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
Portfolio Continues to Build on its Strong Performance with 6.5%
Increase in Estimated Monthly June NAV
13 July 2021
Highlights:
-- 6.5% increase in June NAV to $27.10 (GBP19.62)
-- Increase in June driven by the write up of Constellation Automotive Group
(FKA BCA), following a capital raise by Cinch, its business to consumer
online car marketplace
-- Write up values NBPE's holding in Constellation Automotive Group at $101m,
making it NBPE's largest portfolio company position
-- Year to date NBPE NAV has increased by 23.6%, as the portfolio continues
to perform strongly, with 10 full or partial realisations announced
-- 25% of valuations as of 30 June 2021; additional Q2 valuation information
expected in the coming weeks. Q2 2021 Semi-Annual Report with final Q2
valuations expected to be issued in September
-- NBPE expects to make an announcement on its upcoming August dividend
payment within the next week
Constellation Automotive Group (FKA BCA) Investment
Overview(1)
NB Private Equity Partners ("NBPE" or the "Company") invested in
Constellation Automotive Group in November 2019 alongside TDR
Capital.
Constellation Automotive Group (FKA BCA) trades over 1.5 million
vehicles annually across 10 main European countries and three
leading, integrated and fully digital marketplaces: WeBuyAnyCar,
the consumer to business online car platform; BCA, the #1 business
to business fully digital used car marketplace, and Cinch, the UK's
leading business to consumer online used car marketplace.
In May 2021, Cinch raised over GBP1 billion to accelerate the
growth of its highly successful online B2C used car marketplace
across the UK and Europe. The capital raise was from a group of
leading global institutional investors, including other Neuberger
Berman client funds. Cinch was launched in October 2020 and has
quickly established itself as the largest online B2C marketplace
for used cars in the UK. Cinch reached annualised sales of over
45,000 vehicles less than eight months after launch, growing at 45%
month-over-month on average. Cinch has developed an ambitious
expansion plan to expand rapidly in countries across Europe, and
the latest funding round provides the group with the resources to
accelerate this expansion and continue its extensive investment in
people, technology, data science, infrastructure and brand
building.
NBPE 30 June 2021 NAV Detail and First Half 2021 Update
Continued Strong Performance
-- NBPE's 30 June 2021 NAV per Share of $27.10 (GBP19.62) increased $1.67
per share from the 31 May 2021 NAV per share of $25.43 (GBP17.89). NBPE
expects to issue its final June NAV figures in September as usual. The 30
June 2021 monthly NAV update includes 25% of valuation information as of
30 June 2021
-- Year to date NAV has increased by $230 million (inclusive of the February
2021 dividend payment) in the six months to 30 June 2021 (while 75% of
valuations remain as of 31 March 2021)
Realisation Activity
-- Approximately $52 million of cash proceeds from realisations during the
month of June
-- $260 million of realisations announced; $149 million of proceeds received
year to date
Selective Investment into Four New Holdings Year to Date
-- $40 million deployed into four new investments, including:
-- Realpage -- a software and data analytics company for the real
estate industry
-- Peraton -- a government services / IT company
-- An undisclosed consumer FinTech company
-- Ironsource -- a software technology company for app developers
-- The table below summarises the monthly, YTD and LTM NAV performance as of
30 June 20212
30 Jun-21 30 Jun-21
(Returns in USD) Month YTD LTM
--------- ---------
Total return NAV development
per Share 6.5% 23.6% 54.5%
NAV development per Share 6.5% 21.9% 50.0%
-- 30 June 2021 NAV growth of $78 million, or $1.67 per share, relative to
the 31 May 2021 NAV driven by:
-- $78.5 million, or $1.68 per share, of gross unrealised gains from
additional private valuation information
-- $3.8 million of unrealised gains, or $0.08 per share, attributable
to public valuation, foreign exchange adjustments on non-USD
investments and other mark to market adjustments
-- $4.7 million of expenses, $0.10 per share, attributable to
management fee and carried interest accruals, ZDP interest and ZDP
FX, credit facility interest and other expenses
-- $0.5 million of accrued cash and PIK interest from the income
portfolio, or $0.01 per share
Portfolio Valuation
The value of NBPE's portfolio as of 30 June 2021 was based on
the following information(3) :
-- 25% of the portfolio fair value was valued as of 30 June 2021
-- 14% in public securities4
-- 11% in private direct investments
-- 75% of the portfolio fair value was valued as of 31 March 2021
-- 74% in private direct equity investments
-- 1% in fund investments
Second Half 2021 Dividend
In accordance with ordinary practice, NBPE expects to issue a
statement regarding its second half ordinary dividend within the
next week.
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=pLyg3eCfeMMYjyVneghFyxM6wpd-6eP1Ln0MFvmGX1bkGIJ4cYKWhTBhe0vyNBCOTUYrXbiaxFR09oGvrN3tajq_iAbMI1ttMgxKgajeoP-NvI4JBf9ebsgUNKwbn1CC
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) https://www.constellationautomotive.com/news. 21 May
2021.
(2) 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 9.6%, 22.2%,
and 38.6%, respectively; GBP NAV return for the month, YTD, and LTM
periods are 9.6%, 20.5%, and 34.5%, respectively.
(3) 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 March 2021, the
Manager's analysis and historical experience lead the Manager to
believe that this approximates fair value at 30 June 2021.
(4) Includes Petsmart / Chewy as value is predominantly driven
by the public value of Chewy.
Attachment
-- NBPE June Monthly NAV Update
https://ml-eu.globenewswire.com/Resource/Download/94a98c69-0946-4030-a174-e7e15a16e85a
(END) Dow Jones Newswires
July 13, 2021 02:00 ET (06:00 GMT)
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