NB Private Equity Partners Limited Nbpe Announces 28 February 2023 Nav 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 
 

21 March 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 28 February 2023 Monthly Net Asset Value ("NAV") estimate.

Highlights (as of 28 February 2023)

   -- NAV per share of $28.09 (GBP23.36), a decline of 0.4% during the month, 
      driven by quoted holdings and negative foreign exchange movements 
 
   -- Positive valuation movements of additional Q4 2022 private company 
      valuations -- on a constant currency basis, private valuations received 
      to date, in aggregate, were up 2% in Q4 and 4% in 2022 as a whole 
 
   -- 80% of the valuation information for the 28 February 2023 monthly 
      estimate as of 31 December 2022 or 28 February 2023 
 
   -- $289 million of available liquidity, and a further $16 million of 
      proceeds from previously announced realisations expected in the coming 
      months 
 
As of 28 February 
 2023               YTD   1 Year  3 years  5 years  10 years 
------------------  ----  ------  -------  -------  -------- 
NAV TR (USD)        2.3%  (3.6%)    66.4%    91.3%    232.3% 
------------------  ----  ------  -------  -------  -------- 
MSCI World TR 
 (USD)              4.6%  (6.9%)    34.7%    43.1%    144.6% 
------------------  ----  ------  -------  -------  -------- 
 
Share price TR 
 (GBP)              7.2%    8.5%    73.3%   106.1%    336.4% 
------------------  ----  ------  -------  -------  -------- 
FTSE All-Share 
 TR (GBP)           6.1%    7.3%    28.9%    29.2%     83.6% 
------------------  ----  ------  -------  -------  -------- 
 

*Reflects cumulative returns over the time periods shown and are not annualised.

Business review (as of 28 February 2023)

NAV performance during the month driven by:

   -- 0.7% NAV decrease ($9 million) from the value of quoted holdings (which 
      constitute 13% of portfolio fair value) 
 
   -- 0.7% NAV decrease ($9 million) from negative FX movements, primarily 
      attributable to changes in the EUR/USD rate in February 2023 
 
   -- Excluding FX, 1% NAV increase ($13 million) from the receipt of fourth 
      quarter private company valuation information (74% of private companies 
      valuations based on Q4 2022 valuation information) 
 
   -- 0.1% NAV decrease ($2 million) attributable to changes in the Zero 
      Dividend Preference share (ZDP) liability and expense accruals 

$289 million of available liquidity

   -- $4 million of cash and $285 million of undrawn credit facility 
 
   -- A further $16 million of proceeds from previously announced realisations 
      expected in the coming months 

$0.47 dividend paid in February 2023

   -- In line with August 2022 dividend 
 
   -- Annualised dividend yield on 28 February NAV of 3.3%; annualised share 
      price yield is 4.9%1 
 
   -- Payment date of 28 February 2023 

Portfolio Valuation

The fair value of NBPE's portfolio as of 28 February 2023 was based on the following information:

   -- 16% of the portfolio was valued as of 28 February 2023 
   -- 
 
          -- 13% in public securities 
 
          -- 3% in private direct investments 
   -- 64% of the portfolio was valued as of 31 December 2022 
   -- 
 
          -- 64% in private direct investments 
   -- 20% of the portfolio was valued as of 30 September 2022 
   -- 
 
          -- 19% in private direct investments 
 
          -- 1% in private fund investments 

For further information, please contact:

   NBPE Investor Relations         [phone] 
   Kaso Legg Communications   [phone] 

Charles Gorman https://www.globenewswire.com/Tracker?data=zAZ8EsERSnDprTVOxUmTfl-VhFANlU3pVxkbwovKPbjHroGdWEhR5bMeL3JH27cwk8PV_FTNH2J9p7FaYulfEm_wSkJFlrpgFEsfP9i4xsggB5DSLXRsOvzmz5JmcvQ- [e-mail]

Luke Dampier

Charlotte Francis

Supplementary Information (as of 28 February 2023)

