Last checked at 
19 Apr 2018 07:11
NB Private Equity Partners: New research
19/04/2018
NB Private Equity Partners (NBPE) focuses on direct equity and debt investments in private equity-backed companies, with investments made alongside private equity sponsors...
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Highlights:
· Investment activity - now 113% invested (i.e. geared) with continuing strong deal flow over the end of 2017. This marks quite a change from the end of last year when the trust was 101% invested. During 2017, the managers have invested $319m into new investments
· Decision to focus portfolio - Investment activity has continued, with 20 equity investments made during 2017, totalling $234m. The managers have highlighted that they have recently started (and will do so going forward where possible) to focus the equity portfolio, making fewer but larger investments
· Increasingly "young" portfolio - only 12% of the portfolio is now invested in deals made before 2013. The manager argues that younger vintages offer a better chance of value accretion (because the sponsors' value creation at these companies is at an earlier stage, meaning there is the potential for improving performance as this execution continues) - as witnessed by the more recent realisations, which have come from relatively young vintages of 2013-2016. The managers believe that this shows the underlying "health" of the portfolio
· Discount of 16% has narrowed somewhat from previous months, but remains wider than the peer group and broader investment trust universe
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NB Private Equity Partners is a client of Kepler Trust Intelligence. This material should be considered a marketing communication, and is not independent research.
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