NB Private Equity Partners: NAV TR +0.1% in July 2022
August 24 2022 - 2:00AM
NB Private Equity Partners: NAV TR +0.1% in July 2022
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
NAV TR +0.1% in July 2022
24 August 2022
NB Private Equity Partners (NBPE), the $1.4bn listed private
equity investment company managed by Neuberger Berman, today
releases its 31 July 2022 monthly NAV estimate.
Highlights (at
31 July
2022)
- NAV per share of $28.42 (£23.35), a
0.1% increase in the month1
- 77% of portfolio valued at 30 June
2022; in total the Q2 2022 valuation information received to date
resulted in a 2% decrease in NBPE fair value in the second
quarter
- $367 million of cash and undrawn
credit line available
|
At 31
July
2022* |
YTD |
1 year |
3 years |
5 years |
10 years |
|
NAV TR (USD) |
(7.3%) |
4.2% |
67.0% |
103.7% |
247.8% |
|
MSCI World TR (USD) |
(13.9%) |
(8.7%) |
33.5% |
56.5% |
179.0% |
|
|
|
|
|
|
|
|
Share price TR (GBP) |
(11.4%) |
10.1% |
55.3% |
87.2% |
408.6% |
|
FTSE All-Share TR (GBP) |
(0.4%) |
5.5% |
9.9% |
21.5% |
100.4% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (at
31 July
2022)
Adjusted for the declared dividend, NAV increased 0.1% in July
2022
- 77% of the portfolio valued based on
Q2 2022 private company valuation information, resulting in a 2%
decrease ($26 million) in NBPE fair value during the second
quarter
- 1% NAV increase ($19 million) during
the month of July as a result of an increase in value of quoted
holdings (which constitute 14% of portfolio fair value)
- 0.5% NAV decrease ($7 million) from
negative FX movements, primarily attributable to changes in the
EUR/USD rate
$110 million of
announced realisations in 2022
- 2022 year to date announced realisations of $110 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 partial sale of an additional transaction which
was signed in June and closed in August 20222
- These five announced full or partial sales are expected to
generate a 2.8x gross multiple of capital and a 7% uplift from 31
December 2021 valuations
Investment Activity
- No new investment activity in July
Robust
Liquidity
- $367 million of available liquidity ($67 million cash3, $300
million of undrawn credit line)
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 July
2022 was based on the following information:
- 17% of the portfolio was valued
as of 31 July 2022
- 14% in public securities
- 3% in private direct investments
- 77% of the portfolio was valued
as of 30 June 2022
- 76% in private direct investments
- 1% in private funds
- 6% of the portfolio was valued as
of 31 March 2022
- 6% in private direct 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.com
Supplementary Information
| Company
Name |
Vintage |
Lead
Sponsor |
Sector |
Fair Value |
% of FV |
| Constellation Automotive |
2019 |
TDR Capital |
Business Services |
69.8 |
4.9% |
| Agiliti (NYSE: AGTI) |
2019 |
THL |
Healthcare |
54.7 |
3.8% |
| Action |
2020 |
3i |
Consumer / E-commerce |
54.0 |
3.8% |
| Advisor Group |
2019 |
Reverence Capital |
Financial Services |
46.1 |
3.2% |
| AutoStore (OB.AUTO) |
2019 |
THL |
Industrials / Industrial
Technology |
45.5 |
3.2% |
| USI |
2017 |
KKR |
Financial Services |
42.0 |
2.9% |
| Kroll |
2020 |
Further Global / Stone
Point |
Financial Services |
41.1 |
2.9% |
| Material Handling Systems |
2017 |
THL |
Industrials / Industrial
Technology |
40.7 |
