Nb Priv. Eqty Regulatory News (NBPE)

9 Feb 2022 07:00

NB Private Equity: Changes in Value of Quoted Holdings Drive 4.1% Reduction in January 2022

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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

Changes in Value of Quoted Holdings Drive 4.1% Reduction in January 2022

9 February 2022

NB Private Equity (NBPE), the $1.4bn listed private equity investment company managed by Neuberger Berman, today releases its 31 January 2022 monthly NAV estimate.

Highlights (at 31 January 2022)

NAV per share of $29.06 (£21.66)1NAV total return of (4.1%) in 2022 YTD; performance driven by changes in quoted portfolio company valuations in a period of significant volatility in public marketsNAV total return of 34.7% over the last twelve months$26m invested in one new investment in January 2022Robust liquidity - $382 million of cash and undrawn credit line available

At 31 January 2022*	YTD	1 year	3 years	5 years	10 years
NAV TR (USD)	(4.1%)	34.7%	78.8%	120.1%	254.1%
MSCI World TR (USD)	(5.3%)	17.0%	60.8%	91.2%	214.8%
Share price TR (GBP)	(3.6%)	53.5%	81.1%	120.5%	486.3%
FTSE All-Share TR (GBP)	(0.3%)	18.9%	21.7%	30.2%	104.4%

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

Business review (at 31 January 2022)

NAV declined 4.1% during January 2022, driven by changes in quoted company valuations, amid significant market volatility

The public equity portfolio represents 16% of portfolio fair value6% of the portfolio is valued based on 31 December 2021 private company valuation information71% of the portfolio is valued based on 30 September 2021 private company valuation informationThe Manager expects to receive updated 31 December 2021 private company valuations in the coming weeks and will incorporate new information into future monthly NAV updates as received

Continued focus on investing in companies expected to benefit from long term growth trends

NBPE made one new investment during 2022 YTD, a $26 million investment in True Potential, a wealth management technology platform in the UK which works with close to 20% of UK financial advisers and provide products and technology to over 1.4 million private clientsThe Manager believes that this was an attractive opportunity to invest alongside Cinven in a highly scalable business model, as well as a bespoke and proprietary technology which serves both financial advisors and clients

Robust liquidity

Additional $12 million of proceeds expected from one previously announced transaction in 20212Sale of Leaseplan to ALD Automotive announced.2 As of 31 January 2022 Leaseplan’s fair value in NBPE was $13.4 million$382 million of available liquidity ($82 million cash, $300 million of undrawn credit line) Capital position supports intention to repay 2022 ZDP’s at maturity date, as announced last monthThe credit facility and the remaining 2024 ZDPs give the Company the ongoing ability to maintain an investment level of greater than 100% The Company has available liquidity to repay 2022 ZDPs in full while continuing to make new investments and the Manager continues to review significant co-investment deal flow

Portfolio Valuation

The value of NBPE’s portfolio as of 31 January 2022 was based on the following information:

20% of the portfolio fair value was valued as of 31 January 2022 16% in public securities4% in private direct investments 7% of the portfolio fair value was valued as of 31 December 2021 7% in private direct investments 2% of the portfolio fair value was valued as of 31 October 2021 2% in private direct investments 71% of the portfolio fair value was valued as of 30 September 2021 70% in private direct investments1% in fund investments

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.comWill Sanderson

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 2,400 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 $460 billion in client assets as of December 31, 2021. 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 After accrual of the $0.47 per share dividend declared in January 2022.

2 Transaction subject to customary closing conditions; no assurances can be made transactions will close or the expected proceeds are ultimately received.

Attachments

NBPE Factsheet January 2022 NBPE Investor Presentation - February 2022 vF