NBPE Announces 30 June 2023 NAV Update
18 Julio 2023 - 1:00AM
NBPE Announces 30 June 2023 NAV Update
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
18 July 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 30 June 2023 Monthly Net Asset Value (“NAV”)
estimate.
Highlights (as of 30 June 2023)
- NAV per share of $28.43 (£22.36), a 1.0% increase during the
month
- Two main drivers in the month were an increase in quoted
holdings, and positive FX movements
- 14% of the valuation information based on quoted holdings as of
30 June 2023; additional Q2 valuation information expected in the
coming weeks. NBPE expects to issue its Interim Financial Report in
September
- 250,024 shares repurchased during the month of June, accretive
to NAV per share by ~$0.05
- Two new pending portfolio company realisations with the
recently announced sales of both Accedian and FV Hospital to
strategic acquirers. These two exits are estimated to generate a
total of approximately $40 million of proceeds and are expected to
close in the coming months1
- NBPE continues to be well positioned to take advantage of
investment opportunities - $291 million of available liquidity
(excluding the above pending realisations)
As of 30 June 2023 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD)*Annualised |
1.0% |
2.5%2.5% |
70.6%19.5% |
84.0%13.0% |
228.6%12.6% |
MSCI World TR (USD)*Annualised |
15.4% |
19.1%19.1% |
43.2%12.7% |
58.3%9.6% |
161.5%10.1% |
|
|
|
|
|
|
Share price TR (GBP)*Annualised |
(3.9%) |
6.1%6.1% |
84.2%22.6% |
74.4%11.8% |
290.0%14.6% |
FTSE All-Share TR (GBP)*Annualised |
2.6% |
7.9%7.9% |
33.2%10.0% |
16.5%3.1% |
78.0%5.9% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 30 June 2023
NAV performance during the month driven by:
- 0.6% NAV increase ($8 million) from the value of quoted
holdings (which constitute 14% of portfolio fair value)
- 0.6% NAV increase ($8 million) from positive FX movements,
primarily attributable to changes in the EUR/USD rate
- 0.2% NAV decrease ($2 million) attributable to changes in the
Zero Dividend Preference share (ZDP) liability and expense
accruals
Robust liquidity – $45 million of proceeds received year
to date and two additional announced pending realisations during
June / early July
- Two recently announced pending realisations of Accedian and FV
Hospital are estimated to generate approximately $40 million of
additional proceeds and are expected to close in the coming
months1
- $291 million of available liquidity ($1 million of cash, $290
million of undrawn credit facility), excluding the above pending
realisations
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 June
2023 was based on the following information:
-
20% of the portfolio was valued as of 30 June 2023
-
- 14% in public securities
- 6% in private direct investments
-
80% of the portfolio was valued as of 31 March 2023
-
- 79% in private direct investments
- 1% in private funds
For further information, please contact:
NBPE Investor
Relations +1 214
647 9593
Kaso Legg Communications +44
(0)20 3995 6673
Charles
Gorman
nbpe@kl-communications.comLuke DampierCharlotte Francis
Supplementary Information (as of 30 June
2023)
Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
% of FV |
Action |
2020 |
3i |
Consumer |
70.3 |
5.0% |
Advisor Group |
2019 |
Reverence Capital |
Financial Services |
54.2 |
3.8% |
AutoStore (OB.AUTO) |
2019 |
THL |
Industrials |
54.0 |
3.8% |
Constellation Automotive |
2019 |
TDR Capital |
Business Services |
51.1 |
3.6% |
USI |
2017 |
KKR |
Financial Services |
50.0 |
3.5% |
Solenis |
2021 |
Platinum Equity |
Industrials |
45.2 |
3.2% |
Agiliti (NYSE: AGTI) |
2019 |
THL |
Healthcare |
41.2 |
2.9% |
Fortna |
2017 |
THL |
Industrials |
39.7 |
2.8% |
Cotiviti |
2018 |
Veritas Capital |
Healthcare |
36.6 |
2.6% |
GFL (NYSE: GFL) |
2018 |
BC Partners |
Business Services |
33.8 |
2.4% |
Business Services Company* |
2017 |
Not Disclosed |
Business Services |
32.6 |
2.3% |
Kroll |
2020 |
Further Global / Stone Point |
Financial Services |
32.1 |
2.3% |
BeyondTrust |
2018 |
Francisco Partners |
Technology / IT |
29.6 |
2.1% |
True Potential |
2022 |
Cinven |
Financial Services |
29.5 |
2.1% |
Marquee Brands |
2014 |
Neuberger Berman |
Consumer |
28.3 |
2.0% |
Monroe Engineering |
2021 |
AEA Investors |
Industrials |
26.6 |
1.9% |
Stubhub |
2020 |
Neuberger Berman |
Consumer |
26.4 |
1.9% |
Engineering |
2020 |
NB Renaissance / Bain Capital |
Technology / IT |
25.3 |
1.8% |
Branded Cities Network |
2017 |
Shamrock Capital |
Communications / Media |
25.1 |
1.8% |
Bylight |
2017 |
Sagewind Partners |
Technology / IT |
23.9 |
1.7% |
Addison Group |
2021 |
Trilantic Capital Partners |
Business Services |
23.9 |
1.7% |
Staples |
2017 |
Sycamore Partners |
Business Services |
22.6 |
1.6% |
Auctane |
2021 |
Thoma Bravo |
Technology / IT |
22.4 |
1.6% |
Petsmart / Chewy (NYSE: CHWY) |
2015 |
BC Partners |
Consumer |
22.0 |
1.5% |
Excelitas |
2017 |
AEA Investors |
Industrials |
21.9 |
1.5% |
Accedian |
2017 |
Bridge Growth Partners |
Technology / IT |
21.6 |
1.5% |
Branded Toy Company* |
2017 |
Not Disclosed |
Consumer |
21.2 |
1.5% |
Renaissance Learning |
2018 |
Francisco Partners |
Technology / IT |
19.8 |
1.4% |
FV Hospital |
2017 |
Quadria Capital |
Healthcare |
17.9 |
1.3% |
Qpark |
2017 |
KKR |
Transportation |
17.5 |
1.2% |
Total Top 30 Investments |
|
|
|
$966.3 |
68.1% |
*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 |
17% |
Business
Services |
13% |
Financial
Services |
14% |
Healthcare |
10% |
Other |
6% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
% of Portfolio |
2014 &
Earlier |
4% |
2015 |
3% |
2016 |
7% |
2017 |
24% |
2018 |
18% |
2019 |
17% |
2020 |
11% |
2021 |
12% |
2022 |
3% |
2023 |
1% |
Total Portfolio |
100% |
[1] Pending realisations are subject to
customary closing conditions. No assurances can be given that the
referenced transactions will ultimately close.
About NB Private Equity Partners
LimitedNBPE 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 BermanNeuberger
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.
Neuberger Berman’s investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm’s diverse team has over 2,750 professionals.
For nine consecutive years, Neuberger Berman 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).
The firm manages $443 billion in client assets as of June 30, 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. |
- June 2023 NBPE Factsheet vF
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