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NB Private Equity Partners is an Investment Trust

To produce attractive returns by investing in the debt and equity of private equity-backed companies while managing investment risk through diversification across asset class, vintage year, geography, industry and sponsor.

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NB Private Equity: 2H Dividend of $0.47 Declared & June Monthly NAV Update

19 Jul 2022 07:00

NB Private Equity: 2H Dividend of $0.47 Declared & June Monthly NAV Update

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

2H Dividend of $0.47 Declared & June Monthly NAV Update

19 July 2022

NB Private Equity Partners (NBPE), the $1.4bn listed private equity investment company managed by Neuberger Berman, today releases its 30 June 2022 monthly NAV estimate and announces its 2H 2022 dividend.

Highlights (at 30 June 2022)

NAV per share of $28.86 (£23.76)2% decrease in the month driven by changes in valuations of quoted holdingsDeclaration of 2H dividend of $0.47 per share, in-line with the February 2022 dividend; an annualised yield of 3.3% on NAV and 5.5% on the share price$11 million of proceeds received during the month and $371 million of cash and undrawn credit line available
At 30 June 2022* YTD 1 year 3 years 5 years 10 years
NAV TR (USD) (7.4%) 3.7% 65.1% 103.7% 247.5%
MSCI World TR (USD) (20.3%) (13.9%) 24.3% 48.5% 161.8%
Share price TR (GBP) (18.2%) 10.6% 48.2% 71.7% 360.2%
FTSE All-Share TR (GBP) (4.6%) 1.6% 7.4% 17.8% 94.6%

*Reflects cumulative returns over the time periods shown and are not annualised.

Business review (at 30 June 2022)

NAV decrease of 2% during June 2022

1.9% NAV decline ($26 million) during the month of June as a result of a decline in value of quoted holdings0.6% NAV decrease ($8 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate The monthly NAV estimate does not incorporate any Q2 private valuation information; Q2 valuation information will be incorporated as received in future monthly NAV updates. NBPE expects to issue its interim financial report in September 2022

$119 million of announced realisations in 2022

2022 year to date announced realisations of $119 milllion1 Five full or partial sales announced in 2022 include: the remaining assets of Telxius, the announced full sales of Leaseplan and Omega Environmental Technologies, the partial realisation of MHS Global and the sale of an additional unannounced transaction which was signed in June but has not yet closed2These five announced full or partial sales are expected to generate a 2.9x gross multiple of capital and an 8% uplift from 31 December 2021 valuations

Investment Activity

No new investment activity in JuneNBPE is well placed to make new investments and is continuing to evaluate new opportunities as the market develops

Robust Liquidity

$11 million of proceeds received during June$371 million of available liquidity ($71 million cash3, $300 million of undrawn credit line)NBPE converted US Dollars equivalent to approximately £16 million in early July. Combined with May’s conversion, NBPE holds £48 million of its cash in sterling, representing 75% of the 2022 ZDP final capital entitlement

2H 2022 Dividend

Semi-annual dividend of $0.47 per share, in line with the February 2022 dividend Annualised dividend yield on NAV is 3.3% and annualised share price yield is 5.5% based on the closing share price of 1,440p on 15 July 2022 and current FX rates
Distribution amount: $0.47 per Share
Ex-dividend date: 28 July 2022
Dividend record date: 29 July 2022
Final day for Currency Election: 12 August 2022
Final day for Dividend Re-investment Plan Election: 12 August 2022
Payment date: 31 August 2022

While the Company declares dividends in US Dollars, Shareholders will receive Sterling dividends at the prevailing rate at the time of currency conversion, unless an election to receive dividends in US Dollars is made on forms which are available on NBPE’s website prior to the currency election date listed below. If an investor has previously elected to receive US Dollars, that election will be used unless changed. Investors may also participate in a dividend re-investment plan (forms for which are available on NBPE’s website) if they wish to increase their shareholdings instead of receiving cash dividends.

