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 1H 2024 Dividend
11 January 2024
NB Private Equity Partners (the "Company" or "NBPE"), the
$1.3bn, FTSE 250, listed private equity investment company managed
by Neuberger Berman, today announces its 1H 2024 Dividend and
approach to capital allocation.
William Maltby, Chairman, commented: "Today's announced $22m
dividend represents the 23rd consecutive dividend payment to be
made to shareholders, taking total capital returned to shareholders
via dividends to $338 million since 2013. Given the continued
strong realisation activity in the portfolio, with $171 million of
realisation proceeds received in 2023, the Board has also increased
the Company's existing allocation to buybacks."
1H 2024 Dividend & Approach to Capital Allocation
-- 1H 2024 dividend payment of $0.47 per share to be paid on 29 February
2024
-- Annualised dividend yield on 30 November 2023 NAV of 3.4% and 4.5% on
closing share price of GBP16.55 on 10 January 2024
-- Since 2013, NBPE's average annualised dividend yield is 4.3% (based on
the time of announcement)
-- Increase in the existing capital allocation to share buybacks; funds
allocated and will remain allocated to buybacks
-- The Board intends to repay the Company's 2024 ZDPs in October 2024
Dividend Information
-- While NBPE declares dividends in US Dollars, Shareholders will receive
Sterling dividends at the prevailing rate at the time of currency
conversion, unless an election to receive dividends in US Dollars is made
on forms which are available on NBPE's website prior to the currency
election date listed below. If an investor has previously elected to
receive US Dollars, that election will be used unless changed. Investors
may also participate in a dividend re-investment plan (forms for which
are available on NBPE's website) if they wish to increase their
shareholdings instead of receiving cash dividends.
Distribution amount: $0.47 per Share
==================================== ================
Ex-dividend date: 18 January 2024
==================================== ================
Dividend record date: 19 January 2024
==================================== ================
Final day for Currency Election: 26 January 2024
==================================== ================
Final day for Dividend Re-investment 2 February 2024
Plan Election:
==================================== ================
Payment date: 29 February 2024
==================================== ================
Approach to Capital Allocation
NBPE's stated objective is to invest in private companies to
generate long term growth. The Board oversees the capital
allocation framework for the Company. Alongside allocating capital
to NBPE's investment programme, the Board is committed to NBPE's
long term dividend policy and regularly reviews the capital
allocated to the Company's buyback policy. As part of this
framework, the Board considers, among other factors, the financial
position of the company, use and cost of leverage, the Company's
investment level relative to its target and the vintage year
diversification of the portfolio.
New Investments
NBPE's co-investment model provides flexibility, with new
investment decisions being made on a real-time basis, balanced
against the pace of realisations as well as other capital
requirements. As a result, NBPE can manage its overall investment
level without the need for significant unfunded commitments. While
the investment level may temporarily rise above or fall below its
target for periods of time, over the long term, the Board and the
Manager believe that a target investment level in the range of
100-110% is optimal.
We believe that NBPE's strategy of investing in high quality
private companies and aiming to deliver strong compounding returns
over time will drive the best long-term performance for
shareholders. New investments should drive long term NAV growth and
are also considered in the context of the existing portfolio in
order to maintain appropriate levels of diversification. Given
NBPE's objective and the Board's focus on driving long term returns
for shareholders, the Board considers new investments to be the
core use of NBPE's capital.
Dividends
The Directors remain committed to the Company's dividend policy
of targeting an annualised yield on NAV of 3.0% or greater, with
the goal of maintaining or progressively increasing the level of
dividends over time.
The dividend underpins NBPE's Total Shareholder Return. It
allows shareholders the opportunity to participate directly in the
performance of the underlying portfolio and is the primary method
of returning capital to shareholders. Since the Board implemented a
dividend policy in 2013, taking into account the 1H 2024 dividend
payment, the Company will have returned $338m to investors through
a semi-annual dividend.
Share Buybacks
The Board believes that buybacks can be an attractive tactical
use of capital in certain market environments. Inherently, buybacks
can represent an opportunity to purchase the Company's shares at a
discount to NAV per share, realise a return that is immediately NAV
accretive and invest in a portfolio that is performing well and is
well known by the Manager.
The effectiveness of buybacks in NAV per share accretion,
providing liquidity in the shares under certain circumstances and
in signaling the Board's confidence in the prospects of NBPE's
portfolio, are well understood by the Board.
Increase in capital allocated to existing share buybacks
The Company currently has an ongoing share buyback programme
with its broker, Jefferies, and has increased the allocated capital
to share repurchases. The Board regularly reviews the parameters
and quantum of the buyback programme for appropriateness in the
context of the discount level, position relative to peers, market
environment and NBPE's capital position.
For further information, please contact:
NBPE Investor Relations +44 20 3214 9002
Luke Mason
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=wzit5uMYhiOPv3euxLaILmNJEe8sr7aSGxoosyeMHiRnoStgdjzKZmeuxazx7eQR8iN9Vl5zz2sZm0MLftIW5Rv_mB4t-n4nV5KI5_xqYahTA6Samg8V6pivv49fsChK
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
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.
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 $439 billion in client assets as of September 30,
2023. For more information, please visit our website at
https://www.globenewswire.com/Tracker?data=2qbRCTUzwh_cmoPrkR_vLpY3WCvzNc1QT4JGynAfF2RUYtMURTNAF3asNq9lf5XUp6GPQbhxL-EeQ2Ell7cAog==
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.
(END) Dow Jones Newswires
January 11, 2024 02:00 ET (07:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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