnings growth over past years, a function I believe of the strong stock picking delivered by NB. There is no guarantee of course that this will continue, but I believe that private equity-backed companies are more resilient than those on quoted markets. Fundamentally, the private equity industry has developed such that the resources that managers can lean on to support investee companies’ management is huge. They can react quickly to changed circumstances, and gain market share when dynamics change. Certainly, private equity-backed companies do tend to be more enthusiastic users of borrowing. However, we believe that there is evidence that whilst higher rates are a headwind, they are not an insurmountable or life-threatening challenge, especially as interest rates look to be on a downward trend.

NBPE’s discount has narrowed from its widest levels but still sits at a discount to NAV of c. 25%. Of more interest, in our view, is the latent potential of its investments. If deal activity starts to normalise thanks to interest rates starting to fall from their peak, then we believe there is potential for some strong progress on the NAV front. We think it is likely that dividends will remain the primary route for returning capital to shareholders. Over the last ten years, NBPE has returned c. $375m of capital, of which the majority has been through dividends that add to $316m over the period. NBPE’s board has not ruled out share buybacks, and so if the share price doesn’t keep up with the NAV, it clearly has to be an interesting and accretive avenue for re-deploying capital from realisations. A potential tailwind to the investment case, given that the portfolio is denominated in US dollars (USD), is recent USD weakness, which has fallen from 1.21 to the pound at the start of October, to 1.27 at the time of writing.

Certainly, there are those (including FT journalists) who believe that private equity valuations are opaque and too high, and riding for a fall in the new era of higher interest rates. I’m not of the same view, believing that private equity managers, such as those that NB partners with for NBPE, create value in a repeatable process over cycles. NBPE is a great way to access this talent, hence why I am picking it as my trust for 2024.

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