TIDMNBPE
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK,
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JURISDICTIONS
3.0% NAV return in November driven by private company valuation
increases
14 December 2021
NB Private Equity (NBPE), the $1.5bn listed private equity
investment company managed by Neuberger Berman, today releases its
30 November 2021 monthly NAV update.
Highlights (at 30 November 2021)
-- NAV per share of $31.34 (GBP23.69) - a 3.0% return in the month
-- YTD NAV total return of 43.3% at 30 November 2021
-- Performance in November driven by Q3 private company valuations
-- $29 million of realisations received in the month; YTD cash received from
realisations of $313 million
-- No new investments in November. YTD invested or committed $183 million to
ten new investments
-- Robust liquidity - $376 million of cash and undrawn credit line available
At 30 November 2021* YTD 1 year 3 years 5 years 10 years
------------------------ ----- ------ ------- ------- --------
NAV TR (USD) 43.3% 57.9% 92.1% 138.1% 293.4%
------------------------ ----- ------ ------- ------- --------
MSCI World TR (USD) 17.3% 22.3% 62.2% 103.0% 234.6%
------------------------ ----- ------ ------- ------- --------
Share price TR (GBP) 57.0% 74.1% 80.5% 124.3% 479.0%
------------------------ ----- ------ ------- ------- --------
FTSE All-Share TR (GBP) 13.0% 17.4% 16.9% 30.6% 103.0%
------------------------ ----- ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Peter von Lehe, Managing Director and Head of Investment
Solutions and Strategy, Neuberger Berman commented:
"November was another excellent month for NBPE, with Q3 private
company valuation increases adding $70 million to the portfolio. In
addition, Autostore, the innovative robotic and software technology
company which listed on the Oslo Stock Exchange in October, has
continued to perform strongly, taking total year-to-date gains from
this investment to $179 million.
"We have continued to build on our strong short- and long-term
performance, reporting 2021 NAV growth of 43.3% year-to-date,
significantly outperforming the MSCI World TR of 17.3%. Our share
price has continued to significantly outperform the FTSE All-Share,
and we have been the best performing company in the Association of
Investment Companies' Private Equity sector this year, as well as
ranking in the top 10 for performance across all AIC sectors in
2021 year-to-date.(1) "
Paul Daggett, Managing Director of Neuberger Berman added:
"Portfolio realisations continue at record levels, with almost
$400 million of exits announced so far in 2021. These realisations
have been at significant total uplifts to carrying value and cost,
underlining the quality of the companies in our portfolio and the
benefit of our investment approach.
"We continue to have a meaningful investment bias towards growth
companies, with an exciting pipeline of new investments. We have
committed $183m to 10 transactions so far in 2021, with a heavy
weighting to companies which are expected to experience either low
cyclicality or long-term secular growth drivers, including
investments in software, technology and IT services."
Business review (at 30 November 2021)
NBPE has continued to build on its strong performance, with NAV
increasing to $1.5 billion ($31.34 per share) a 43% total return
year to date
-- After incorporating third quarter private company valuation information
-- 30 September 2021 NAV per share was $31.10, a $134 million,
or $2.86 per share, increase relative to 30 June 20212
-- $70 million of gains from private valuations in Q33; largest write
ups were Autostore (OB.AUTO), following its successful IPO, and
Kroll, which has been written up as a result of continued strong
performance
-- $40 million paid in dividends and expenses, in addition to fee
accruals, ZDP accruals and credit facility expenses in Q3
-- Since September 2021:
-- Additional $16 million, or $0.34 per share, increase in October
and November 20214 attributable to changes in public company
valuations, FX rates and interest accruals
-- $5 million of expenses, or $0.10 per share, attributable to fee
accruals, ZDP accrual and credit facility expenses during October
and November 20215
Realisations from the portfolio continue at a record level for
the year with continued momentum; 14 full and partial realisations
YTD at an aggregate 84% uplift to carrying value at 31 December
2020 and a 3.4x multiple of cost
-- $399 million of total announced realisations YTD
-- $34 million of realisations announced in November
-- Two companies, FinalSite and Compliance Solutions Strategies, each
announced sales to a financial and strategic buyer, respectively.
Both transactions are expected to close by the end of 2021.6 In
addition, NBPE expects to receive additional proceeds from a
partial exit of an existing portfolio company.7
-- $29 million of cash proceeds received in November
-- Proceeds include cash received from the sale of Hivory and
additional proceeds from sale of Autostore stock
-- $313 million of proceeds received year to date, with a further $86
million expected in the coming months, as the remaining transactions
close
-- The 30 November 2021 NAV estimate incorporates the majority of the
valuation uplift associated with these announced realisations; however,
NBPE expects an additional $6 million of uplift in the coming months
related to the announced transactions which are yet to close
Continued focus on investing in companies expected to benefit
from long term growth trends
-- $183 million invested or committed to ten companies YTD, and a continued
strong pipeline of further new investments
Robust liquidity
-- $376 million of available liquidity ($76 million cash, $300 million of
undrawn credit line)
-- Adjusted unfunded commitments of $85 million and a 462% adjusted
commitment coverage
-- An additional $86 million is expected from announced realisations in the
coming months as transactions close
Credit Facility Rating Upgraded to A
On 7 December 2021, Kroll Bond Rating Agency ("KBRA") announced
it upgraded its rating on NBPE's Senior Secured Revolving Credit
Facility to A from A-. KBRA's rating reflected the following credit
considerations: 1) asset coverage in excess of 500% 2) the
transaction structure of the facility 3) a healthy cash flow
profile 4) NBPE's successful track record and 5) the liquidity
profile of NBPE's private equity exposure.
