NBPE Announces 28 February 2023 NAV Update
March 21 2023 - 3:00AM
NBPE Announces 28 February 2023 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 |
21 March 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 28 February 2023 Monthly Net Asset Value (“NAV”)
estimate.
Highlights (as of 28 February 2023)
- NAV per share of $28.09 (£23.36), a decline of 0.4% during the
month, driven by quoted holdings and negative foreign exchange
movements
- Positive valuation movements of additional Q4 2022 private
company valuations – on a constant currency basis, private
valuations received to date, in aggregate, were up 2% in Q4 and 4%
in 2022 as a whole
- 80% of the valuation information for the 28 February 2023
monthly estimate as of 31 December 2022 or 28 February 2023
- $289 million of available liquidity, and a further $16 million
of proceeds from previously announced realisations expected in the
coming months
As of 28 February 2023 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD) |
2.3% |
(3.6%) |
66.4% |
91.3% |
232.3% |
MSCI World TR (USD) |
4.6% |
(6.9%) |
34.7% |
43.1% |
144.6% |
|
|
|
|
|
|
Share price TR (GBP) |
7.2% |
8.5% |
73.3% |
106.1% |
336.4% |
FTSE All-Share TR (GBP) |
6.1% |
7.3% |
28.9% |
29.2% |
83.6% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (as of 28 February 2023)
NAV performance during the month driven by:
- 0.7% NAV decrease ($9 million) from the value of quoted
holdings (which constitute 13% of portfolio fair value)
- 0.7% NAV decrease ($9 million) from negative FX movements,
primarily attributable to changes in the EUR/USD rate in February
2023
- Excluding FX, 1% NAV increase ($13 million) from the receipt of
fourth quarter private company valuation information (74% of
private companies valuations based on Q4 2022 valuation
information)
- 0.1% NAV decrease ($2 million) attributable to changes in the
Zero Dividend Preference share (ZDP) liability and expense
accruals
$289 million of available liquidity
- $4 million of cash and $285 million of undrawn credit
facility
- A further $16 million of proceeds from previously announced
realisations expected in the coming months
$0.47 dividend paid in February 2023
- In line with August 2022 dividend
- Annualised dividend yield on 28 February NAV of 3.3%;
annualised share price yield is 4.9%1
- Payment date of 28 February 2023
Portfolio Valuation
The fair value of NBPE’s portfolio as of 28 February
2023 was based on the following information:
-
16% of the portfolio was valued as of 28 February 2023
-
- 13% in public securities
- 3% in private direct investments
-
64% of the portfolio was valued as of 31 December 2022
-
- 64% in private direct investments
-
20% of the portfolio was valued as of 30 September 2022
-
- 19% in private direct investments
- 1% in private fund investments
For further information, please contact:
NBPE Investor
Relations +1 214
647 9593
Kaso Legg Communications +44
(0)20 3995 6673
Charles
Gorman
nbpe@kl-communications.comLuke DampierCharlotte Francis
Supplementary Information (as of 28
February 2023)
Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
% of FV |
Action |
2020 |
3i |
Consumer |
71.7 |
5.1% |
Constellation
Automotive |
2019 |
TDR
Capital |
Business
Services |
57.3 |
4.1% |
AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials |
51.5 |
3.7% |
Advisor
Group |
2019 |
Reverence
Capital |
Financial
Services |
50.7 |
3.6% |
USI |
2017 |
KKR |
Financial
Services |
50.0 |
3.6% |
Agiliti (NYSE:
AGTI) |
2019 |
THL |
Healthcare |
47.6 |
3.4% |
Material
Handling Systems |
2017 |
THL |
Industrials |
39.7 |
2.8% |
Cotiviti |
2018 |
Veritas
Capital |
Healthcare |
35.1 |
2.5% |
Business
Services Company* |
2017 |
Not
Disclosed |
Business
Services |
32.9 |
2.3% |
Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
32.1 |
2.3% |
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
29.6 |
2.1% |
True
Potential |
2022 |
Cinven |
Financial
Services |
28.5 |
2.0% |
Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer |
27.6 |
2.0% |
GFL (NYSE:
GFL) |
2019 |
BC
Partners |
Business
Services |
27.0 |
1.9% |
Monroe
Engineering |
2021 |
AEA
Investors |
Industrials |
26.7 |
1.9% |
Stubhub |
2020 |
Neuberger
Berman |
Consumer |
26.4 |
1.9% |
Engineering |
2020 |
NB Renaissance
/ Bain Capital |
Technology /
IT |
25.0 |
1.8% |
Branded Toy
Company* |
2017 |
Not
Disclosed |
Consumer |
23.9 |
1.7% |
Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
23.9 |
1.7% |
Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
23.6 |
1.7% |
Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
22.8 |
1.6% |
Petsmart /
Chewy (NYSE: CHWY) |
2015 |
BC
Partners |
Consumer |
22.4 |
1.6% |
Excelitas |
2017 |
AEA
Investors |
Industrials |
22.1 |
1.6% |
Solenis |
2021 |
Platinum
Equity |
Industrials |
21.5 |
1.5% |
Staples |
2017 |
Sycamore
Partners |
Business
Services |
21.2 |
1.5% |
Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
20.6 |
1.5% |
Accedian |
2017 |
Bridge Growth
Partners |
Technology /
IT |
20.6 |
1.5% |
FV
Hospital |
2017 |
Quadria
Capital |
Healthcare |
20.4 |
1.5% |
Solace
Systems |
2016 |
Bridge Growth
Partners |
Technology /
IT |
17.2 |
1.2% |
Renaissance
Learning |
2018 |
Francisco
Partners |
Technology /
IT |
16.5 |
1.2% |
Total Top 30 Investments |
|
|
|
$936.6 |
66.7% |
*Undisclosed company due to confidentiality
provisions.
Geography |
% of Portfolio |
North
America |
73% |
Europe |
23% |
Asia / Rest of
World |
4% |
Total Portfolio |
100% |
|
|
Industry |
% of Portfolio |
Tech, Media
& Telecom |
20% |
Consumer /
E-commerce |
20% |
Industrials /
Industrial Technology |
15% |
Business
Services |
13% |
Financial
Services |
14% |
Healthcare |
11% |
Other |
6% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
% of Portfolio |
2014 &
Earlier |
4% |
2015 |
3% |
2016 |
7% |
2017 |
24% |
2018 |
19% |
2019 |
18% |
2020 |
11% |
2021 |
11% |
2022 |
3% |
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 26 countries, Neuberger Berman’s diverse team has
over 2,600 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). Neuberger Berman is a PRI Leader, a
designation, since last assessed, that was awarded to fewer than 1%
of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. In the 2021 PRI Assessment, the firm
obtained the highest possible scoring for its overarching approach
to ESG investment and stewardship, and integration across asset
classes. The firm manages $427 billion in client assets as of
December 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 Based on share price on 20 March 2023
- Feb 2023 NBPE Factsheet
- NBPE Investor Update - March 2023vF
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