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12 May 2022 07:00
NB Private Equity Partners Limited: Monthly NAV UpdateTHE 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
NBPE Monthly NAV Update
12 May 2022
NB Private Equity (NBPE), the $1.4bn listed private equity investment company managed by Neuberger Berman, today releases its 30 April 2022 monthly NAV estimate.
Highlights (at 30 April 2022)
NAV per share of $29.00 (£23.10)In aggregate, NBPE’s listed portfolio companies have been the driver of a 7.0% NAV TR decline year to date4.1% decline during the month of April, driven by movements in the listed holdings and FX ratesTotal announced portfolio realisations year to date of $80 millionWell positioned to take advantage of investment opportunities - $364 million of cash and undrawn credit line available17% of private company valuations based on 31 March 2022 valuation information; these private valuations received to date in total increased approximately 1% vs 31 December 2021| At 30 April 2022* | YTD | 1 year | 3 years | 5 years | 10 years |
| NAV TR (USD) | (7.0%) | 20.6% | 70.8% | 111.5% | 247.3% |
| MSCI World TR (USD) | (12.9%) | (3.1%) | 36.6% | 66.5% | 175.1% |
| Share price TR (GBP) | (13.2%) | 17.8% | 62.2% | 87.2% | 431.7% |
| FTSE All-Share TR (GBP) | 0.8% | 8.7% | 14.1% | 26.6% | 100.8% |
*Reflects cumulative returns over the time periods shown and are not annualised.
Business review (at 30 April 2022)
NAV decrease of 4.1% during April 2022, driven by changes in public valuations and FX rates
Monthly valuation changes were driven by declines of listed company share prices, most notably from Autostore, and FX65% of the portfolio remains valued based on 31 December 2021 private company valuation informationAdditional 31 March 2022 private company valuations are expected in the coming weeks and will be incorporated into future monthly NAV updates as receivedRealisations from the portfolio in 2022
2022 year to date announced realisations of $80 milllion Four full or partial sales announced in 2022 include: the remaining assets of Telxius, and the announced full sales of Leaseplan and Omega Environmental Technologies, and the partial realisation of MHS Global1These four announced full or partial sales are expected to generate a 2.8x gross multiple of capital and a 6% uplift from 31 December 2021 valuationsStrong investment dealflow and continued focus on investing in our two key themes, long-term secular growth and / or low cyclicality
NBPE is well placed to take advantage of new opportunitiesRobust liquidity
$364 million of available liquidity ($64 million cash, $300 million of undrawn credit line)Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 April 2022 was based on the following information:
18% of the portfolio was valued as of 30 April 2022 15% in public securities3% in private direct investments 14% of the portfolio was valued as of 31 March 2022 14% in private direct investments 3% of the portfolio was valued as of 31 January 2022 3% in private direct investments 66% of the portfolio was valued as of 31 December 2021 65% in private direct investments1% in fund investmentsPending realisations are subject to customary closing conditions. No assurances can be given the transactions ultimately close.
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 SandersonSupplementary Information
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value | % of FV |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 81.0 | 5.6% |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials / Industrial Technology | 56.7 | 3.9% |
| Agiliti (NYSE: AGTI) | 2019 | THL | Healthcare | 49.3 | 3.4% |
| Material Handling Systems | 2017 | THL | Industrials / Industrial Technology | 47.8 | 3.3% |
| Action | 2020 | 3i | Consumer / E-commerce | 47.1 | 3.3% |
| USI | 2017 | KKR | Financial Services | 42.0 | 2.9% |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 41.0 | 2.8% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 34.4 | 2.4% |
| Cotiviti | 2018 | Veritas Capital | Healthcare | 32.9 | 2.3% |
| Excelitas | 2017 | AEA Investors | Technology / IT | 32.7 | 2.3% |
| Marquee Brands | 2014 | Neuberger Berman | Consumer / E-commerce | 32.7 | 2.3% |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 32.5 | 2.2% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 31.6 | 2.2% |
| Advisor Group | 2019 | Reverence Capital | Financial Services | 31.4 | 2.2% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 30.0 | 2.1% |
| Branded Toy Company* | 2017 | Not Disclosed | Consumer / E-commerce | 26.5 | 1.8% |
| Stubhub | 2020 | Neuberger Berman | Consumer / E-commerce | 26.4 | 1.8% |
| True Potential | 2022 | Cinven | Financial Services | 24.2 | 1.7% |
| Staples | 2017 | Sycamore Partners | Business Services | 21.8 | 1.5% |
| Chemical Guys | 2021 | AEA Investors | Consumer / E-commerce | 21.1 | 1.5% |
| Engineering | 2016 | NB Renaissance / Bain Capital | Technology / IT | 20.9 | 1.4% |
| Bylight | 2017 | Sagewind Partners | Technology / IT | 20.5 | 1.4% |
| Petsmart / Chewy (NYSE: CHWY) | 2015 | BC Partners | Consumer / E-commerce | 19.7 | 1.4% |
| Solenis | 2021 | Platinum Equity | Industrials | 19.5 | 1.3% |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 18.3 | 1.3% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 18.1 | 1.3% |
| Telxius | 2017 | KKR | Communications / Media | 17.9 | 1.2% |
| Renaissance Learning | 2018 | Francisco Partners | Technology / IT | 16.8 | 1.2% |
| Holley (NYSE: HLLY) | 2018 | Sentinel Capital | Industrials / Industrial Technology | 16.3 | 1.1% |
| FV Hospital | 2017 | Quadria Capital | Healthcare | 15.7 | 1.1% |
| Total Top 30 Investments | $926.9 | 64.0% |
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 73% |
| Europe | 23% |
| Asia / Rest of World | 4% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Tech, Media & Telecom | 21% |
| Consumer / E-commerce | 19% |
| Industrials / Industrial Technology | 16% |
| Business Services | 14% |
| Financial Services | 12% |
| Healthcare | 10% |
| Other | 7% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2014 & Earlier | 5% |
| 2015 | 3% |
| 2016 | 8% |
| 2017 | 24% |
| 2018 | 20% |
| 2019 | 18% |
| 2020 | 10% |
| 2021 | 11% |
| 2022 | 1% |
| 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.
Attachment
NBPE Factsheet April 2022
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