NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Estimate - April 2021

 
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 
 
   NBPE Announces April Monthly NAV Estimate 
 
   18 May 2021 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company"), a 
closed-end private equity investment company, today announces an updated 
Net Asset Value ("NAV") estimate for the month ended 30 April 2021. 
 
   30 April 2021 NAV Key Highlights 
 
 
   -- NBPE's 30 April 2021 NAV per Share of $24.76 (GBP17.88) increased $0.79 
      per share from the 31 March 2021 NAV per share of $23.97 (GBP17.37) 
 
   -- The table below summarises the monthly, YTD and LTM NAV performance 
      through 30 April 20211 
 
 
 
 
                                      30 Apr-21  30 Apr-21 
(Returns in USD)               Month     YTD        LTM 
                                      ---------  --------- 
Total return NAV development 
 per Share                      3.3%      11.6%      49.4% 
NAV development per Share       3.3%      10.1%      45.0% 
 
 
   -- 30 April 2021 NAV growth of $37.2 million, or $0.79 per share, relative 
      to the 31 March 2021 NAV driven by: 
 
          -- $49.1 million, or $1.05 per share, of gross unrealised gains from 
             additional private valuation information 
 
          -- $6.7 million of expenses, $0.14 per share, attributable to 
             management fee and carried interest accruals, ZDP interest and 
             loss on ZDP FX, credit facility interest and other expenses 
 
          -- $5.9 million of unrealised losses, or $0.13 per share, 
             attributable to public valuation, foreign exchange adjustments on 
             non-USD investments and other mark to market adjustments 
 
          -- $0.7 million of accrued cash and PIK interest from the income 
             portfolio, or $0.01 per share 
 
 
   Valuation Update on Previously Announced Exits 
 
 
   -- In aggregate, with respect to the seven previously announced full or 
      partial exits: 
 
          -- Of the $142 million ($3.03 per share) of estimated NAV uplift 
             relative to 31 December 2020 valuations, approximately $119 
             million ($2.54 per share) has been incorporated to date based on 
             the receipt of updated first quarter valuation information 
 
                 -- $86 million ($1.84 per share) and $33 million ($0.70 per 
                    share) of NAV uplift has been included in the March and 
                    April monthly NAV updates, respectively 
 
          -- A further $23 million ($0.49 per share) of estimated NAV uplift is 
             expected in the coming months as these investments close and 
             additional valuation information is received from underlying 
             general partners 
 
          -- Approximately $42 million of cash proceeds has been received to 
             date and an additional $127 million is expected in the coming 
             months as transactions close 
 
 
   Portfolio Valuation 
 
   The value of NBPE's portfolio as of 30 April 2021 was based on the 
following information(2) : 
 
 
   -- 19% of the portfolio fair value was valued as of 30 April 2021 
 
          -- 14% in public securities3 
 
          -- 5% in private direct debt investments 
 
   -- 35% of the portfolio fair value was valued as of 31 March 2021 
 
          -- 35% in private direct investments 
 
   -- 46% of the portfolio fair value was valued as of 31 December 2020 
 
          -- 45% in private direct equity investments 
 
          -- 1% in fund investments 
 
 
   Manager Commentary 
 
   During April, NBPE received $42.4 million of distributions from direct 
equity investments. In addition, during April, Agiliti completed an 
initial public offering on the New York Stock Exchange and trades under 
the ticker "AGTI". 
 
   In terms of new investments, NBPE funded $12.2 million to RealPage, a 
software and data analytics company for the real estate industry, 
alongside Thoma Bravo. NBPE also funded $2.8 million of follow-on 
investments to existing investments. Subsequent to this monthly 
reporting period, in early May, NBPE funded $12.5 million to two 
additional new investments, which are included in the unfunded 
commitment amounts. 
 
   Approximately 35% of the valuation information in the April monthly is 
based on 31 March 2021 valuation information and an additional 14% is 
based on the closing share prices of public investments as of 30 April 
2021. The Manager expects to receive additional first quarter valuation 
information in the coming weeks which will be incorporated into future 
monthly NAV estimates. 
 
   For further information, please contact: 
 
   NBPE Investor Relations        [phone] 
 
   Kaso Legg Communications        [phone] 
 
   Charles Gorman        [e-mail] 
https://www.globenewswire.com/Tracker?data=ukya9xmjCewHJ-ZddEoMqIWsczTB0B8Oq8Hc3KIHjl7z5NkZ_5DYWW4lLjhddAloYCdZb8ELA7WW-fF8-HY7UCngUKg_BtshKesZxnI5l8dGwDlPqP-t1psIcPuamOR3 
 
 
   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 25 countries, Neuberger Berman's diverse team has over 2,300 
professionals. For seven 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). In 2020, 
the PRI named Neuberger Berman a Leader, a designation awarded to fewer 
than 1% of investment firms for excellence in Environmental, Social and 
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ 
in every eligible category for our approach to ESG integration across 
asset classes. The firm manages $429 billion in client assets as of 
March 31, 2021. 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) Assumes reinvestment of dividends on the ex-dividend date and 
reflects cumulative returns over time period shown. GBP NAV total return 
for the month, YTD, and LTM periods are 3.0%, 10.3%, and 36.3%, 
respectively; GBP NAV return for the month, YTD, and LTM periods are 
3.0%, 8.8%, and 32.3%, respectively. 
 
   (2) Please refer to the valuation methodology section of the monthly 
report for a description of the Manager's valuation methodology. While 
some valuation data is as of 31 December 2020 and 31 March 2021, the 
Manager's analysis and historical experience lead the Manager to believe 
that this approximates fair value at 30 April 2021. 
 
   (3) Includes Petsmart / Chewy as value is predominantly driven by the 
public value of Chewy. 
 
   Attachment 
 
 
   -- NBPE April Monthly NAV Update vF 
      https://ml-eu.globenewswire.com/Resource/Download/91819e25-3475-4f79-8b9c-200ac36eb26e 
 
 
 
 
 
 
 

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May 18, 2021 02:00 ET (06:00 GMT)

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