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
26 May 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 30 April 2023 Monthly Net Asset Value ("NAV")
estimate.
Highlights (as of 30 April 2023)
-- NAV per share of $28.26 (GBP22.48), an increase of 0.2% during the month
-- Performance driven by positive valuation movements of Q1 2023 private
company valuations and foreign exchange movements
-- 72% of the valuation information as of 31 March 2023 or 30 April 2023
-- Well positioned to take advantage of investment opportunities - $305
million of available liquidity
As of 30 April
2023 YTD 1 Year 3 years 5 years 10 years
--------------- ------ ------ ------- ------- --------
NAV TR (USD) 1.3% (3.4%) 81.6% 91.3% 228.3%
--------------- ------ ------ ------- ------- --------
MSCI World TR
(USD) 9.8% 3.7% 46.8% 51.7% 143.0%
--------------- ------ ------ ------- ------- --------
Share price TR
(GBP) (0.3%) 3.8% 99.3% 94.4% 321.1%
--------------- ------ ------ ------- ------- --------
FTSE All-Share
TR (GBP) 6.5% 6.0% 45.2% 24.1% 80.7%
--------------- ------ ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 30 April 2023
NAV performance during the month driven by:
-- 0.5% NAV decrease ($6 million) from the value of quoted holdings (which
constitute 13% of portfolio fair value)
-- 0.2% NAV increase ($3 million) from positive FX movements, primarily
attributable to changes in the EUR/USD rate in April 2023
-- Excluding FX, 0.7% NAV increase ($10 million) from the receipt of first
quarter private company valuation information (56% of private companies
valuations based on Q1 2023 valuation information)
-- 0.1% NAV decrease ($2 million) attributable to changes in the Zero
Dividend Preference share (ZDP) liability and expense accruals
Realisation activity - $40 million of proceeds received year to
date
-- Includes $10 million from partial realisations of NBPE's co-investment in
Action at December 2022 holding value. Following the realisation, Action
remains NBPE's largest company, valued at $71 million at 30 April 2023
Robust liquidity -- well positioned to take advantage of
opportunities
-- $305 million of available liquidity ($5 million of cash, $300 million of
undrawn credit facility)
Portfolio Valuation
The fair value of NBPE's portfolio as of 30 April 2023 was based
on the following information:
-- 16% of the portfolio was valued as of 30 April 2023
--
-- 13% in public securities
-- 3% in private direct investments
-- 56% of the portfolio was valued as of 31 March 2023
--
-- 56% in private direct investments
-- 28% of the portfolio was valued as of 31 December 2022
--
-- 28% in private investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=i18P9KrG21ZUb20EP8pxe3Bu2-WjWipMtDQCeQQxOX5jPB9kDZ4fmTLA0hQGltdQxQlzKcQaoyGjEc5xJlzklAtiQGHTghU20iYJeUiBhfV4ELkVyapCKCMU5otKyquA
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as of 30 April 2023)
Fair Value % of
Company Name Vintage Lead Sponsor Sector ($m) FV
Action 2020 3i Consumer 71.1 5.1%
Financial
Advisor Group 2019 Reverence Capital Services 54.2 3.9%
AutoStore
(OB.AUTO) 2019 THL Industrials 52.7 3.8%
Constellation
Automotive 2019 TDR Capital Business Services 51.8 3.7%
Financial
USI 2017 KKR Services 50.0 3.6%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 41.8 3.0%
Material Handling
Systems 2017 THL Industrials 39.7 2.8%
Cotiviti 2018 Veritas Capital Healthcare 35.9 2.6%
GFL (NYSE: GFL) 2019 BC Partners Business Services 35.5 2.5%
Solenis 2021 Platinum Equity Industrials 35.2 2.5%
Business Services
Company* 2017 Not Disclosed Business Services 32.9 2.3%
Further Global Financial
Kroll 2020 / Stone Point Services 32.1 2.3%
Financial
True Potential 2022 Cinven Services 29.7 2.1%
Marquee Brands 2014 Neuberger Berman Consumer 29.7 2.1%
BeyondTrust 2018 Francisco Partners Technology / IT 29.6 2.1%
Monroe Engineering 2021 AEA Investors Industrials 26.6 1.9%
Stubhub 2020 Neuberger Berman Consumer 26.4 1.9%
NB Renaissance
Engineering 2020 / Bain Capital Technology / IT 25.6 1.8%
Branded Cities Communications /
Network 2017 Shamrock Capital Media 25.4 1.8%
Trilantic Capital
Addison Group 2021 Partners Business Services 23.8 1.7%
Bylight 2017 Sagewind Partners Technology / IT 22.9 1.6%
Staples 2017 Sycamore Partners Business Services 22.6 1.6%
Auctane 2021 Thoma Bravo Technology / IT 22.4 1.6%
Excelitas 2017 AEA Investors Industrials 22.1 1.6%
Branded Toy
Company* 2017 Not Disclosed Consumer 21.3 1.5%
FV Hospital 2017 Quadria Capital Healthcare 20.6 1.5%
Bridge Growth
Accedian 2017 Partners Technology / IT 20.6 1.5%
Renaissance
Learning 2018 Francisco Partners Technology / IT 19.8 1.4%
Financial
Leaseplan 2016 TDR Capital Services 17.7 1.3%
Qpark 2017 KKR Transportation 17.7 1.3%
Total Top 30
Investments $939.6 67.1%
=================================================================== =========================== =====
*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 19%
Industrials / Industrial Technology 16%
Business Services 13%
Financial Services 15%
Healthcare 10%
Other 6%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2014 & Earlier 4%
2015 2%
2016 7%
2017 24%
2018 18%
2019 17%
2020 12%
2021 13%
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.
Attachment
-- April 2023 NBPE Factsheet vFinal
https://ml-eu.globenewswire.com/Resource/Download/4f989a52-7dc5-4003-807d-b7364f7d4c0f
(END) Dow Jones Newswires
May 26, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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