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20 Aug 2020 07:00
NB Private Equity: Monthly NAV Update - July 2020THE 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
NB Private Equity Partners Publishes July 2020 NAV Update
20 August 2020
NB Private Equity Partners Limited (“NBPE” or the “Company”), a closed-end private equity investment company, today announced an updated Net Asset Value (“NAV”) estimate for the month ended 31 July 2020.
Manager Commentary
31 July 2020 NAV per Share of $17.83 increased $1.07 or 6.4% from the previously issued 30 June 2020 monthly NAV estimate of $16.76Within the direct equity portfolio, there were 56 direct equity investments updated with Q2 2020 valuation information; the net increase in value of these investments was $33.7 million as a result of the new valuation informationIn addition, during July, public investments increased by $10.2 million or 10.5% in aggregateDuring July, NBPE realised its largest direct equity portfolio company, Engineering, which generated total proceeds of $33.4 million; $13.3 million of this was received in July and the remaining $20.1 million was received in early August. Also in July, NBPE re-invested $10.8 million in Engineering alongside NB Renaissance and Bain CapitalAs of 31 July 2020, on a pro forma basis including Engineering cash received in August, the investment level is now 128%; pro forma cash plus available credit facility is $220.1 million, and the adjusted commitment coverage ratio is 185% on a pro forma basisBased on the annualised dividend of $0.29 per share declared on 29 June 2020 and to be paid on 28 August 2020, NBPE’s dividend yield is 4.9% based on the 19 August 2020 closing share price of £8.94 and 3.3% based on the 31 July 2020 monthly NAV of $17.83Key Highlights
| (Returns in USD) | Month | 31 Jul-20YTD | 31 Jul-20LTM | ||||
| Total return NAV developmentper Share1 | 6.4% | -3.6% | -1.2% | ||||
| NAV development per Share | 6.4% | -6.7% | -4.3% | ||||
Portfolio Valuation
The value of NBPE’s private equity portfolio as of 31 July 2020 was based on the following information2:
15% of the private equity fair value was valued as of 31 July 2020 8% in public securities7% in private direct debt investments 61% of the private equity fair value was valued as of 30 June 2020 60% in private direct equity investments1% in fund investments 24% of the private equity fair value was valued as of 31 March 2020 23% in private direct equity investments1% in fund investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803Charles Gorman nbpe@kl-communications.com
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 24 countries, Neuberger Berman’s diverse team has 2,300 professionals. For six 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). The firm was awarded an A+ in every category in the latest 2019 PRI report for our approach to ESG integration across asset classes. The firm manages $357 billion in client assets as of June 30, 2020. 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 Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown.
2 Please refer to the valuation methodology section of the monthly report for a description of the Manager’s valuation methodology. 24% of underlying valuation data is as of 31 March 2020. Given the current market / economic environment the Manager notes that while this valuation data may be stale, it remains the best estimate we are currently able to provide but may not accurately reflect the fair value at 31 July 2020.
Attachment
NBPE July Monthly 2020 vF