NB Private Equity Partners Limited Nb Private Equity: March Monthly Nav Estimate And 2021 Update

 
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 March Monthly NAV Estimate and 2021 Update 
 
   22 April 2021 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company") today 
publishes an updated March monthly NAV update and provides details of 
recently announced realisation activity. NBPE's strong portfolio 
momentum has continued into 2021 with seven full or partial exits in 
process, all of which have been announced but not all of which have yet 
closed. 
 
   Recent Exit Announcements 
 
   In aggregate these seven transactions represent: 
 
 
   -- A total NAV uplift of approximately $142 million relative to the 31 
      December 2020 NAV 
 
   -- Approximately $86 million, or $1.84 per share, of this uplift has been 
      included in the 31 March 2021 monthly NAV update 
 
   -- Approximately $56 million, or $1.19 per share, of this uplift will be 
      incorporated in the coming months as additional information is received 
      from underlying sponsors and in accordance with NBPE's valuation policy 
 
 
   31 March 2021 NAV Key Highlights 
 
 
   -- NBPE's 31 March 2021 NAV per Share of $23.97 (GBP17.37) increased $1.48 
      per share (after $0.31 dividend per share) from the 31 December 2020 NAV 
      per share of $22.49 (GBP16.45) 
 
   -- The table below summarises the YTD and LTM NAV performance through 31 
      March 20211 
 
 
 
 
                               31 Mar-21  31 Mar-21 
(Returns in USD)                  YTD        LTM 
                               ---------  --------- 
Total return NAV development 
 per Share                          8.1%      46.7% 
NAV development per Share           6.6%      42.3% 
 
 
   -- 31 March 2021 NAV growth of $69.2 million, or $1.48 per share, relative 
      to the 31 December 2020 NAV driven by: 
 
          -- $94.3 million, or $2.02 per share, of unrealised gains from 
             additional private valuation information 
 
          -- $21.2 million of expenses, $0.45 per share, attributable to 
             management fee and carried interest accruals, ZDP interest and net 
             loss on ZDP FX, credit facility interest and other expenses 
 
          -- $16.6 million of unrealised gains, or $0.35 per share, 
             attributable to public valuation 
 
          -- $14.5 million of dividends, $0.31 per share, paid to shareholders 
 
          -- $8.0 million of unrealised losses, or $0.17 per share, 
             attributable to foreign exchange adjustments on non-USD 
             investments and other mark to market adjustments 
 
          -- $1.9 million of accrued cash and PIK interest from the income 
             portfolio, or $0.04 per share 
 
 
   Portfolio Valuation 
 
   The value of NBPE's portfolio as of 31 March 2021 was based on the 
following information(2) : 
 
 
   -- 34% of the portfolio fair value was valued as of 31 March 2021 
 
          -- 13% in private direct debt investments 
 
          -- 10% in private direct investments 
 
          -- 11% in public securities3 
 
   -- 66% of the portfolio fair value was valued as of 31 December 2020 
 
          -- 65% in private direct equity investments 
 
          -- 1% in fund investments 
 
 
   Manager Commentary 
 
   Seven NBPE portfolio companies have recently announced transactions 
which are signed but not yet closed and subject to customary closing 
conditions. Of the $142 million of estimated NAV uplift, $86 million has 
been included in the 31 March 2021 monthly NAV estimate and the 
remaining $56 million is expected to be incorporated in the coming 
months as additional information is received from underlying sponsors 
and in accordance with NBPE's valuation policy. 
 
   During March, NBPE received $21.1 million of proceeds of which $12.3 
million was received from income investments. This was primarily driven 
by the exit of Schumacher debt, a partial exit of Carestream Dental debt 
and interest receipts. Direct equity investments distributed $5.7 
million of proceeds consisting of partial realisations of $3.8 million 
from sales of public stock of Vertiv (NYSE: VRT), Uber (NYSE: UBER) and 
additional partial realisations of $2.0 million. NBPE received $3.1 
million from fund investments which consisted primarily of final 
liquidation proceeds from NBPE's investment in NB Crossroads Fund XVIII. 
 
   For further information, please contact: 
 
   NBPE Investor Relations        [phone] 
 
   Kaso Legg Communications        [phone] 
 
   Charles Gorman        [e-mail] 
https://www.globenewswire.com/Tracker?data=u7ggSIrQt4EcbwhuJnAuDwySauld1UWlSClokfVJvgtzmGOwl5TrzcTapNcvqvbOwvT4QLX1jf8YAeGqA2_FSd7fb1uIIN578NDMx4C4bbKGVukbkBn8PFIQ1odgArRV 
 
 
   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 YTD and LTM periods are 7.1%, and 32.5%, respectively; GBP NAV 
return for YTD, and LTM periods are 5.6%, and 28.6%, 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, the Manager's analysis 
and historical experience lead the Manager to believe that this 
approximates fair value at 31 March 2021. 
 
   (3) Includes Petsmart / Chewy as value is predominantly driven by the 
public value of Chewy. 
 
   Attachments 
 
 
   -- NBPE March Monthly NAV Update 
      https://ml-eu.globenewswire.com/Resource/Download/96e9cdf8-982a-4527-9c31-e1fd9cee4232 
 
 
   -- NBPE Investor Presentation - April 2021 Update vF 
      https://ml-eu.globenewswire.com/Resource/Download/7f437263-9f29-45b2-870f-97ce7280b131 
 
 
 
 
 
 
 

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April 22, 2021 02:00 ET (06:00 GMT)

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