NB Private Equity Partners Limited Nb Private Equity: 31 August 2020 Nav Update And 2020 Interim Financial Report

 
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 
 
   NB Private Equity Partners Publishes 31 August 2020 NAV Update and 2020 
Interim Financial Report 
 
   14 September 2020 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company"), a 
closed-end private equity investment company, today releases its 31 
August 2020 monthly NAV update and the 2020 Interim Financial Report. 
Key highlights and commentary are below and the complete report can be 
found on the Company's website at 
https://www.globenewswire.com/Tracker?data=a-udAgBGVUByR8uctQgL-wCSffEKEf2R9LLEBxVLu8SMSphJwTxnelfE4ZBDwe3yZY6oH8uSofNZ9Z0_UPykOnHR5sAg5ykyLLmOvN7zorv1cYJIXkt8nzKLMlIRXGI3 
www.nbprivateequitypartners.com. 
 
   Key Highlights 
 
   NBPE's year to date NAV performance as of 31st August reflects a strong 
recovery in valuations from the Q1 2020 NAV per share of $16.84. This 
has been driven by a recovery in public market comparable companies used 
in valuations, but importantly, NBPE's portfolio has generally proven to 
be resilient to the economic shock of the Coronavirus crisis to date and 
LTM Revenue and EBITDA of the direct equity portfolio grew by 1.8% and 
2.4%, respectively, as of 30 June 2020 relative to the prior year(1) . 
The Manager believes that this reflects the overall quality of the 
companies in the portfolio, the quick actions of underlying General 
Partners at the beginning of the crisis and the weighting of the 
portfolio to companies that were expected to be relatively resilient to 
a downturn. 
 
 
 
 
   -- After incorporating Q2 private company financial information and the 
      payment of the August dividend of $0.29 per Share, 31 August 2020 NAV per 
      Share is $18.40 
 
          -- $53.5 million of total private valuation increases from Q1 2020 
             attributable to new Q2 private valuation information, or $1.14 per 
             share; additional gains of $20.2 million in the second quarter as 
             a result of changes in FX and public share prices vs Q1 2020 
 
          -- Additional portfolio gains of $26.5 million or $0.57 per Share 
             during the month of July and August attributable to increases in 
             public valuations, changes in FX rates and interest accruals 
 
          -- Portfolio gains offset by $10.1 million of management and other 
             fee accruals, ZDP accrual (net of FX hedge) and credit facility 
             expenses during July and August 
 
          -- Relative to Q1 2020 private valuations, Q2 2020 private valuation 
             net increase was experienced broadly across the portfolio: direct 
             equity investments (+$47.2 million increase) income investment 
             (+$4.8 million increase) and legacy fund investments (+$1.7 
             million increase) 
 
   -- As of 31 August 2020 NAV per Share total return year to date is (0.7%) 
 
          -- One year LTM NAV per Share total return is 1.8% 
 
   -- Portfolio continues to generate cash from sales and partial realisations; 
      $110.0 million of total realisations and $91.5 million of realisations 
      from the direct equity portfolio through 31 August 2020 year to date 
 
          -- 2.8x gross realised multiple (inclusive of prior realisations) 
             from the exits of Engineering, LGC, Evoqua and Galco; $70.3 
             million of proceeds from the sale of four equity investments in 
             2020 
 
          -- $21.2 million received from dividends, the partial sales of public 
             stock and other realisations 
 
   -- Investment level is 128% as of 31 August 2020 
 
          -- 31 August 2020 adjusted commitments are $109.8 million (vs $142.0 
             million at 31 March 2020) and the adjusted commitment coverage is 
             now 184% 
 
          -- Balance sheet remains strong with significant access to liquidity 
             through the credit facility should it be needed 
 
   -- As of 30 June 2020, NBPE's NAV per Share was $18.28 
 
          -- Portfolio valuation uplift of 5.6% relative to the 30 June 2020 
             monthly portfolio valuation estimate 
 
          -- NAV per share of $18.28 is a 7.2% increase relative to the 30 June 
             2020 monthly NAV 
 
