NB Private Equity Partners Limited Nb Private Equity: March Monthly Nav Estimate And 2021 Update
April 22 2021 - 2:00AM
UK Regulatory
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 March Monthly NAV Estimate and 2021 Update
22 April 2021
NB Private Equity Partners Limited ("NBPE" or the "Company") today
publishes an updated March monthly NAV update and provides details of
recently announced realisation activity. NBPE's strong portfolio
momentum has continued into 2021 with seven full or partial exits in
process, all of which have been announced but not all of which have yet
closed.
Recent Exit Announcements
In aggregate these seven transactions represent:
-- A total NAV uplift of approximately $142 million relative to the 31
December 2020 NAV
-- Approximately $86 million, or $1.84 per share, of this uplift has been
included in the 31 March 2021 monthly NAV update
-- Approximately $56 million, or $1.19 per share, of this uplift will be
incorporated in the coming months as additional information is received
from underlying sponsors and in accordance with NBPE's valuation policy
31 March 2021 NAV Key Highlights
-- NBPE's 31 March 2021 NAV per Share of $23.97 (GBP17.37) increased $1.48
per share (after $0.31 dividend per share) from the 31 December 2020 NAV
per share of $22.49 (GBP16.45)
-- The table below summarises the YTD and LTM NAV performance through 31
March 20211
31 Mar-21 31 Mar-21
(Returns in USD) YTD LTM
--------- ---------
Total return NAV development
per Share 8.1% 46.7%
NAV development per Share 6.6% 42.3%
-- 31 March 2021 NAV growth of $69.2 million, or $1.48 per share, relative
to the 31 December 2020 NAV driven by:
-- $94.3 million, or $2.02 per share, of unrealised gains from
additional private valuation information
-- $21.2 million of expenses, $0.45 per share, attributable to
management fee and carried interest accruals, ZDP interest and net
loss on ZDP FX, credit facility interest and other expenses
-- $16.6 million of unrealised gains, or $0.35 per share,
attributable to public valuation
-- $14.5 million of dividends, $0.31 per share, paid to shareholders
-- $8.0 million of unrealised losses, or $0.17 per share,
attributable to foreign exchange adjustments on non-USD
investments and other mark to market adjustments
-- $1.9 million of accrued cash and PIK interest from the income
portfolio, or $0.04 per share
Portfolio Valuation
The value of NBPE's portfolio as of 31 March 2021 was based on the
following information(2) :
-- 34% of the portfolio fair value was valued as of 31 March 2021
-- 13% in private direct debt investments
-- 10% in private direct investments
-- 11% in public securities3
-- 66% of the portfolio fair value was valued as of 31 December 2020
-- 65% in private direct equity investments
-- 1% in fund investments
Manager Commentary
Seven NBPE portfolio companies have recently announced transactions
which are signed but not yet closed and subject to customary closing
conditions. Of the $142 million of estimated NAV uplift, $86 million has
been included in the 31 March 2021 monthly NAV estimate and the
remaining $56 million is expected to be incorporated in the coming
months as additional information is received from underlying sponsors
and in accordance with NBPE's valuation policy.
During March, NBPE received $21.1 million of proceeds of which $12.3
million was received from income investments. This was primarily driven
by the exit of Schumacher debt, a partial exit of Carestream Dental debt
and interest receipts. Direct equity investments distributed $5.7
million of proceeds consisting of partial realisations of $3.8 million
from sales of public stock of Vertiv (NYSE: VRT), Uber (NYSE: UBER) and
additional partial realisations of $2.0 million. NBPE received $3.1
million from fund investments which consisted primarily of final
liquidation proceeds from NBPE's investment in NB Crossroads Fund XVIII.
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.com
https://www.globenewswire.com/Tracker?data=u7ggSIrQt4EcbwhuJnAuDwySauld1UWlSClokfVJvgtzmGOwl5TrzcTapNcvqvbOwvT4QLX1jf8YAeGqA2_FSd7fb1uIIN578NDMx4C4bbKGVukbkBn8PFIQ1odgArRV
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 25 countries, Neuberger Berman's diverse team has over 2,300
professionals. For seven 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). In 2020,
the PRI named Neuberger Berman a Leader, a designation awarded to fewer
than 1% of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+
in every eligible category for our approach to ESG integration across
asset classes. The firm manages $429 billion in client assets as of
March 31, 2021. 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) Assumes reinvestment of dividends on the ex-dividend date and
reflects cumulative returns over time period shown. GBP NAV total return
for YTD and LTM periods are 7.1%, and 32.5%, respectively; GBP NAV
return for YTD, and LTM periods are 5.6%, and 28.6%, respectively.
(2) Please refer to the valuation methodology section of the monthly
report for a description of the Manager's valuation methodology. While
some valuation data is as of 31 December 2020, the Manager's analysis
and historical experience lead the Manager to believe that this
approximates fair value at 31 March 2021.
(3) Includes Petsmart / Chewy as value is predominantly driven by the
public value of Chewy.
Attachments
-- NBPE March Monthly NAV Update
https://ml-eu.globenewswire.com/Resource/Download/96e9cdf8-982a-4527-9c31-e1fd9cee4232
-- NBPE Investor Presentation - April 2021 Update vF
https://ml-eu.globenewswire.com/Resource/Download/7f437263-9f29-45b2-870f-97ce7280b131
(END) Dow Jones Newswires
April 22, 2021 02:00 ET (06:00 GMT)
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