 
                                                                           Fair Value           % of 
Company Name        Vintage   Lead Sponsor        Sector                       ($m)               FV 
Action              2020      3i                  Consumer                                71.7   5.1% 
Constellation                                     Business 
 Automotive         2019      TDR Capital          Services                               57.3   4.1% 
AutoStore 
 (OB.AUTO)          2019      THL                 Industrials                             51.5   3.7% 
                                                  Financial 
Advisor Group       2019      Reverence Capital    Services                               50.7   3.6% 
                                                  Financial 
USI                 2017      KKR                  Services                               50.0   3.6% 
Agiliti (NYSE: 
 AGTI)              2019      THL                 Healthcare                              47.6   3.4% 
Material Handling 
 Systems            2017      THL                 Industrials                             39.7   2.8% 
Cotiviti            2018      Veritas Capital     Healthcare                              35.1   2.5% 
Business Services                                 Business 
 Company*           2017      Not Disclosed        Services                               32.9   2.3% 
                              Further Global      Financial 
Kroll               2020       / Stone Point       Services                               32.1   2.3% 
BeyondTrust         2018      Francisco Partners  Technology / IT                         29.6   2.1% 
                                                  Financial 
True Potential      2022      Cinven               Services                               28.5   2.0% 
Marquee Brands      2014      Neuberger Berman    Consumer                                27.6   2.0% 
                                                  Business 
GFL (NYSE: GFL)     2019      BC Partners          Services                               27.0   1.9% 
Monroe Engineering  2021      AEA Investors       Industrials                             26.7   1.9% 
Stubhub             2020      Neuberger Berman    Consumer                                26.4   1.9% 
                              NB Renaissance 
Engineering         2020       / Bain Capital     Technology / IT                         25.0   1.8% 
Branded Toy 
 Company*           2017      Not Disclosed       Consumer                                23.9   1.7% 
                              Trilantic Capital   Business 
Addison Group       2021       Partners            Services                               23.9   1.7% 
Branded Cities                                    Communications 
 Network            2017      Shamrock Capital     / Media                                23.6   1.7% 
Auctane             2021      Thoma Bravo         Technology / IT                         22.8   1.6% 
Petsmart / Chewy 
 (NYSE: CHWY)       2015      BC Partners         Consumer                                22.4   1.6% 
Excelitas           2017      AEA Investors       Industrials                             22.1   1.6% 
Solenis             2021      Platinum Equity     Industrials                             21.5   1.5% 
                                                  Business 
Staples             2017      Sycamore Partners    Services                               21.2   1.5% 
Bylight             2017      Sagewind Partners   Technology / IT                         20.6   1.5% 
                              Bridge Growth 
Accedian            2017       Partners           Technology / IT                         20.6   1.5% 
FV Hospital         2017      Quadria Capital     Healthcare                              20.4   1.5% 
                              Bridge Growth 
Solace Systems      2016       Partners           Technology / IT                         17.2   1.2% 
Renaissance 
 Learning           2018      Francisco Partners  Technology / IT                         16.5   1.2% 
Total Top 30 
 Investments                                                                            $936.6  66.7% 
=================================================================  ===========================  ===== 
 

*Undisclosed company due to confidentiality provisions.

 
Geography                             % of Portfolio 
North America                                    73% 
Europe                                           23% 
Asia / Rest of World                              4% 
Total Portfolio                                 100% 
====================================  ============== 
 
Industry                              % of Portfolio 
Tech, Media & Telecom                            20% 
Consumer / E-commerce                            20% 
Industrials / Industrial Technology              15% 
Business Services                                13% 
Financial Services                               14% 
Healthcare                                       11% 
Other                                             6% 
Energy                                            1% 
Total Portfolio                                 100% 
====================================  ============== 
 
Vintage Year                          % of Portfolio 
2014 & Earlier                                    4% 
2015                                              3% 
2016                                              7% 
2017                                             24% 
2018                                             19% 
2019                                             18% 
2020                                             11% 
2021                                             11% 
2022                                              3% 
Total Portfolio                                 100% 
====================================  ============== 
 

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 26 countries, Neuberger Berman's diverse team has over 2,600 professionals. For eight 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). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $427 billion in client assets as of December 31, 2022. 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) Based on share price on 20 March 2023

Attachments

   -- Feb 2023 NBPE Factsheet 
      https://ml-eu.globenewswire.com/Resource/Download/7171a444-2f51-4a1f-9668-14c8634ff06d 
 
 
   -- NBPE Investor Update - March 2023vF 
      https://ml-eu.globenewswire.com/Resource/Download/1f883f2d-8bc5-4104-bcc6-2fbcb61fc210 
 
 
 

(END) Dow Jones Newswires

March 21, 2023 03:00 ET (07:00 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.