          -- 2020 year to date total return of (2.9%) through 30 June 2020 
 
 
   Portfolio Valuation 
 
   The value of NBPE's private equity portfolio as of 31 August 2020 was 
based on the following information(2) : 
 
 
   -- 14% of the private equity fair value was valued as of 31 August 2020 
 
          -- 8% in private direct investments 
 
          -- 6% in public securities 
 
   -- 86% of the private equity fair value was valued as of 30 June 2020 
 
          -- 84% in private direct investments 
 
          -- 2% in funds 
 
 
 
   NBPE Capital Markets Day 
 
   On 1 October 2020, the Company will host its Capital Markets Day via a 
virtual Zoom Webinar. NBPE's directors and portfolio management team 
will present a detailed review of the company's portfolio as well as an 
update on the private equity market. The Manager will also give more 
colour on ESG investment principles and implementation. The Board and 
the Manager hope this will be a helpful and insightful event for 
investors. For registration and Zoom Webinar information, please contact 
[e-mail]. 
 
   For further information, please contact: 
 
   NBPE Investor Relations                     [phone] 
 
   Kaso Legg Communications              [phone] 
 
   Charles Gorman 
https://www.globenewswire.com/Tracker?data=P_yvfZ7edbuUu_qwfHwyIO-sDpDyXyuLGyBqnCqsezbCqMAGBMX0uQD-kNk70IIGU-tzOlZyCX6l6JNQ7kifNbRp5qNsanlm21AbuLtW0PbffSgTJnYXXxsf_nD38O9t 
[e-mail] 
 
   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 2,300 
professionals. For six 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). The firm 
was awarded an A+ in every category in the latest 2019 PRI report for 
our approach to ESG integration across asset classes. The firm manages 
$357 billion in client assets as of June 30, 2020. For more information, 
please visit our website at 
https://www.globenewswire.com/Tracker?data=a-udAgBGVUByR8uctQgL-1hsll7TFSIpOeO5aoLfLre9OJ_vQVU6hzCJgwWyf69wrWrwjfo4Z8vnXeGFn51sYg== 
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) Analysis based on 77 private companies, representing 84% of direct 
equity investment fair value and excludes public companies, equity 
invested alongside healthcare credits, financial services companies 
valued on a multiple of book value or other income metrics, E&P 
companies valued on acreage or reserves and escrow value (ie companies 
valued on metrics other than EBITDA). Revenue and EBITDA of companies 
denominated in foreign currency are converted to US Dollars at the 
average US Dollar exchange rate for the 12 month period from 30/6/20 
through 30/6/19; leverage and enterprise value is converted to US 
Dollars at the year end exchange rate. Companies valued on a revenue 
multiple are excluded from EV/EBITDA metrics. Portfolio company 
operating and valuation metrics are based on the most recently available 
(unaudited) financial information for each company. Where necessary, 
estimates were used, which include pro forma adjusted EBITDA and revenue, 
annualised quarterly operating metrics and LTM periods as of 31/3/20 and 
30/6/20. EV/EBITDA and Net Debt/EBITDA weighted by private equity fair 
value as of 30 June 2020; LTM Revenue and LTM EBITDA growth statistics 
based on NBPE's ownership of these metrics on an underlying basis. 
 

   (2) Please refer to the valuation methodology section of the monthly and 
interim financial report for a description of the Manager's valuation 
methodology. 84% of underlying valuation data is as of 30 June 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 August 2020. 
 
 
 
 
 
 
 
   Attachments 
 
 
   -- NBPE Q2 2020 Quarterly Report vF 
      https://ml-eu.globenewswire.com/Resource/Download/7567e56d-0500-4e4b-ba80-530e3c878a1b 
 
 
   -- NBPE August Monthly NAV Update 
      https://ml-eu.globenewswire.com/Resource/Download/8cb41e1d-2acc-42e6-a4ff-8c3d4fab2720 
 
 
 
 
 
 
 

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September 14, 2020 02:00 ET (06:00 GMT)

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