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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Nb Private Equity Partners Limited | LSE:NBPU | London | Ordinary Share | GG00B1ZBD492 | ORD USD0.01 (USD) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.50 | 2.50% | 20.50 | 20.00 | 21.00 | 20.50 | 20.50 | 20.50 | 300 | 09:30:30 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 89.54M | 27.07M | 0.5854 | 35.02 | 924.75M |
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
13 June 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 31 May 2023 Monthly Net Asset Value ("NAV") estimate.
Highlights (as of 31 May 2023)
Hot Features
Premium
-- NAV per share of $28.15 (GBP22.71), a 0.4% decrease during the month
-- Two main drivers in the month were an increase in quoted holdings, offset
by negative FX movements
-- 99% of the valuation information as of 31 March 2023 or 31 May 2023
-- On a constant currency basis, private valuations received to date, in
aggregate, were up 0.6% in Q1 2023 from Q4 2022
-- NBPE continues to be well positioned to take advantage of investment
opportunities - $306 million of available liquidity
As of 31 May 2023 YTD 1 Year 3 years 5 years 10 years
------------------------ ------ ------- ------- ------- --------
NAV TR (USD)* 0.9% (1.5%) 79.4% 88.6% 224.5%
Annualised (1.5%) 21.5% 13.5% 12.5%
------------------------ ------ ------- ------- ------- --------
MSCI World TR (USD)* 8.8% 2.6% 38.6% 49.2% 140.5%
Annualised 2.6% 11.5% 8.3% 9.2%
------------------------ ------ ------- ------- ------- --------
Share price TR (GBP)* (0.8%) 7.3% 100.9% 93.0% 293.6%
Annualised 7.3% 26.2% 14.1% 14.7%
------------------------ ------ ------- ------- ------- --------
FTSE All-Share TR (GBP)* 1.6% 0.4% 33.9% 15.2% 67.5%
Annualised 0.4% 10.2% 2.9% 5.3%
------------------------ ------ ------- ------- ------- --------
*Reflects cumulative returns over the time periods shown and are not annualised.
Portfolio Update to 31 May 2023
NAV performance during the month driven by:
-- 0.9% NAV increase ($12 million) from the value of quoted holdings (which
constitute 13% of portfolio fair value)
-- 0.9% NAV decrease ($11 million) from negative FX movements, primarily
attributable to changes in the EUR/USD rate
-- Excluding FX, 0.3% NAV decrease ($4 million) from the receipt of first
quarter private company valuation information received during the month
of May; including previous received Q1 valuations, private company
valutions up by 0.6% in Q1 2023 from Q4 2022
-- 0.1% NAV decrease ($1 million) attributable to changes in the Zero
Dividend Preference share (ZDP) liability and expense accruals
Robust liquidity -- $41 million of proceeds received year to date and well positioned to take advantage of opportunities
-- $306 million of available liquidity ($6 million of cash, $300 million of
undrawn credit facility)
-- Pro forma for expected cash receipts from realisations in June 2023, NBPE
expects total cash realisations to be $55 million
Portfolio Valuation
The fair value of NBPE's portfolio as of 31 May 2023 was based on the following information:
-- 17% of the portfolio was valued as of 31 May 2023
-- 13% in public securities
-- 4% in private direct investments
-- 82% of the portfolio was valued as of 31 March 2023
-- 81% in private direct investments
-- 1% in private funds
-- 1% of the portfolio was valued as of 31 December 2022
-- 1% in private investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593 Kaso Legg Communications +44 (0)20 3995 6673 Charles Gorman nbpe@kl-communications.com https://www.globenewswire.com/Tracker?data=MNflD5jDY9RKD5Is8dOXqOT1m1hH9_cOZ0xVkXVJv_hhu3V8ScI5ijHHCNIP52iv2INtI2dWhSNDCnlHWYBBr6g2J9o5eHRwkH7dw0KGEJF0ww1iVPRv3TX_HOsIu72y
Luke Dampier
Charlotte Francis
Supplementary Information (as of 31 May 2023)
Fair Value
Company Name Vintage Lead Sponsor Sector ($m) % of FV
Action 2020 3i Consumer 68.7 4.9%
Reverence Financial
Advisor Group 2019 Capital Services 54.2 3.9%
AutoStore
(OB.AUTO) 2019 THL Industrials 51.8 3.7%
Constellation Business
Automotive 2019 TDR Capital Services 50.0 3.6%
Financial
USI 2017 KKR Services 50.0 3.6%
GFL (NYSE: Business
GFL) 2019 BC Partners Services 41.0 2.9%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 40.9 2.9%
Material
Handling
Systems 2017 THL Industrials 37.9 2.7%
Veritas
Cotiviti 2018 Capital Healthcare 36.2 2.6%
Platinum
Solenis 2021 Equity Industrials 35.2 2.5%
Business
Services Not Business
Company* 2017 Disclosed Services 32.6 2.3%
Further
Global /
Stone Financial
Kroll 2020 Point Services 32.1 2.3%
Francisco
BeyondTrust 2018 Partners Technology / IT 29.6 2.1%
Financial
True Potential 2022 Cinven Services 28.9 2.1%
Neuberger
Marquee Brands 2014 Berman Consumer 28.3 2.0%
Monroe AEA
Engineering 2021 Investors Industrials 26.6 1.9%
Neuberger
Stubhub 2020 Berman Consumer 26.4 1.9%
Branded Cities Shamrock Communications
Network 2017 Capital / Media 25.4 1.8%
NB
Renaissance
/ Bain
Engineering 2020 Capital Technology / IT 24.7 1.8%
Sagewind
Bylight 2017 Partners Technology / IT 24.7 1.8%
Trilantic
Capital Business
Addison Group 2021 Partners Services 23.9 1.7%
Sycamore Business
Staples 2017 Partners Services 22.6 1.6%
Auctane 2021 Thoma Bravo Technology / IT 22.4 1.6%
AEA
Excelitas 2017 Investors Industrials 21.9 1.6%
Branded Toy Not
Company* 2017 Disclosed Consumer 21.2 1.5%
Bridge
Growth
Accedian 2017 Partners Technology / IT 20.6 1.5%
Quadria
FV Hospital 2017 Capital Healthcare 20.5 1.5%
Renaissance Francisco
Learning 2018 Partners Technology / IT 19.8 1.4%
Financial
Leaseplan 2016 TDR Capital Services 17.5 1.3%
Bridge
Growth
Solace Systems 2016 Partners Technology / IT 17.2 1.2%
Total Top 30 Investments 952.7 68.2%
======================================================= ============ =======
*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 21% Consumer / E-commerce 19% Industrials / Industrial Technology 16% Business Services 13% Financial Services 15% Healthcare 10% Other 5% Energy 1% Total Portfolio 100% ==================================== ============== Vintage Year % of Portfolio 2014 & Earlier 5% 2015 1% 2016 8% 2017 25% 2018 17% 2019 20% 2020 11% 2021 11% 2022 2% 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 $436 billion in client assets as of March 31, 2023. 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.
Attachments
-- NBPE Investor Presentation - MayvF
https://ml-eu.globenewswire.com/Resource/Download/be1de3f3-5973-4b08-ba59-6aa181b176b2
-- May 2023 NBPE Factsheet vF
https://ml-eu.globenewswire.com/Resource/Download/bdb6c956-f334-4e33-9ccd-96885253ebc4
(END) Dow Jones Newswires
June 13, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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