TIDMNBPE 
 
 
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 (GBP22.03), 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)*              2.3%    37.0%    83.5%    207.1% 
 Annualised                        11.1%    12.9%     11.9% 
------------------------  -----  -------  -------  -------- 
MSCI World TR (USD)*      24.4%    25.2%    87.3%    140.7% 
 Annualised                         7.8%    13.4%      9.2% 
------------------------  -----  -------  -------  -------- 
 
Share price TR (GBP)*      9.4%    63.0%   106.8%    347.2% 
 Annualised                        17.7%    15.6%     16.2% 
------------------------  -----  -------  -------  -------- 
FTSE All-Share TR (GBP)*   7.9%    28.1%    37.7%     68.2% 
 Annualised                         8.6%     6.6%      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 9002 

Luke Mason https://www.globenewswire.com/Tracker?data=sM-vjnv17hDEYJQ6UT9y9Yxp8QQp27FdzJkNF8LnlsA8bA7GoGWV_n8VlieemVK2i_voPvfnLUls-gTE-AypU6AUEq0TMAP7B7wiTTPy88AUVfTqTr3Du-Lma55UrLjV NBPrivateMarketsIR@nb.com

   Kaso Legg Communications   +44 (0)20 3995 6673 

Charles Gorman https://www.globenewswire.com/Tracker?data=4INRgpAw8OrYFg7DpAQWp6fKmXns46yPqvZ2KMAra1J5WerKc2dzmPl8UNH4diUm4_NNcdwu-zxS4oMUJnOBu96Sg2gliwdiEi705bE5P7UX4s-ziA2c_oiXq0T1YQ8Z nbpe@kl-communications.com

Luke Dampier

Charlotte Francis

Supplementary Information (as at 31 December 2023)

 
                                                                           Fair Value           % of 
Company Name        Vintage   Lead Sponsor        Sector                       ($m)               FV 
Action              2020      3i                  Consumer                                78.0   5.9% 
                                                  Financial 
Osaic               2019      Reverence Capital    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                                     Business 
 Automotive         2019      TDR Capital          Services                               45.0   3.4% 
Fortna              2017      THL                 Industrials                             39.7   3.0% 
Cotiviti            2018      Veritas Capital     Healthcare                              38.5   2.9% 
Business Services                                 Business 
 Company*           2017      Not Disclosed        Services                               34.1   2.6% 
Branded Cities                                    Communications 
 Network            2017      Shamrock Capital     / 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% 
                                                  Financial 
True Potential      2022      Cinven               Services                               30.9   2.3% 
                              Further Global      Financial 
Kroll               2020       / Stone Point       Services                               30.1   2.3% 
Marquee Brands      2014      Neuberger Berman    Consumer                                29.4   2.2% 
                                                  Business 
GFL (NYSE: GFL)     2018      BC Partners          Services                               29.1   2.2% 
Stubhub             2020      Neuberger Berman    Consumer                                26.4   2.0% 
                                                  Business 
Staples             2017      Sycamore Partners    Services                               25.8   2.0% 
                              NB Renaissance 
Engineering         2020       / Bain Capital     Technology / IT                         25.6   1.9% 
Viant               2018      JLL Partners        Healthcare                              24.7   1.9% 
                              Trilantic Capital   Business 
Addison Group       2021       Partners            Services                               23.9   1.8% 
Auctane             2021      Thoma Bravo         Technology / IT                         23.6   1.8% 
Excelitas           2017      AEA Investors       Industrials                             21.8   1.7% 
                              Bridge Growth 
Solace Systems      2016       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% 
                                                  Financial 
USI                 2017      KKR                  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 Limited

NBPE 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 Berman

Neuberger 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.

Attachment

   -- December 2023 NBPE Factsheet vF 
      https://ml-eu.globenewswire.com/Resource/Download/9546d772-1a9b-4ba0-b379-51eb6d440fed 
 
 
 

(END) Dow Jones Newswires

January 16, 2024 02:00 ET (07:00 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.
Nb Private Equity Partners (LSE:NBPU)
過去 株価チャート
から 11 2024 まで 12 2024 Nb Private Equity Partnersのチャートをもっと見るにはこちらをクリック
Nb Private Equity Partners (LSE:NBPU)
過去 株価チャート
から 12 2023 まで 12 2024 Nb Private Equity Partnersのチャートをもっと見るにはこちらをクリック