NBPE Announces Audited 2023 Results and 31 March 2024 Est. NAV
2024年4月24日 - 3:00PM
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NBPE Announces Audited 2023 Results and 31 March 2024 Est. NAV
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY,
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JURISDICTIONS |
NBPE Announces Audited 2023 Results and 31 March 2024 Est.
NAV
24 April 2024
NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed
private equity investment company managed by Neuberger Berman,
today releases its 2023 Annual Financial Report and 31 March 2024
Monthly NAV Update.
Audited Annual Results Highlights (31 December 2023)
- NAV per share of $28.07 (£22.02)
- 2.3% NAV TR in the 12 months to 31 December 2023, driven by an
increase in private valuations and FX, offset by quoted
holdings
- Private portfolio +5.3% in 2023 on a constant currency
basis
- Strong portfolio company operating performance: LTM
revenue and EBITDA growth of 11.4% and 15.2%, respectively, during
20231
- $171 million of proceeds from realisations received during
2023
- Well positioned to take advantage of investment opportunities -
$376 million of cash and undrawn credit line available
- $0.94 per share of dividends paid during 2023
As of 31 December 2023 |
2023 |
3 years |
5 years |
10 years |
NAV TR (USD)*
Annualised |
2.3%
2.3% |
37.0%
11.1% |
83.5%
12.9% |
207.0%
11.9% |
MSCI World TR (USD)*
Annualised |
24.4%
24.4% |
25.2%
7.8% |
87.8%
13.4% |
140.7%
9.2% |
|
|
|
|
|
Share price TR (GBP)*
Annualised |
9.4%
9.4% |
63.0%
17.7% |
106.8%
15.6% |
347.2%
16.2% |
FTSE All-Share TR (GBP)*
Annualised |
7.9%
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.
Peter Von Lehe, Managing Director and Head of Investment
Solutions & Strategy at Neuberger Berman commented:
1. Past performance is no guarantee of future results. Fair
value as of 31 December 2023 and the data is subject to the
following adjustments: 1) Excludes public companies, Marquee Brands
and other investments not valued on multiples of EBITDA. 2)
Analysis based on 65 private companies. 3) The private companies
included in the data represent approximately 84% of the total
direct equity portfolio. 4) The following exclusions to the data
were made: a) EBITDA growth of one company (approximately 2% of
value) was excluded from the data as the Manager believed the
growth rate was an outlier due to an extraordinary high percentage
change b) EBITDA growth of one company (less than 1% of
value) was excluded due to the anomalous percentage change c) three
companies (less than 1% of direct equity fair value) were held less
than one year and excluded from the portfolio company operating
metrics data due to noncomparable periods of revenue and/or EBITDA
prior to private equity ownership. Where necessary, estimates were
used, which include pro forma adjusted EBITDA and other EBITDA
adjustments, pro forma revenue adjustments, run-rate adjustments
for acquisitions, and annualised quarterly operating metrics. LTM
periods as of 31/12/23 and 30/9/23 and 31/12/22 and 30/9/22. LTM
revenue and LTM EBITDA growth rates are weighted by fair
value. |
“NBPE ended the year with net assets of $1.3bn, representing a
NAV of $28.07 per share, and a NAV per share total return of 2.3%
over 2023. Performance was driven by our private investments, with
continued strong operating performance, alongside realisation
activity with $171 million of proceeds received. NBPE’s exits
during 2023 were achieved at a 2.1x1 gross multiple of
capital and 11% uplift to the carrying value three quarters prior
to the announced exit.2”
Paul Daggett, Managing Director of Neuberger Berman,
continued:
“Overall the portfolio reported a weighted average LTM revenue and
EBITDA growth of 11% and 15%, respectively, during 2023. EBITDA
growth outpaced revenue growth, a function of the active ownership
of the investments, with operational improvements, operational
leverage and synergies from M&A being reflected in the bottom
line. The portfolio remains well diversified across our two
key themes and we believe is well positioned for a range of
economic environments and that it should continue to generate
growth over the long term.”
