(Alliance News) - NB Private Equity Partners Ltd on Tuesday said its performance in 2022 was resilient, but net assess value has slipped further since the new year began.
Shares in NB Private Equity were up 0.8% at 1,516.06 pence in London on Tuesday.
The Guernsey-headquartered private equity investor is managed by Neuberger Berman Group LLC, a New York-headquartered investment management firm.
NB Private Equity said NAV per share on December 31 was USD28.38, down 7.5% from USD30.76 at the same time a year prior. NAV per share at March 31 was down further to USD28.20, though this was a 0.4% increase from USD28.09 at February 28.
Peter Von Lehe, Neuberger Berman's head of investment solutions and strategy, said that the NAV decline was due to "a decline in value of our publicly listed holdings and foreign exchange headwinds".
However, he commented: "Against challenging markets and macro-economic headwinds, we believe NBPE’s performance has been resilient, both from a net asset value perspective and with respect to the overall operating performance of our underlying portfolio companies."
NB Private Equity paid dividends of USD0.94 per share in 2022, up from USD0.72 in 2021.
NB Private Equity said it was "Well positioned to take advantage of investment opportunities", having a "robust" USD308.0 million of available liquidity consisting of USD8.0 million in cash and USD300.0 million of undrawn credit line.
Neuberger Berman's managing director, Paul Daggett, said that NB Private Equity's performance "speaks to the advantages of maintaining diversification and investing across our key themes".
"As demonstrated by our private company performance, private equity’s ability to respond quickly to market forces, whether those be opportunities or threats, should continue to create the opportunity for value creation, and we believe NBPE’s portfolio is well positioned to generate growth over the long-term," he added.
By Emma Curzon, Alliance News reporter
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Nb Priv. Eqty (NBPE)