NB Private Equity Partners Limited Edison issues update on NB Private Equity Partners
October 26 2022 - 2:56AM
RNS Non-Regulatory
TIDMNBPE
NB Private Equity Partners Limited
26 October 2022
London, UK, 26 October 2022
Edison issues update on NB Private Equity Partners (NBPE)
During NB Private Equity Partners' (NBPE) capital markets day on
5 October 2022, its management team highlighted that, despite the
recent tough macro conditions, NBPE's track record remains strong,
as its direct co-investments delivered a gross IRR and multiple of
invested capital (MOIC) at 18.5% pa and 2.6x over the five years to
end-August 2022, respectively. With a sustained strong deal flow
generated by the Neuberger Berman Private Markets platform (in
which NBPE can invest on a case-by-case basis) and liquidity of
US$281m at end-September 2022 (c 21% of current investment
portfolio), NBPE is well-placed to seize new opportunities as they
arise.
Overall, growth in private portfolio earnings offset the
softening valuation multiples (average LTM EV/EBITDA down to 16.5x
at end-June 2022 vs 17.4x at end-2021). Average net debt to EBITDA
rose to 5.7x from 5.2x at end-2021, partially driven by M&A
(most of the debt is floating rate). Importantly, 73% of NBPE's
investments by value have covenant-lite or no debt, 65% of the debt
matures later than 2026 and overall debt represents on average c
35% of capital structures at present, providing a good degree of
flexibility.
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