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 June 2022 was based on the following information:

16% of the portfolio was valued as of 30 June 2022 13% in public securities3% in private direct investments 84% of the portfolio was valued as of 31 March 2022 83% in private direct investments1% in private funds

For further information, please contact:

NBPE Investor Relations +1 214 647 9593

Kaso Legg Communications +44 (0)20 3995 6673

Charles Gorman nbpe@kl-communications.com

Supplementary Information

Company Name Vintage Lead Sponsor Sector Fair Value % of FV
Constellation Automotive 2019 TDR Capital Business Services 79.0 5.5%
Action 2020 3i Consumer / E-commerce 51.7 3.6%
Agiliti (NYSE: AGTI) 2019 THL Healthcare 51.3 3.6%
USI 2017 KKR Financial Services 42.0 2.9%
Material Handling Systems 2017 THL Industrials / Industrial Technology 41.2 2.9%
Kroll 2020 Further Global / Stone Point Financial Services 41.1 2.9%
AutoStore (OB.AUTO) 2019 THL Industrials / Industrial Technology 35.0 2.4%
Excelitas 2017 AEA Investors Technology / IT 32.7 2.3%
Cotiviti 2018 Veritas Capital Healthcare 32.4 2.3%
BeyondTrust 2018 Francisco Partners Technology / IT 32.2 2.2%
Marquee Brands 2014 Neuberger Berman Consumer / E-commerce 32.0 2.2%
Business Services Company* 2017 Not Disclosed Business Services 31.4 2.2%
Advisor Group 2019 Reverence Capital Financial Services 31.4 2.2%
Auctane 2021 Thoma Bravo Technology / IT 30.0 2.1%
GFL (NYSE: GFL) 2018 BC Partners Business Services 29.3 2.0%
Branded Toy Company* 2017 Not Disclosed Consumer / E-commerce 26.5 1.8%
Stubhub 2020 Neuberger Berman Consumer / E-commerce 26.4 1.8%
Engineering 2016 NB Renaissance / Bain Capital Technology / IT 24.2 1.7%
True Potential 2022 Cinven Financial Services 23.9 1.7%
Petsmart / Chewy (NYSE: CHWY) 2015 BC Partners Consumer / E-commerce 22.6 1.6%
Branded Cities Network 2017 Shamrock Capital Communications / Media 21.4 1.5%
Chemical Guys 2021 AEA Investors Consumer / E-commerce 21.1 1.5%
Staples 2017 Sycamore Partners Business Services 20.7 1.4%
Bylight 2017 Sagewind Partners Technology / IT 20.5 1.4%
Solenis 2021 Platinum Equity Industrials 19.8 1.4%
Monroe Engingeering 2021 AEA Investors Industrials 19.8 1.4%
Accedian 2017 Bridge Growth Partners Technology / IT 18.5 1.3%
Addison Group 2021 Trilantic Capital Partners Business Services 18.1 1.3%
Telxius 2017 KKR Communications / Media 17.8 1.2%
Peraton 2021 Veritas Capital Technology / IT 17.1 1.2%
Total Top 30 Investments   $911.1 63.6%

*Undisclosed company due to confidentiality provisions.

Geography % of Portfolio
North America 74%
Europe 23%
Asia / Rest of World 3%
Total Portfolio 100%
  
Industry % of Portfolio
Tech, Media & Telecom 22%
Consumer / E-commerce 20%
Industrials / Industrial Technology 14%
Business Services 14%
Financial Services 12%
Healthcare 10%
Other 7%
Energy 1%
Total Portfolio 100%
  
Vintage Year % of Portfolio
2014 & Earlier 4%
2015 4%
2016 8%
2017 24%
2018 20%
2019 17%
2020 10%
2021 11%
2022 2%
Total Portfolio 100%

About NB Private Equity Partners LimitedNBPE 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 BermanNeuberger 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. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,500 professionals. For eight consecutive years, the company 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). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $447 billion in client assets as of March 31, 2022. 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 $67 million of cash from realisations received through 30 June 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including the realisation signed in June 2022, NBPE expects total additional cash proceeds of $68 million, which would result in $119 million of total realisations in 2022.2 Pending realisations are subject to customary closing conditions. No assurances can be given the transactions ultimately close.

