NBPE Announces December Monthly NAV Estimate
January 16 2024 - 2:00AM
NBPE Announces December Monthly NAV Estimate
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 |
NBPE Announces December Monthly NAV Estimate
16 January 2024
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today announces its 31 December 2023 monthly NAV estimate.
NAV Highlights (31 December 2023)
- NAV per share of $28.08 (£22.03), an increase of 1.4% during
the month driven by the value of quoted holdings and positive
foreign exchange movements
- Private valuations remain as of 30 September 2023 (+5.5% on a
constant currency basis for the nine months to 30 September
2023)
- $171 million of proceeds received in 2023 with a further $39
million expected from announced but not yet closed
transactions1
- Full or partial sales in 2023 have achieved a 2.2x gross
multiple of capital and were at a 12% uplift2
- $376 million of available liquidity at 31 December 2023
(excluding cash expected to be received from exits that have been
announced but not yet closed)
- NBPE expects to issue its 2023 annual financial report in April
2024; Q4 2023 valuation information will be incorporated into
future monthly NAV estimates as information is received over the
coming weeks
As of 31 December 2023 |
2023 |
3 years |
5 years |
10 years |
NAV TR (USD)*Annualised |
2.3% |
37.0%11.1% |
83.5%12.9% |
207.1%11.9% |
MSCI World TR (USD)*Annualised |
24.4% |
25.2%7.8% |
87.3%13.4% |
140.7%9.2% |
|
|
|
|
|
Share price TR (GBP)*Annualised |
9.4% |
63.0%17.7% |
106.8%15.6% |
347.2%16.2% |
FTSE All-Share TR (GBP)*Annualised |
7.9% |
28.1%8.6% |
37.7%6.6% |
68.2%5.3% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 31 December 2023
NAV performance during the month driven by:
- 1.6% NAV increase ($20 million) from the value of quoted
holdings (which now constitute 10% of portfolio fair value)
- 0.5% NAV increase ($6 million) from positive FX movements
- 0.5% NAV decrease ($6 million) from the receipt of additional
private company valuation information
- 0.2% NAV decrease ($3 million) attributable to expense accruals
and changes in the Zero Dividend Preference share (ZDP)
liability
Realisations from the portfolio continue in 2023
- 2023 cash proceeds of $171 milllion3
– Full sales of Accedian and Boa Vista ($20
million)– Partial sales of USI, Leaseplan, Action and
Hub Insurance ($73 million)– Full and partial sales of
public stock in GFL, Uber, Vertiv, Concord, Holley, Solarwinds and
N-able ($32 million)- $24 million received from legacy
income investment portfolio, which is in realisation
mode- $22 million of other realisations
- $39 million of realisations expected to be received over the
coming months from announced but not yet closed transactions
including FV Hospital, Melissa & Doug (fka undisclosed branded
toy company), and Petsmart4
$22m of investment in 2023
- Including $13m of follow-on investments in Solenis and
Renaissance Learning to support transformative M&A
Well positioned to take advantage of investment opportunities
with significant available liquidity at 31 December 2023
- $376 million of available liquidity
– $210 million undrawn credit line and $166 million of cash /
liquid investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 December
2023 was based on the following information:
-
15% of the portfolio was valued as of 31 December 2023
-
- 10% in public securities
- 5% in private direct investments
-
85% of the portfolio was valued as of 30 September 2023
-
- 84% in private direct investments
- 1% in private fund investments
For further information, please contact:
NBPE Investor
Relations +44 20
3214 9002Luke
Mason
NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44
(0)20 3995 6673
Charles
Gorman
nbpe@kl-communications.comLuke DampierCharlotte Francis
Supplementary Information (as at 31 December
2023)
Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
