NB Private Equity: 2H Dividend of $0.47 Declared & June Monthly NAV Update
July 19 2022 - 2:00AM
NB Private Equity: 2H Dividend of $0.47 Declared & June Monthly
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
2H Dividend of $0.47 Declared & June Monthly NAV Update
19 July 2022
NB Private Equity Partners (NBPE), the $1.4bn
listed private equity investment company managed by Neuberger
Berman, today releases its 30 June 2022 monthly NAV estimate and
announces its 2H 2022 dividend.
Highlights (at 30 June 2022)
- NAV per share of $28.86 (£23.76)
- 2% decrease in the month driven by changes in valuations of
quoted holdings
- Declaration of 2H dividend of $0.47 per share, in-line with the
February 2022 dividend; an annualised yield of 3.3% on NAV and 5.5%
on the share price
- $11 million of proceeds received during the month and $371
million of cash and undrawn credit line available
At 30 June 2022* |
YTD |
1 year |
3 years |
5 years |
10 years |
NAV TR (USD) |
(7.4%) |
3.7% |
65.1% |
103.7% |
247.5% |
MSCI World TR (USD) |
(20.3%) |
(13.9%) |
24.3% |
48.5% |
161.8% |
|
|
|
|
|
|
Share price TR (GBP) |
(18.2%) |
10.6% |
48.2% |
71.7% |
360.2% |
FTSE All-Share TR (GBP) |
(4.6%) |
1.6% |
7.4% |
17.8% |
94.6% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (at 30 June 2022)
NAV decrease of 2% during June 2022
- 1.9% NAV decline ($26 million) during the month of June as a
result of a decline in value of quoted holdings
- 0.6% NAV decrease ($8 million) from negative FX movements,
primarily attributable to changes in the EUR/USD rate
- The monthly NAV estimate does not incorporate any Q2 private
valuation information; Q2 valuation information will be
incorporated as received in future monthly NAV updates. NBPE
expects to issue its interim financial report in September
2022
$119 million of announced realisations in 2022
- 2022 year to date announced realisations of $119 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
Investment Activity
- No new investment activity in June
- NBPE is well placed to make new investments and is continuing
to evaluate new opportunities as the market develops
Robust Liquidity
- $11 million of proceeds received during June
- $371 million of available liquidity ($71 million cash3, $300
million of undrawn credit line)
- NBPE converted US Dollars equivalent to approximately £16
million in early July. Combined with May’s conversion, NBPE holds
£48 million of its cash in sterling, representing 75% of the 2022
ZDP final capital entitlement
2H 2022 Dividend
- Semi-annual dividend of $0.47 per share, in line with the
February 2022 dividend
- Annualised dividend yield on NAV is 3.3% and annualised share
price yield is 5.5% based on the closing share price of 1,440p on
15 July 2022 and current FX rates
Distribution amount: |
$0.47 per Share |
Ex-dividend date: |
28 July 2022 |
Dividend record date: |
29 July 2022 |
Final day for Currency Election: |
12 August 2022 |
Final day for Dividend Re-investment Plan Election: |
12 August 2022 |
Payment date: |
31 August 2022 |
While the Company 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.
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 June
2022 was based on the following information:
-
16% of the portfolio was valued as of 30 June 2022
-
- 13% in public securities
- 3% in private direct investments
-
84% of the portfolio was valued as of 31 March 2022
-
- 83% 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 |
79.0 |
5.5% |
Action |
2020 |
3i |
Consumer /
E-commerce |
51.7 |
3.6% |
Agiliti (NYSE:
AGTI) |
2019 |
THL |
Healthcare |
51.3 |
3.6% |
USI |
2017 |
KKR |
Financial
Services |
42.0 |
2.9% |
Material
Handling Systems |
2017 |
THL |
Industrials /
Industrial Technology |
41.2 |
2.9% |
Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
41.1 |
2.9% |
AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials /
Industrial Technology |
35.0 |
2.4% |
Excelitas |
2017 |
AEA
Investors |
Technology /
IT |
32.7 |
2.3% |
Cotiviti |
2018 |
Veritas
Capital |
Healthcare |
32.4 |
2.3% |
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
32.2 |
2.2% |
Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer /
E-commerce |
32.0 |
2.2% |
Business
Services Company* |
2017 |
Not
Disclosed |
Business
Services |
31.4 |
2.2% |
Advisor
Group |
2019 |
Reverence
Capital |
Financial
Services |
31.4 |
2.2% |
Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
30.0 |
2.1% |
GFL (NYSE:
GFL) |
2018 |
BC
Partners |
Business
Services |
29.3 |
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 |
24.2 |
1.7% |
True
Potential |
2022 |
Cinven |
Financial
Services |
23.9 |
1.7% |
Petsmart /
Chewy (NYSE: CHWY) |
2015 |
BC
Partners |
Consumer /
E-commerce |
22.6 |
1.6% |
Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
21.4 |
1.5% |
Chemical
Guys |
2021 |
AEA
Investors |
Consumer /
E-commerce |
21.1 |
1.5% |
Staples |
2017 |
Sycamore
Partners |
Business
Services |
20.7 |
1.4% |
Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
20.5 |
1.4% |
Solenis |
2021 |
Platinum
Equity |
Industrials |
19.8 |
1.4% |
Monroe
Engingeering |
2021 |
AEA
Investors |
Industrials |
19.8 |
1.4% |
Accedian |
2017 |
Bridge Growth
Partners |
Technology /
IT |
18.5 |
1.3% |
Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
18.1 |
1.3% |
Telxius |
2017 |
KKR |
Communications
/ Media |
17.8 |
1.2% |
Peraton |
2021 |
Veritas
Capital |
Technology /
IT |
17.1 |
1.2% |
Total Top 30 Investments |
|
|
|
$911.1 |
63.6% |
*Undisclosed company due to confidentiality
provisions.
Geography |
%
of Portfolio |
North
America |
74% |
Europe |
23% |
Asia / Rest of
World |
3% |
Total Portfolio |
100% |
|
|
Industry |
%
of Portfolio |
Tech, Media
& Telecom |
22% |
Consumer /
E-commerce |
20% |
Industrials /
Industrial Technology |
14% |
Business
Services |
14% |
Financial
Services |
12% |
Healthcare |
10% |
Other |
7% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
%
of Portfolio |
2014 &
Earlier |
4% |
2015 |
4% |
2016 |
8% |
2017 |
24% |
2018 |
20% |
2019 |
17% |
2020 |
10% |
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 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.
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 $67 million of cash from realisations received through 30 June
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 $68
million, which would result in $119 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 June 2022 vFF
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