3 Includes £31.8m of cash converted to USD at the month-end exchange rate.

Attachment

NBPE Factsheet June 2022 vFF
Date   Source Headline
25th Apr 20243:38 pmRNSResults analysis from Kepler Trust Intelligence
24th Apr 20247:00 amGNWNBPE Announces Audited 2023 Results and 31 March 2024 Est. NAV
20th Mar 20247:00 amGNWNBPE Announces February Monthly NAV Estimate
18th Mar 202412:05 pmEQSQ&A on NB Private Equity Partners (NBPE): Offsetting higher interest rates, leaving return targets unchanged
7th Mar 202412:37 pmEQSHardman & Co Research on NB Private Equity Partners (NBPE): Value creation in a higher-rate environment
6th Mar 20247:00 amGNWNB Private Equity Partners Limited: Director/PDMR Shareholding
1st Mar 20247:00 amGNWNB Private Equity Partners Limited: Total Voting Rights
22nd Feb 20247:00 amGNWNBPE Announces January Monthly NAV Estimate
13th Feb 20246:13 pmGNWNB Private Equity Partners Limited: Correction of Director/PDMR Shareholding
12th Feb 20245:22 pmGNWNB Private Equity Partners Limited: Director/PDMR Shareholding
5th Feb 20247:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
2nd Feb 20247:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
1st Feb 20247:01 amGNWNB Private Equity Partners Limited Total Voting Rights
1st Feb 20247:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
19th Jan 20247:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
17th Jan 20247:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
16th Jan 20247:00 amGNWNBPE Announces December Monthly NAV Estimate
11th Jan 20247:00 amGNWNBPE Announces 1H 2024 Dividend
18th Dec 20237:00 amGNWNBPE Announces November 2023 NAV Estimate
23rd Nov 20237:00 amGNWNBPE Announces October 2023 NAV Estimate
20th Nov 20237:00 amRNSKepler Trust Intelligence: New Research
14th Nov 202312:40 pmEQSHardman & Co: Q&A on NB Private Equity Partners (NBPE): How NBPE benefits from value creation through growing companies
23rd Oct 20231:30 pmEQSHardman & Co Research on NB Private Equity Partners (NBPE) 2023 CMD: value creation from growing companies
19th Oct 20237:00 amGNWNBPE Announces September 2023 NAV Estimate
16th Oct 202311:57 amEQSHardman & Co Research | Q&A on NB Private Equity Partners (NBPE): Continued growth reported in 1H’23 results
3rd Oct 20231:30 pmEQSHardman & Co Research on NB Private Equity Partners (NBPE) 1H’23 results summary: continued growth
26th Sep 20237:00 amGNWNBPE Interim Results and 31 August 2023 NAV Estimate
20th Sep 20237:00 amGNWNBPE Announces Appointment of a New Non-Executive Director
12th Sep 20237:00 amGNWNBPE Announces 2023 Capital Markets Day
8th Sep 20234:20 pmGNWNB Private Equity Partners Limited: Director/PDMR Shareholding
23rd Aug 20237:00 amGNWNBPE Announces 31 July 2023 NAV Update
1st Aug 20237:00 amGNWNB Private Equity Partners Limited: Total Voting Rights
18th Jul 20237:00 amGNWNBPE Announces 30 June 2023 NAV Update
12th Jul 20237:01 amEQSHardman & Co Research | Q&A on NB Private Equity Partners (NBPE): PE co-investment niche to generate superior returns
11th Jul 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
7th Jul 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
4th Jul 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
3rd Jul 20237:00 amGNWNB Private Equity Partners Limited: Total Voting Rights
30th Jun 20237:42 amGNWNB Private Equity Partners Announces Transaction in Own Shares
27th Jun 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
26th Jun 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
22nd Jun 20231:03 pmGNWNB Private Equity Partners Limited: Total Voting Rights Correction
16th Jun 202311:55 amEQSHardman & Co Initiation of coverage on NB Private Equity Partners (NBPE): Co-investments generating superior performance
16th Jun 20237:00 amGNWNB Private Equity: 2H 2023 Dividend of $0.47 per Share
15th Jun 20234:54 pmGNWNB Private Equity Partners Announces Results of Annual General Meeting
13th Jun 20237:00 amGNWNBPE Announces 31 May 2023 NAV Update
7th Jun 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
6th Jun 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
5th Jun 20237:00 amGNWNB Private Equity Partners Announces Transaction in Own Shares
2nd Jun 20237:00 amRNSKepler Trust Intelligence: New Research

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