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26 Oct 2022 07:56
London, UK, 26 October 2022
Edison issues update on NB Private Equity Partners (NBPE)
During NB Private Equity Partners' (NBPE) capital markets day on 5 October 2022, its management team highlighted that, despite the recent tough macro conditions, NBPE's track record remains strong, as its direct co-investments delivered a gross IRR and multiple of invested capital (MOIC) at 18.5% pa and 2.6x over the five years to end-August 2022, respectively. With a sustained strong deal flow generated by the Neuberger Berman Private Markets platform (in which NBPE can invest on a case-by-case basis) and liquidity of US$281m at end-September 2022 (c 21% of current investment portfolio), NBPE is well-placed to seize new opportunities as they arise.
Overall, growth in private portfolio earnings offset the softening valuation multiples (average LTM EV/EBITDA down to 16.5x at end-June 2022 vs 17.4x at end-2021). Average net debt to EBITDA rose to 5.7x from 5.2x at end-2021, partially driven by M&A (most of the debt is floating rate). Importantly, 73% of NBPE's investments by value have covenant-lite or no debt, 65% of the debt matures later than 2026 and overall debt represents on average c 35% of capital structures at present, providing a good degree of flexibility.
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