NBPE Announces September 2023 NAV Estimate
2023年10月19日 - 3:00PM
NBPE Announces September 2023 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 |
19 October 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 30 September 2023 monthly NAV estimate.
Highlights (30 September 2023)
- NAV per share of $27.15 (£22.24), a decline of 2.8% during the
month
- Monthly NAV decline driven by changes in value of quoted
holdings and negative foreign exchange adjustments in NBPE’s
non-USD investments
- Realisation activity continues with the announced full sale of
Melissa & Doug (fka undisclosed branded toy company) bringing
total year to date announced cash proceeds to $148 million1
- Full or partial sales year to date have achieved a 2.0x gross
multiple of capital and were at a 13% uplift to the value three
quarters prior to the announced transaction2; $15 million realised
from quoted holdings year to date, which are now 9% of the
portfolio fair value
- $283 million of available liquidity at 30 September 2023
As of 30 September 2023 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD)*Annualised |
(1.1%) |
3.1%3.1% |
50.0%14.5% |
73.6%11.7% |
204.1%11.8% |
MSCI World TR (USD)*Annualised |
11.6% |
22.6%22.6% |
28.1%8.6% |
45.6%7.8% |
133.3%8.8% |
|
|
|
|
|
|
Share price TR (GBP)*Annualised |
3.6% |
7.3%7.3% |
85.1%22.8% |
71.3%11.4% |
329.7%15.7% |
FTSE All-Share TR (GBP)*Annualised |
4.5% |
13.8%13.8% |
39.8%11.8% |
19.7%3.7% |
71.8%5.6% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to 30 September 2023
NAV performance during the month driven by:
- 2.3% NAV decrease ($30 million) from the value of quoted
holdings (which constitute 9% of portfolio fair value)
- 0.4% NAV decrease ($6 million) from negative FX movements,
primarily attributable to changes in the EUR/USD rate
- 0.1% NAV decrease ($1 million) attributable to expense accruals
and offset by changes in the Zero Dividend Preference share (ZDP)
liability
Realisations from the portfolio continue in
2023
- 2023 year to date announced cash proceeds of $148
milllion3
– Full sales of Accedian, FV Hospital, Boa Vista,
and Melissa & Doug (fka undisclosed branded toy company) as
well as further liquidity from the partial sale of Petsmart and
full and partial sales of public stock in Vertiv, Concord, Holley,
Solarwinds and N-able
$20m of investment year to date through 30 September
2023
- Including $13m follow-ons investments in Solenis and
Renaissance Learning to support transformative M&A
Significant available liquidity at 30 September
2023
- $210 million undrawn credit line and $73 million of cash /
liquid investments
- In addition, $78 million of distributions expected to be
received over the coming months from announced realisations
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 September
2023 was based on the following information:
-
12% of the portfolio was valued as of 30 September 2023
-
- 9% in public securities
- 3% in private direct investments
-
88% of the portfolio was valued as of 30 June 2023
-
- 87% in private direct investments
- 1% in private fund investments
For further information, please contact:
NBPE Investor
Relations +1 214
647 9593
Kaso Legg Communications +44
(0)20 3995 6673
Charles
Gorman
nbpe@kl-communications.comLuke DampierCharlotte Francis
Supplementary Information (as at 30
September 2023)
Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
% of FV |
Action |
2020 |
3i |
Consumer |
74.6 |
5.5% |
Osaic |
2019 |
Reverence
Capital |
Financial
Services |
56.5 |
4.1% |
USI |
2017 |
KKR |
Financial
Services |
54.0 |
4.0% |
Constellation
Automotive |
2019 |
TDR
Capital |
Business
Services |
47.9 |
3.5% |
Solenis |
2021 |
Platinum
Equity |
Industrials |
47.2 |
3.5% |
Fortna |
2017 |
THL |
Industrials |
39.7 |
2.9% |
Cotiviti |
2018 |
Veritas
Capital |
Healthcare |
37.1 |
2.7% |
AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials |
35.1 |
2.6% |
Business
Services Company4 |
2017 |
Not
Disclosed |
Business
Services |
33.4 |
2.4% |
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
32.7 |
2.4% |
Monroe
Engineering |
2021 |
AEA
Investors |
Industrials |
31.9 |
2.3% |
Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
30.1 |
2.2% |
Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
29.9 |
2.2% |
True
Potential |
2022 |
Cinven |
Financial
Services |
29.8 |
2.2% |
Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer |
28.9 |
2.1% |
Stubhub |
2020 |
Neuberger
Berman |
Consumer |
26.4 |
1.9% |
Staples |
2017 |
Sycamore
Partners |
Business
Services |
25.6 |
1.9% |
Engineering |
2020 |
NB Renaissance
/ Bain Capital |
Technology /
IT |
24.5 |
1.8% |
Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
23.9 |
1.8% |
Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
23.9 |
1.8% |
Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
22.9 |
1.7% |
GFL (NYSE:
GFL) |
2018 |
BC
Partners |
Business
Services |
22.5 |
1.6% |
Excelitas |
2017 |
AEA
Investors |
Industrials |
21.6 |
1.6% |
Accedian |
2017 |
Bridge Growth
Partners |
Technology /
IT |
21.3 |
1.6% |
Melissa &
Doug |
2017 |
AEA
Investors |
Consumer |
21.2 |
1.6% |
FV
Hospital |
2017 |
Quadria
Capital |
Healthcare |
20.5 |
1.5% |
Renaissance
Learning |
2018 |
Francisco
Partners |
Technology /
IT |
20.0 |
1.5% |
Solace
Systems |
2016 |
Bridge Growth
Partners |
Technology /
IT |
19.8 |
1.5% |
Viant |
2018 |
JLL
Partners |
Healthcare |
19.1 |
1.4% |
Qpark |
2017 |
KKR |
Transportation |
17.2 |
1.3% |
Total Top 30 Investments |
|
|
|
$939.2 |
68.8% |
Geography |
% of Portfolio |
North
America |
74% |
Europe |
22% |
Asia / Rest of
World |
4% |
Total Portfolio |
100% |
|
|
Industry |
% of Portfolio |
Tech, Media
& Telecom |
22% |
Consumer /
E-commerce |
20% |
Industrials /
Industrial Technology |
17% |
Business
Services |
12% |
Financial
Services |
14% |
Healthcare |
9% |
Other |
5% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
% of Portfolio |
2015 &
Earlier |
6% |
2016 |
7% |
2017 |
26% |
2018 |
18% |
2019 |
14% |
2020 |
12% |
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 2,750 professionals.
For nine 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 $439 billion in client assets as of September 30,
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 $70 million received through 30 September 2023, with a further
$78 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 For one investment with a partial sale, multiple and uplift
reflect realised proceeds only.
3 $70 million received during 2023, of which $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.
4 Undisclosed company due to confidentiality provisions.
- September 2023 NBPE Factsheet vF
Nb Private Equity Partners (LSE:NBPE)
過去 株価チャート
から 4 2024 まで 5 2024
Nb Private Equity Partners (LSE:NBPE)
過去 株価チャート
から 5 2023 まで 5 2024