NB Private Equity: May Monthly NAV Update
June 15 2022 - 2:00AM
NB Private Equity: May Monthly NAV Update
15 June 2022
NB Private Equity (NBPE), the $1.4bn listed private equity
investment company managed by Neuberger Berman, today releases its
31 May 2022 monthly NAV estimate.
Highlights (at
31 May
2022)
- NAV per share of $29.55
(£23.45)
- 2% increase since 30 April 2022,
driven largely by updated Q1 2022 private company valuation
information
- All private direct equity
investments are now valued based on 31 March 2022 valuation
information, delivering a 2% uplift in value relative to 31
December 2021 for the private company portfolio
- Year to date, this increase in
private company valuations has been offset by a decline in NBPE’s
listed portfolio company valuations, resulting in a 5% NAV TR
decline year to date
- Total announced portfolio
realisations year to date of $120 million
- Well positioned to take advantage of
investment opportunities - $368 million of cash and undrawn credit
line available
At 31
May
2022* |
YTD |
1 year |
3 years |
5 years |
10 years |
NAV TR (USD) |
(5.2%) |
19.7% |
75.4% |
114.2% |
259.6% |
MSCI World TR (USD) |
(12.8%) |
(4.5%) |
45.0% |
63.2% |
201.2% |
|
|
|
|
|
|
Share price TR (GBP) |
(16.5%) |
17.1% |
57.5% |
73.0% |
393.6% |
FTSE All-Share TR (GBP) |
1.5% |
8.3% |
18.4% |
22.2% |
117.0% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (at 31
May
2022)
NAV increase of 2% during May 2022, driven by the receipt of Q1
2022 private company valuation information
- 1.5% NAV uplift ($22 million) during
the month of May as a result of Q1 2022 private company valuation
information
- 0.5% increase ($7 million) from
positive public valuations and positive FX movements
$120 million of announced realisations in
2022
- 2022 year to date announced realisations of $120 milllion1
- Five full or partial sales announced in 2022 include: the
remaining assets of Telxius, the announced full sales of Leaseplan
and Omega Environmental Technologies, the partial realisation of
MHS Global and the sale of an additional unannounced transaction
which was signed in June but has not yet closed2
- These five announced full or partial sales are expected to
generate a 2.9x gross multiple of capital and an 8% uplift from 31
December 2021 valuations
New Investment Activity
- NBPE is well placed to take advantage of new opportunities
- Continuing to cautiously evaluate new opportunities with a
focus on investing in our two key themes, long-term secular growth
and / or low cyclicality
Robust liquidity
- $368 million of available liquidity ($68 million cash3, $300
million of undrawn credit line)
- NBPE converted US Dollars equivalent to approximately £32m
during May representing ~50% of the 2022 ZDP final capital
entitlement which matures in September 2022
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 May
2022 was based on the following information:
- 17% of the portfolio was valued
as of 31 May 2022
- 14% in public securities
- 3% in private direct investments
- 83% of the portfolio was valued as
of 31 March 2022
- 82% 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.com
Supplementary Information
Company
Name |
Vintage |
Lead
Sponsor |
Sector |
Fair Value |
% of FV |
Constellation Automotive |
2019 |
TDR Capital |
Business Services |
81.0 |
5.5% |
AutoStore (OB.AUTO) |
2019 |
THL |
Industrials / Industrial
Technology |
58.6 |
4.0% |
Action |
2020 |
3i |
Consumer / E-commerce |
53.0 |
3.6% |
Material Handling Systems |
2017 |
THL |