2.8% |
| Business Services
Company* |
2017 |
Not Disclosed |
Business Services |
33.1 |
2.3% |
| Excelitas |
2017 |
AEA Investors |
Technology / IT |
32.7 |
2.3% |
| Cotiviti |
2018 |
Veritas Capital |
Healthcare |
32.7 |
2.3% |
| GFL (NYSE: GFL) |
2018 |
BC Partners |
Business Services |
31.5 |
2.2% |
| BeyondTrust |
2018 |
Francisco Partners |
Technology / IT |
30.1 |
2.1% |
| Marquee Brands |
2014 |
Neuberger Berman |
Consumer / E-commerce |
30.1 |
2.1% |
| Branded Toy Company* |
2017 |
Not Disclosed |
Consumer / E-commerce |
26.5 |
1.8% |
| Stubhub |
2020 |
Neuberger Berman |
Consumer / E-commerce |
26.4 |
1.8% |
| Auctane |
2021 |
Thoma Bravo |
Technology / IT |
26.1 |
1.8% |
| Engineering |
2016 |
NB Renaissance / Bain
Capital |
Technology / IT |
23.6 |
1.6% |
| True Potential |
2022 |
Cinven |
Financial Services |
23.3 |
1.6% |
| Petsmart / Chewy (NYSE:
CHWY) |
2015 |
BC Partners |
Consumer / E-commerce |
22.5 |
1.6% |
| Branded Cities Network |
2017 |
Shamrock Capital |
Communications / Media |
22.3 |
1.6% |
| Staples |
2017 |
Sycamore Partners |
Business Services |
22.1 |
1.5% |
| Addison Group |
2021 |
Trilantic Capital
Partners |
Business Services |
21.7 |
1.5% |
| Chemical Guys |
2021 |
AEA Investors |
Consumer / E-commerce |
21.1 |
1.5% |
| Accedian |
2017 |
Bridge Growth Partners |
Technology / IT |
20.6 |
1.4% |
| Bylight |
2017 |
Sagewind Partners |
Technology / IT |
20.5 |
1.4% |
| Solenis |
2021 |
Platinum Equity |
Industrials |
20.1 |
1.4% |
| Monroe Engingeering |
2021 |
AEA Investors |
Industrials |
19.8 |
1.4% |
| Telxius |
2017 |
KKR |
Communications / Media |
17.6 |
1.2% |
| Renaissance Learning |
2018 |
Francisco Partners |
Technology / IT |
16.8 |
1.2% |
|
Total Top 30 Investments |
|
|
|
$935.1 |
65.1% |
*Undisclosed company due to confidentiality
provisions.
|
Geography |
% of
Portfolio |
| North America |
74% |
| Europe |
22% |
| Asia / Rest of World |
4% |
|
Total Portfolio |
100% |
|
|
|
| Industry |
% of
Portfolio |
| Tech, Media & Telecom |
21% |
| Consumer / E-commerce |
20% |
| Industrials / Industrial
Technology |
15% |
| Business Services |
13% |
| Financial Services |
13% |
| Healthcare |
11% |
| Other |
6% |
| Energy |
1% |
|
Total Portfolio |
100% |
|
|
|
| Vintage
Year |
% of
Portfolio |
| 2014 & Earlier |
4% |
| 2015 |
3% |
| 2016 |
7% |
| 2017 |
24% |
| 2018 |
20% |
| 2019 |
19% |
| 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 $418 billion in client assets as of June
30, 2022. For more information, please visit our website at
www.nb.com.
1 Adjusted for the declared dividend.1 $67 million of cash from
realisations received through 31 July 2022, of which $17 million
was attributable to a sale announced in 2021, but received in 2022.
Including the partial realisation signed in June 2022, NBPE expects
total additional net cash from these realisations of $38 million.2
Additional transaction represents an aggregate gross value to NBPE
of approximately $33 million, of which NBPE expects to receive
approximately $12 million in cash and NBPE has elected to roll a
total of approximately $21 million in value. The transaction closed
in August 2022 and NBPE expects to receive the cash in the coming
weeks.3 Includes £48m of cash converted to USD at the month-end
exchange rate.
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.
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