NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Estimate - April 2021
18 May 2021 - 4:00PM
UK Regulatory
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 +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.com
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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