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 December Monthly NAV Estimate
16 January 2024
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today announces its 31 December 2023 monthly NAV estimate.
NAV Highlights (31 December 2023)
-- NAV per share of $28.08 (GBP22.03), an increase of 1.4% during the month
driven by the value of quoted holdings and positive foreign exchange
movements
-- Private valuations remain as of 30 September 2023 (+5.5% on a constant
currency basis for the nine months to 30 September 2023)
-- $171 million of proceeds received in 2023 with a further $39 million
expected from announced but not yet closed transactions1
-- Full or partial sales in 2023 have achieved a 2.2x gross multiple of
capital and were at a 12% uplift2
-- $376 million of available liquidity at 31 December 2023 (excluding cash
expected to be received from exits that have been announced but not yet
closed)
-- NBPE expects to issue its 2023 annual financial report in April 2024; Q4
2023 valuation information will be incorporated into future monthly NAV
estimates as information is received over the coming weeks
As of 31 December 2023 2023 3 years 5 years 10 years
------------------------ ----- ------- ------- --------
NAV TR (USD)* 2.3% 37.0% 83.5% 207.1%
Annualised 11.1% 12.9% 11.9%
------------------------ ----- ------- ------- --------
MSCI World TR (USD)* 24.4% 25.2% 87.3% 140.7%
Annualised 7.8% 13.4% 9.2%
------------------------ ----- ------- ------- --------
Share price TR (GBP)* 9.4% 63.0% 106.8% 347.2%
Annualised 17.7% 15.6% 16.2%
------------------------ ----- ------- ------- --------
FTSE All-Share TR (GBP)* 7.9% 28.1% 37.7% 68.2%
Annualised 8.6% 6.6% 5.3%
------------------------ ----- ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 31 December 2023
NAV performance during the month driven by:
-- 1.6% NAV increase ($20 million) from the value of quoted holdings (which
now constitute 10% of portfolio fair value)
-- 0.5% NAV increase ($6 million) from positive FX movements
-- 0.5% NAV decrease ($6 million) from the receipt of additional private
company valuation information
-- 0.2% NAV decrease ($3 million) attributable to expense accruals and
changes in the Zero Dividend Preference share (ZDP) liability
Realisations from the portfolio continue in 2023
-- 2023 cash proceeds of $171 milllion3
-- Full sales of Accedian and Boa Vista ($20 million)
-- Partial sales of USI, Leaseplan, Action and Hub Insurance ($73 million)
-- Full and partial sales of public stock in GFL, Uber, Vertiv, Concord, Holley, Solarwinds and N-able ($32 million)
- $24 million received from legacy income investment portfolio, which is in realisation mode
- $22 million of other realisations
-- $39 million of realisations expected to be received over the coming
months from announced but not yet closed transactions including FV
Hospital, Melissa & Doug (fka undisclosed branded toy company), and
Petsmart4
$22m of investment in 2023
-- Including $13m of follow-on investments in Solenis and Renaissance
Learning to support transformative M&A
Well positioned to take advantage of investment opportunities
with significant available liquidity at 31 December 2023
-- $376 million of available liquidity
-- $210 million undrawn credit line and $166 million of cash /
liquid investments
Portfolio Valuation
The fair value of NBPE's portfolio as of 31 December 2023 was
based on the following information:
-- 15% of the portfolio was valued as of 31 December 2023
--
-- 10% in public securities
-- 5% in private direct investments
-- 85% of the portfolio was valued as of 30 September 2023
--
-- 84% in private direct investments
-- 1% in private fund investments
For further information, please contact:
NBPE Investor Relations +44 20 3214 9002
Luke Mason
https://www.globenewswire.com/Tracker?data=sM-vjnv17hDEYJQ6UT9y9Yxp8QQp27FdzJkNF8LnlsA8bA7GoGWV_n8VlieemVK2i_voPvfnLUls-gTE-AypU6AUEq0TMAP7B7wiTTPy88AUVfTqTr3Du-Lma55UrLjV
NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=4INRgpAw8OrYFg7DpAQWp6fKmXns46yPqvZ2KMAra1J5WerKc2dzmPl8UNH4diUm4_NNcdwu-zxS4oMUJnOBu96Sg2gliwdiEi705bE5P7UX4s-ziA2c_oiXq0T1YQ8Z
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 31 December 2023)
Fair Value % of
Company Name Vintage Lead Sponsor Sector ($m) FV
Action 2020 3i Consumer 78.0 5.9%
Financial
Osaic 2019 Reverence Capital Services 56.5 4.3%
AutoStore
(OB.AUTO) 2019 THL Industrials 48.5 3.7%
Solenis 2021 Platinum Equity Industrials 46.9 3.6%
Constellation Business
Automotive 2019 TDR Capital Services 45.0 3.4%
Fortna 2017 THL Industrials 39.7 3.0%
Cotiviti 2018 Veritas Capital Healthcare 38.5 2.9%
Business Services Business
Company* 2017 Not Disclosed Services 34.1 2.6%
Branded Cities Communications
Network 2017 Shamrock Capital / Media 33.9 2.6%
BeyondTrust 2018 Francisco Partners Technology / IT 33.5 2.5%
Monroe Engineering 2021 AEA Investors Industrials 31.9 2.4%
Financial
True Potential 2022 Cinven Services 30.9 2.3%
Further Global Financial
Kroll 2020 / Stone Point Services 30.1 2.3%
Marquee Brands 2014 Neuberger Berman Consumer 29.4 2.2%
Business
GFL (NYSE: GFL) 2018 BC Partners Services 29.1 2.2%
Stubhub 2020 Neuberger Berman Consumer 26.4 2.0%
Business
Staples 2017 Sycamore Partners Services 25.8 2.0%
NB Renaissance
Engineering 2020 / Bain Capital Technology / IT 25.6 1.9%
Viant 2018 JLL Partners Healthcare 24.7 1.9%
Trilantic Capital Business
Addison Group 2021 Partners Services 23.9 1.8%
Auctane 2021 Thoma Bravo Technology / IT 23.6 1.8%
Excelitas 2017 AEA Investors Industrials 21.8 1.7%
Bridge Growth
Solace Systems 2016 Partners Technology / IT 20.6 1.6%
Renaissance
Learning 2018 Francisco Partners Technology / IT 20.2 1.5%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 19.8 1.5%
Bylight 2017 Sagewind Partners Technology / IT 19.7 1.5%
Qpark 2017 KKR Transportation 18.6 1.4%
FV Hospital 2017 Quadria Capital Healthcare 18.0 1.4%
Financial
USI 2017 KKR Services 17.9 1.4%
Exact 2019 KKR Technology / IT 17.5 1.3%
Total Top 30
Investments $930.0 70.4%
================================================================= =========================== =====
Geography % of Portfolio
North America 73%
Europe 24%
Asia / Rest of World 3%
Total Portfolio 100%
==================================== ==============
Industry % of Portfolio
Tech, Media & Telecom 21%
Consumer / E-commerce 20%
Industrials / Industrial Technology 19%
Business Services 13%
Financial Services 12%
Healthcare 9%
Other 5%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2015 & Earlier 6%
2016 6%
2017 23%
2018 19%
2019 16%
2020 13%
2021 13%
2022 3%
2023 1%
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.
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 2,800 professionals.
For ten 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 $463 billion in client assets as of December 31, 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.
(1) $171 million received through 31 December 2023, with a
further $39 million expected from announced but not yet received
transactions. $20 million was attributable to announced sales in
2022 but received in 2023. Pending realisations are subject to
customary closing conditions. No assurances can be given the
transactions ultimately close.
(2) Uplift to value three quarters prior to the announced
transaction. For two investments with a partial sale, multiple and
uplift reflect realised proceeds only.
(3) $171 million received during 2023, of which $20 million was
attributable to announced sales in 2022 but received in 2023.
(4) Pending realisations are subject to customary closing
conditions. No assurances can be given the transactions ultimately
close.
Attachment
-- December 2023 NBPE Factsheet vF
https://ml-eu.globenewswire.com/Resource/Download/9546d772-1a9b-4ba0-b379-51eb6d440fed
(END) Dow Jones Newswires
January 16, 2024 02:00 ET (07:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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