Industrials / Industrial
Technology |
49.5 |
3.4% |
Agiliti (NYSE: AGTI) |
2019 |
THL |
Healthcare |
48.3 |
3.3% |
USI |
2017 |
KKR |
Financial Services |
42.0 |
2.9% |
Kroll |
2020 |
Further Global / Stone
Point |
Financial Services |
41.0 |
2.8% |
GFL (NYSE: GFL) |
2018 |
BC Partners |
Business Services |
34.9 |
2.4% |
Excelitas |
2017 |
AEA Investors |
Technology / IT |
32.7 |
2.2% |
BeyondTrust |
2018 |
Francisco Partners |
Technology / IT |
32.2 |
2.2% |
Cotiviti |
2018 |
Veritas Capital |
Healthcare |
32.1 |
2.2% |
Marquee Brands |
2014 |
Neuberger Berman |
Consumer / E-commerce |
32.0 |
2.2% |
Business Services
Company* |
2017 |
Not Disclosed |
Business Services |
31.4 |
2.1% |
Advisor Group |
2019 |
Reverence Capital |
Financial Services |
31.4 |
2.1% |
Auctane |
2021 |
Thoma Bravo |
Technology / IT |
30.0 |
2.0% |
Branded Toy Company* |
2017 |
Not Disclosed |
Consumer / E-commerce |
26.5 |
1.8% |
Stubhub |
2020 |
Neuberger Berman |
Consumer / E-commerce |
26.4 |
1.8% |
Engineering |
2016 |
NB Renaissance / Bain
Capital |
Technology / IT |
24.8 |
1.7% |
True Potential |
2022 |
Cinven |
Financial Services |
24.5 |
1.7% |
Staples |
2017 |
Sycamore Partners |
Business Services |
22.1 |
1.5% |
Branded Cities Network |
2017 |
Shamrock Capital |
Communications / Media |
21.8 |
1.5% |
Chemical Guys |
2021 |
AEA Investors |
Consumer / E-commerce |
21.1 |
1.4% |
Bylight |
2017 |
Sagewind Partners |
Technology / IT |
20.4 |
1.4% |
Solenis |
2021 |
Platinum Equity |
Industrials |
19.8 |
1.3% |
Accedian |
2017 |
Bridge Growth Partners |
Technology / IT |
18.5 |
1.3% |
Telxius |
2017 |
KKR |
Communications / Media |
18.2 |
1.2% |
Addison Group |
2021 |
Trilantic Capital
Partners |
Business Services |
18.1 |
1.2% |
Petsmart / Chewy (NYSE:
CHWY) |
2015 |
BC Partners |
Consumer / E-commerce |
17.5 |
1.2% |
Peraton |
2021 |
Veritas Capital |
Technology / IT |
17.1 |
1.2% |
Renaissance Learning |
2018 |
Francisco Partners |
Technology / IT |
16.8 |
1.1% |
Total Top 30 Investments |
|
|
|
943.8 |
64.1% |
*Undisclosed company due to confidentiality
provisions.
Geography |
% of
Portfolio |
North America |
72% |
Europe |
24% |
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 |
14% |
Financial Services |
12% |
Healthcare |
10% |
Other |
7% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage
Year |
% of
Portfolio |
2014 & Earlier |
4% |
2015 |
3% |
2016 |
7% |
2017 |
26% |
2018 |
20% |
2019 |
17% |
2020 |
11% |
2021 |
10% |
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 25 countries, Neuberger Berman’s diverse team has
over 2,500 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). 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 $447 billion in client assets as of March
31, 2022. For more information, please visit our website at
www.nb.com.
1 $56 million of cash from realisations received through 31 May
2022, of which $17 million was attributable to a sale announced in
2021, but received in 2022. Including the realisation signed in
June 2022, NBPE expects total additional cash proceeds of $81
million, which would result in $120 million of total realisations
in 2022.2 Pending realisations are subject to customary closing
conditions. No assurances can be given the transactions ultimately
close.3 Includes £31.8m of cash converted to USD at the month-end
exchange rate.
- NBPE Factsheet May 2022 vF
NB Priv. Eqty (LSE:TEMP)
Historical Stock Chart
From Jun 2024 to Jul 2024
NB Priv. Eqty (LSE:TEMP)
Historical Stock Chart
From Jul 2023 to Jul 2024