NBPE Announces 31 May 2023 NAV Update
13 Junho 2023 - 3:00AM
NBPE Announces 31 May 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
13 June 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 31 May 2023 Monthly Net Asset Value (“NAV”)
estimate.
Highlights (as
of 31
May
2023)
- NAV per share of $28.15 (£22.71), a
0.4% decrease during the month
- Two main drivers in the month were
an increase in quoted holdings, offset by negative FX
movements
- 99% of the valuation information as
of 31 March 2023 or 31 May 2023
- On a constant currency basis,
private valuations received to date, in aggregate, were up 0.6% in
Q1 2023 from Q4 2022
- NBPE continues to be well positioned
to take advantage of investment opportunities - $306 million of
available liquidity
As of 31 May
2023 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD)*Annualised |
0.9% |
(1.5%)(1.5%) |
79.4%21.5% |
88.6%13.5% |
224.5%12.5% |
MSCI World TR (USD)*Annualised |
8.8% |
2.6%2.6% |
38.6%11.5% |
49.2%8.3% |
140.5%9.2% |
|
|
|
|
|
|
Share price TR (GBP)*Annualised |
(0.8%) |
7.3%7.3% |
100.9%26.2% |
93.0%14.1% |
293.6%14.7% |
FTSE All-Share TR (GBP)*Annualised |
1.6% |
0.4%0.4% |
33.9%10.2% |
15.2%2.9% |
67.5%5.3% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 31
May 2023
NAV performance during the month driven by:
- 0.9% NAV increase ($12 million) from
the value of quoted holdings (which constitute 13% of portfolio
fair value)
- 0.9% NAV decrease ($11 million) from
negative FX movements, primarily attributable to changes in the
EUR/USD rate
- Excluding FX, 0.3% NAV decrease ($4
million) from the receipt of first quarter private company
valuation information received during the month of May; including
previous received Q1 valuations, private company valutions up by
0.6% in Q1 2023 from Q4 2022
- 0.1% NAV decrease ($1 million)
attributable to changes in the Zero Dividend Preference share (ZDP)
liability and expense accruals
Robust liquidity – $41
million of proceeds received year to date
and well positioned to take advantage of
opportunities
- $306 million of available liquidity ($6 million of cash, $300
million of undrawn credit facility)
- Pro forma for expected cash receipts from realisations in June
2023, NBPE expects total cash realisations to be $55 million
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 May
2023 was based on the following information:
- 17% of the portfolio was valued
as of 31 May 2023
- 13% in public securities
- 4% in private direct investments
- 82% of the portfolio was valued
as of 31 March 2023
- 81% in private direct investments
- 1% in private funds
- 1% of the portfolio was valued as
of 31 December 2022
- 1% in private investments
For further information, please contact:
NBPE Investor
Relations +1
214 647 9593
Kaso Legg Communications
+44 (0)20 3995 6673
Charles
Gorman nbpe@kl-communications.comLuke
DampierCharlotte Francis
Supplementary Information
(as of
31 May
2023)
Company
Name |
Vintage |
Lead
Sponsor |
Sector |
Fair Value ($m) |
% of FV |
Action |
2020 |
3i |
Consumer |
68.7 |
4.9% |
Advisor Group |
2019 |
Reverence Capital |
Financial Services |
54.2 |
3.9% |
AutoStore (OB.AUTO) |
2019 |
THL |
Industrials |
51.8 |
3.7% |
Constellation Automotive |
2019 |
TDR Capital |
Business Services |
50.0 |
3.6% |
USI |
2017 |
KKR |
Financial Services |
50.0 |
3.6% |
GFL (NYSE: GFL) |
2019 |
BC Partners |
Business Services |
41.0 |
2.9% |
Agiliti (NYSE: AGTI) |
2019 |
THL |
Healthcare |
40.9 |
2.9% |
Material Handling Systems |
2017 |
THL |
Industrials |
37.9 |
2.7% |
Cotiviti |
2018 |
Veritas Capital |
Healthcare |
36.2 |
2.6% |
Solenis |
2021 |
Platinum Equity |
Industrials |
35.2 |
2.5% |
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 |
28.9 |
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% |
Branded Cities Network |
2017 |
Shamrock Capital |
Communications / Media |
25.4 |
1.8% |
Engineering |
2020 |
NB Renaissance / Bain
Capital |
Technology / IT |
24.7 |
1.8% |
Bylight |
2017 |
Sagewind Partners |
Technology / IT |
24.7 |
1.8% |
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% |
Excelitas |
2017 |
AEA Investors |
Industrials |
21.9 |
1.6% |
Branded Toy Company* |
2017 |
Not Disclosed |
Consumer |
21.2 |
1.5% |
Accedian |
2017 |
Bridge Growth Partners |
Technology / IT |
20.6 |
1.5% |
FV Hospital |
2017 |
Quadria Capital |
Healthcare |
20.5 |
1.5% |
Renaissance Learning |
2018 |
Francisco Partners |
Technology / IT |
19.8 |
1.4% |
Leaseplan |
2016 |
TDR Capital |
Financial Services |
17.5 |
1.3% |
Solace Systems |
2016 |
Bridge Growth Partners |
Technology / IT |
17.2 |
1.2% |
Total Top 30 Investments |
|
|
|
952.7 |
68.2% |
*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 |
21% |
Consumer / E-commerce |
19% |
Industrials / Industrial
Technology |
16% |
Business Services |
13% |
Financial Services |
15% |
Healthcare |
10% |
Other |
5% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage
Year |
% of Portfolio |
2014 & Earlier |
5% |
2015 |
1% |
2016 |
8% |
2017 |
25% |
2018 |
17% |
2019 |
20% |
2020 |
11% |
2021 |
11% |
2022 |
2% |
Total Portfolio |
100% |
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.
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 $436 billion in client assets as of March
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.
- NBPE Investor Presentation - MayvF
- May 2023 NBPE Factsheet vF
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