%
of FV |
Action |
2020 |
3i |
Consumer |
78.0 |
5.9% |
Osaic |
2019 |
Reverence
Capital |
Financial
Services |
56.5 |
4.3% |
AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials |
48.5 |
3.7% |
Solenis |
2021 |
Platinum
Equity |
Industrials |
46.9 |
3.6% |
Constellation
Automotive |
2019 |
TDR
Capital |
Business
Services |
45.0 |
3.4% |
Fortna |
2017 |
THL |
Industrials |
39.7 |
3.0% |
Cotiviti |
2018 |
Veritas
Capital |
Healthcare |
38.5 |
2.9% |
Business
Services Company* |
2017 |
Not
Disclosed |
Business
Services |
34.1 |
2.6% |
Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
33.9 |
2.6% |
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
33.5 |
2.5% |
Monroe
Engineering |
2021 |
AEA
Investors |
Industrials |
31.9 |
2.4% |
True
Potential |
2022 |
Cinven |
Financial
Services |
30.9 |
2.3% |
Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
30.1 |
2.3% |
Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer |
29.4 |
2.2% |
GFL (NYSE:
GFL) |
2018 |
BC
Partners |
Business
Services |
29.1 |
2.2% |
Stubhub |
2020 |
Neuberger
Berman |
Consumer |
26.4 |
2.0% |
Staples |
2017 |
Sycamore
Partners |
Business
Services |
25.8 |
2.0% |
Engineering |
2020 |
NB Renaissance
/ Bain Capital |
Technology /
IT |
25.6 |
1.9% |
Viant |
2018 |
JLL
Partners |
Healthcare |
24.7 |
1.9% |
Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
23.9 |
1.8% |
Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
23.6 |
1.8% |
Excelitas |
2017 |
AEA
Investors |
Industrials |
21.8 |
1.7% |
Solace
Systems |
2016 |
Bridge Growth
Partners |
Technology /
IT |
20.6 |
1.6% |
Renaissance
Learning |
2018 |
Francisco
Partners |
Technology /
IT |
20.2 |
1.5% |
Agiliti (NYSE:
AGTI) |
2019 |
THL |
Healthcare |
19.8 |
1.5% |
Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
19.7 |
1.5% |
Qpark |
2017 |
KKR |
Transportation |
18.6 |
1.4% |
FV
Hospital |
2017 |
Quadria
Capital |
Healthcare |
18.0 |
1.4% |
USI |
2017 |
KKR |
Financial
Services |
17.9 |
1.4% |
Exact |
2019 |
KKR |
Technology /
IT |
17.5 |
1.3% |
Total Top 30 Investments |
|
|
|
$930.0 |
70.4% |
Geography |
%
of Portfolio |
North
America |
73% |
Europe |
24% |
Asia / Rest of
World |
3% |
Total Portfolio |
100% |
|
|
Industry |
%
of Portfolio |
Tech, Media
& Telecom |
21% |
Consumer /
E-commerce |
20% |
Industrials /
Industrial Technology |
19% |
Business
Services |
13% |
Financial
Services |
12% |
Healthcare |
9% |
Other |
5% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
%
of Portfolio |
2015 &
Earlier |
6% |
2016 |
6% |
2017 |
23% |
2018 |
19% |
2019 |
16% |
2020 |
13% |
2021 |
13% |
2022 |
3% |
2023 |
1% |
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.
Neuberger Berman’s investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm’s diverse team has over 2,800 professionals.
For ten consecutive years, Neuberger Berman 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). The
firm manages $463 billion in client assets as of December 31, 2023.
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 $171 million received through 31 December 2023, with a further
$39 million expected from announced but not yet received
transactions. $20 million was attributable to announced sales in
2022 but received in 2023. Pending realisations are subject to
customary closing conditions. No assurances can be given the
transactions ultimately close.
2 Uplift to value three quarters prior to the announced
transaction. For two investments with a partial sale, multiple and
uplift reflect realised proceeds only.
3 $171 million received during 2023, of which $20 million was
attributable to announced sales in 2022 but received in 2023.
4 Pending realisations are subject to customary closing
conditions. No assurances can be given the transactions ultimately
close.
- December 2023 NBPE Factsheet vF
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