Portfolio Valuation
The value of NBPE's portfolio as of 30 November 2021 was based
on the following information:
-- 23% of the portfolio fair value was valued as of 30 November 2021
-- 21% in public securities
-- 2% in private direct investments
-- 2% of the portfolio fair value was valued as of 31 October 2021
-- 2% in private direct investments
-- 75% of the portfolio fair value was valued as of 30 September 2021
-- 74% in private direct investments
-- 1% in fund investments
Investor Call
NB Private Equity Partners Limited ("NBPE" or the "Company")
today announced that an investor update will be held on Tuesday 14
December 2021 via Zoom in order to discuss the investment portfolio
and provide an update on performance.
The webinar will take place at 14.00 GMT / 15.00 CST / 9.00 EST.
The call can be accessed via the Zoom call details below:
Join from a PC, Mac, iPad, iPhone or Android device:
Please click the link below to join the webinar:
https://www.globenewswire.com/Tracker?data=vwaqOHWyc4C__mkHNLoSTFkuAXokHWHqshyQl9_ZMpLI8yBghwSEwbMSsKeUrfWHoz62VSqr58h4IGIECC4ZaEAnnZk8owGMrnkJ0UELP4oTZJ9-MnhRgn_1wz_JbD-sOjzhTUvZCy3T3Xu6UigeAlPNl07Z6AP2wBSYsEFPYw6z8E69pUU_j6eBPmiGwzUm9K7KxCZMaKxlH79Dukp-r7kQ_IqauK-aNgNlSHkCzSU=
https://nb.zoom.us/j/92878438044?pwd=a2FHY1V5dUFNVG1mNm1oL3MyTS9Qdz09
Passcode: 296895
Webinar ID: 928 7843 8044
Or Telephone:
Dial(for higher quality, dial a number based on your current
location):
US: +1 646 518 9805 or +1 646 558 8656 or +1 669 900 6833
United Kingdom: +44 131 460 1196 or +44 203 481 5237
Hong Kong SAR: +852 3012 6283 or +852 5803 3730 or +852 5803
3731 or +852 5808 6088
Japan: +81 363 628 317
China: +86 10 5387 6330 or +86 10 8783 3177
International numbers available:
https://www.globenewswire.com/Tracker?data=vwaqOHWyc4C__mkHNLoSTKfXudRZo7YKftDolfbsIfX4OzUjY7EtlFQUYiJpbH5TNPX1elvLpuWADI2ejr4iumkCFJuQW4janXxBEi688WUxXoT8lH4GeqrCNMsycKWQ
https://nb.zoom.us/u/a2p6YEkoU
The webinar will be recorded and available for playback on
NBPE's website following the meeting.
An updated investor presentation will be available on NBPE's
website at http://www.nbprivateequitypartners.com/.
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=x53EUupmfKcF6kb5JxoAIS7ZQAF3Vc3LnEWY9r_0RnFqlxkBWbTIkF5knxFPTRIoSVg3UvztZHXGJHc3AI-4EMAtZE4Aet-HAeuI5XIz8gBT0tPu8QbpLbnnx10lmxWs
Will Sanderson
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 2,400 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 $437 billion in client assets as of
September 30, 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) As at 30 November 2021.
(2) Increase includes $0.41 per share dividend in August
2021.
(3) 4.6% uplift of 30 September 2021 final valuations vs the
originally issued 30 September 2021 monthly NAV estimate.
(4) $18 million ($0.36 per share) in October 2021 and negative
$2 million ($0.04 per share) in November 2021.
(5) $5 million ($0.09 per share) in October 2021 and $0 million
($0.00 per share) in November 2021 (expenses were offset by a
reduction in the ZDP liability due to changes in FX rates).
(6) Subject to customary closing conditions; no assurances can
be given the transactions above close.
(7) Undisclosed company for confidentiality reasons.
Attachments
-- NBPE November 2021 FactsheetvF
https://ml-eu.globenewswire.com/Resource/Download/ace48e2f-ac51-4cd0-a64b-8a2c19c39999
-- NBPE Investor Presentation - December 2021 vF
https://ml-eu.globenewswire.com/Resource/Download/b829b429-9864-46df-8a73-1640ffe2cddd
(END) Dow Jones Newswires
December 14, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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