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NBPE Nb Private Equity Partners Limited

16.00 (1.01%)
24 May 2024 - Closed
Delayed by 15 minutes
Nb Private Equity Partners Investors - NBPE

Nb Private Equity Partners Investors - NBPE

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
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Industry Sector

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Top Posts
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.
Posted at 25/5/2023 10:55 by ali47fish
i really get lost with kepler's notes the lateast dated 24 may is here if anyone could comment that would be great!

Posted at 13/4/2023 14:01 by ali47fish
up today - any knowledgeable investors here to comment on the general outlook in private equity and specifically on nbpe!
Posted at 15/2/2023 14:44 by ali47fish
fine i am interested in posts/ opinions from experienced investors and the decison is finally mine. As this is the PE sector i dont find sources that are reliable except kepler notes or hardman sometimes- my question was addressed to posters here- there is no reasons why a discussion board can't be a source of useful information and my experience on the whole has been positive
Posted at 15/2/2023 08:29 by ali47fish
the comments on the board are decrptive not evauative- no very useful to investors/adders
Posted at 23/10/2022 09:29 by skyship
NBPE hold surprisingly firm at c1570p on a 35.7% discount; whereas PIN at 243p now on a 50.7% discount. Former may be a hold, just, but PIN look to be a screaming BUY. An excellent presentation to be viewed:
Posted at 04/8/2022 11:14 by donald pond very interesting read
Posted at 31/7/2022 12:58 by ali47fish
i thought the reaction of the share price to the last update was positive even tough the volatility seems persistent but i am interested in long term and how knowledgeable investors here are psositioning? would appreciate comments
Posted at 19/7/2022 16:29 by nexusltd
You make valid points.

Regarding PEIT valuation. Indeed individual names can go bust and the trackers do have survivorship bias. The more conservative PEITs tend to have small or zero allocations to venture, & buyouts are fairly robust and heavily mentored. A few names may go bust; but what %? I make no claim that a model could be accurate to better than 1-2%. Is there a better choice of trackers then EQQQ & DIA to use in such a model?

Regarding markets etc. Remember that in the short term sentiment is a huge part of stock pricing. If you examine the record of company takeovers you will observe that most happen near the top or at the top of market P/E valuations; that is when directors feel most confident. Hence the paucity of market transactions at present as evidenced by US bank quarterly reports in the last week. PEITs are comparatively long term investors.

Regarding NBPE gearing. I just wanted to remind the community of a stock specific risk factor in this name.
Posted at 08/6/2022 13:51 by essentialinvestor
Do any of the predominately online car retailers make a profit?, little wonder
they are now beginning to acquire physical dealerships.

Can you imagine the cost of delivering a vehicle to someone's doorstep in the
UK with current labour shortages and fuel costs.

Institutional investors have largely underwritten this largesse, not for much
longer in some cases would expect.

One of the UK motor trade publications last year highlighted a loss of approx £300 per car sold,
la la land stuff.

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