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18 Nov 2021 07:00
NB Private Equity: Increases in Public and Private Valuations Drive October NAV Increase of 2.4%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
Increases in Public and Private Valuations Drive October NAV Increase of 2.4%
18 November 2021
Highlights (at 31 October 2021)
NAV per share of $30.44 (£22.21), an increase of 2.4% during the monthYTD NAV total return of 39.2% at 31 October 2021Performance driven by both public and private company valuations, in particular Autostore, following its successful IPO in October$40 million of realisations announced in the month$30 million invested in Stamps.com alongside Thoma Bravo, a leading software private equity firmRobust liquidity - $319 million of cash and undrawn credit line available as at 31 October 2021Short, medium and long-term performance:
| At 31 October 2021* | YTD | 1 year | 3 years | 5 years | 10 years |
| NAV TR (USD) | 39.2% | 58.5% | 84.6% | 136.1% | 278.9% |
| Share price TR (GBP) | 52.5% | 75.0% | 77.8% | 118.1% | 481.0% |
*Reflects cumulative returns over the time periods shown and are not annualised.
2.4% NAV Growth During October 2021
31 October 2021 NAV increased $33.5 million, or $0.72 per share $26.9 million of unrealised gains, or $0.58 per share, attributable to public valuations; largest public valuation driver was Autostore, following its successful IPO in October$15.0 million, or $0.32 per share, of gross unrealised gains from additional private valuation information$0.4 million of accrued cash and PIK interest from the income portfolio, or $0.01 per shareno impact from foreign exchange adjustments on non-USD investments and other mark to market adjustments$8.8 million of expenses, $0.19 per share, attributable to management fee and carried interest accruals, credit facility and ZDP interest and other expensesRecord Level of Realisations Announced YTD
$40 million of realisations announced in October, including $27 million from the partial realisation of Autostore at its IPO This cash was received in early November and was booked as a receivable at 31 October 2021. Additional cash proceeds are expected in the comings weeks $365 million of total announced realisations YTD 11 full and partial realisations YTD at an aggregate 100% uplift to carrying value at 31 December 2020 and a 3.7x multiple of costRenaissance Learning, a provider of educational software & learning solutions, announced a partial sale of equity to a private equity firm to support the company’s continued growth. NBPE expects to receive the cash proceeds in the coming weeks as part of this partial sale and will continue to retain an ownership stake in the investment going forward1$284 million of proceeds received year to date, with a further $81 million expected in the coming months, as the remaining transactions close The 31 October 2021 NAV estimate incorporates the vast majority of the valuation uplift associated with these announced realisations; however, NBPE expects an additional $1 million of uplift in the coming months related to the announced transactions which are yet to closeNew Investments
$30 million invested into Stamps.com during October NBPE invested $30.0 million in Stamps.com, a provider of software for e-commerce shipping and delivery, alongside Thoma Bravo, a leading software private equity firm. The Manager believes this was an attractive opportunity to invest in a thesis driven by sector tailwinds in the large and growing e-commerce market. In addition, this was as an opportunity to partner with Thoma Bravo, one of the world’s leading software and technology private equity specalists, with extensive software and operational expertise, to support the company’s next phase of growth $110 million invested or committed to seven companies YTD, and a strong pipeline of new opportunitiesPortfolio Valuation
The value of NBPE’s portfolio as of 31 October 2021 was based on the following information:
25% of the portfolio fair value was valued as 31 October 2021 21% in public securities4% in private direct investments 32% of the portfolio fair value was valued as of 30 September 2021 32% in private direct investments 43% of the portfolio fair value was valued as of 30 June 2021 42% in private direct investments1% in fund investmentsThe complete factsheet can be found on the Company’s website – www.nbprivateequitypartners.com.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673Charles Gorman nbpe@kl-communications.com Will 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 seven 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 $437 billion in client assets as of September 30, 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 Accounced 9 November 2021. Subject to customary closing conditions. No assurances that the transaction will ultimately close.
Attachment
NBPE October 2021 Factsheet vF