The Company’s 2023 Annual Report and a video from Neuberger
Berman to accompany the results are available to view at:
https://www.nbprivateequitypartners.com/
Portfolio Update to 31 March 2024
NAV TR decrease of 1.4% YTD 2024
- 31 March 2024 NAV per share of $27.30 (£21.61), a decrease of
1.4% in March
- YTD NAV driven by declines in quoted holdings and FX
headwinds
Realisations from the portfolio in 2024
- $64 million of proceeds received in the first three months of
20243
- Receipts from the previously announced sales of Melissa and
Doug and FV Hospital, full sale of Safefleet in 2024, sales of
public stock (inclusive of the full exit of one public holding),
and other partial realisations
- A further $42 million of proceeds from previously announced
realisations in process is expected in the coming months
Robust liquidity – well positioned to take advantage of
opportunities
- $362 million of available liquidity ($151 million cash and $210
million of credit line)
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 March
2024 was based on the following information:
-
13% of the portfolio was valued as of 31 March 2024
-
- 9% in public securities
- 4% in private direct investments
-
1% of the portfolio was valued as of 29 February 2024
-
- 1% in private direct investments
-
2% of the portfolio was valued as of 31 January 2024
-
- 2% in private direct investments
-
84% of the portfolio was valued as of 31 December 2023
-
- 83% in private direct investments
- 1% in private fund investments
For further information, please
contact:
NBPE Investor
Relations +44 20
3214 9002
Luke
Mason
NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44
(0)20 3882 6644
Charles
Gorman
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 31 March
2024)
Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
%
of FV |
Action |
2020 |
3i |
Consumer |
82.9 |
6.4% |
Osaic |
2019 |
Reverence
Capital |
Financial
Services |
56.5 |
4.4% |
Solenis |
2021 |
Platinum
Equity |
Industrials |
49.9 |
3.9% |
Cotiviti |
2018 |
Veritas
Capital |
Healthcare |
40.1 |
3.1% |
Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
39.5 |
3.1% |
AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials |
38.3 |
3.0% |
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
35.0 |
2.7% |
Business
Services Company* |
2017 |
Not
Disclosed |
Business
Services |
34.8 |
2.7% |
Constellation
Automotive |
2019 |
TDR
Capital |
Business
Services |
32.6 |
2.5% |
True
Potential |
2022 |
Cinven |
Financial
Services |
32.1 |
2.5% |
Monroe
Engineering |
2021 |
AEA
Investors |
Industrials |
31.9 |
2.5% |
Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
31.5 |
2.4% |
Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer |
30.6 |
2.4% |
Fortna |
2017 |
THL |
Industrials |
28.7 |
2.2% |
Staples |
2017 |
Sycamore
Partners |
Business
Services |
28.4 |
2.2% |
Viant |
2018 |
JLL
Partners |
Healthcare |
26.7 |
2.1% |
Stubhub |
2020 |
Neuberger
Berman |
Consumer |
26.4 |
2.0% |
GFL (NYSE:
GFL) |
2018 |
BC
Partners |
Business
Services |
25.4 |
2.0% |
Engineering |
2020 |
NB Renaissance
/ Bain Capital |
Technology /
IT |
25.3 |
2.0% |
Agiliti (NYSE:
AGTI) |
2019 |
THL |
Healthcare |
25.3 |
2.0% |
Benecon |
2024 |
TA
Associates |
Healthcare |
25.0 |
1.9% |
Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
23.9 |
1.8% |
Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
23.3 |
1.8% |
Excelitas |
2022 |
AEA
Investors |
Industrials |
21.9 |
1.7% |
Solace
Systems |
2016 |
Bridge Growth
Partners |
Technology /
IT |
21.2 |
1.6% |
Renaissance
Learning |
2018 |
Francisco
Partners |
Technology /
IT |
19.6 |
1.5% |
Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
18.4 |
1.4% |
USI |
2017 |
KKR |
Financial
Services |
18.2 |
1.4% |
Exact |
2019 |
KKR |
Technology /
IT |
17.6 |
1.4% |
Qpark |
2017 |
KKR |
Transportation |
17.5 |
1.4% |
Total Top 30 Investments |
|
|
|
$928.3 |
71.8% |
*Undisclosed company due to confidentiality
provisions.
Geography |
%
of Portfolio |
North
America |
75% |
Europe |
23% |
Asia / Rest of
World |
2% |
Total Portfolio |
100% |
|
|
Industry |
%
of Portfolio |
Consumer /
E-commerce |
23% |
Tech, Media
& Telecom |
22% |
Industrials /
Industrial Technology |
17% |
Financial
Services |
12% |
Business
Services |
11% |
Healthcare |
9% |
Other |
5% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
%
of Portfolio |
2016 &
Earlier |
12% |
2017 |
19% |
2018 |
17% |
2019 |
15% |
2020 |
13% |
2021 |
15% |
2022 |
5% |
2023 |
1% |
2024 |
3% |
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 is an employee-owned, private, independent
investment manager founded in 1939 with over 2,800 employees in 26
countries. The firm manages $474 billion of equities, fixed income,
private equity, real estate and hedge fund portfolios for global
institutions, advisors and individuals. Neuberger Berman’s
investment philosophy is founded on active management, fundamental
research and engaged ownership. UNPRI named the firm a Leader, a
designation awarded to fewer than 1% of investment firms for
excellence in environmental, social and governance practices.
Neuberger Berman has been named by Pensions & Investments as
the #1 or #2 Best Place to Work in Money Management for each of the
last ten years (firms with more than 1,000 employees). Visit
www.nb.com for more information. Data as of March 31, 2024.
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 Returns are presented on a “gross” basis (i.e.
they donot reflect the management fees, carried interest,
transaction costs and other expenses that may be paid by investors,
which may be significant and will lower returns). Past performance
is not a guarantee of future returns.
2 Represents uplift from valuation versus the
valuation three quarters prior to an announced exit. Includes
partial realisations. Returns are presented on a “gross” basis
(i.e. they do not reflect the management fees, carried interest,
transaction costs and other expenses that may be paid by investors,
which may be significant and will lower returns). Past performance
is not a guarantee of future returns.
3 $33 million attributable to sales which were
announced in 2023, but proceeds were received in 2024.
- March 2024 NBPE Factsheet vF
- 2023 NBPE Annual Report
- NBPE Investor Presentation - April vFF
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