NB Private Equity Partners Limited Edison issues initiation on NB Private Equity

TIDMNBPE

NB Private Equity Partners Limited

14 October 2020

London, UK, 14 October 2020

Edison issues initiation on NB Private Equity Partners (NBPE)

In recent years, NB Private Equity Partners (NBPE) has largely become a play on direct co-investments (currently 87% of the portfolio, largely in North America). This positioning provides access to investments alongside top general partners (GPs) with a single-layer fee structure while at the same time allowing NBPE to be selective in terms of investments, with its direct co-investment portfolio achieving three- and five-year gross IRRs to end-August 2020 of 12.0% and 13.6% pa in US dollar terms, respectively. It also allows NBPE to keep a lower level of unfunded commitments, which are currently fully covered by available liquidity (184% adjusted coverage).

NBPE's shares trade at a relatively wide discount of 25% (compared to the peer average of c 21%), which translates into an attractive dividend yield of 4.5%. NBPE was able to maintain its dividend policy in the current challenging environment.

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October 14, 2020 09:17 ET (13:17 GMT)