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18 Jul 2023 07:00
NBPE Announces 30 June 2023 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
18 July 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 June 2023 Monthly Net Asset Value (“NAV”) estimate.
Highlights (as of 30 June 2023)
NAV per share of $28.43 (£22.36), a 1.0% increase during the monthTwo main drivers in the month were an increase in quoted holdings, and positive FX movements14% of the valuation information based on quoted holdings as of 30 June 2023; additional Q2 valuation information expected in the coming weeks. NBPE expects to issue its Interim Financial Report in September250,024 shares repurchased during the month of June, accretive to NAV per share by ~$0.05Two new pending portfolio company realisations with the recently announced sales of both Accedian and FV Hospital to strategic acquirers. These two exits are estimated to generate a total of approximately $40 million of proceeds and are expected to close in the coming months1NBPE continues to be well positioned to take advantage of investment opportunities - $291 million of available liquidity (excluding the above pending realisations)| As of 30 June 2023 | YTD | 1 Year | 3 years | 5 years | 10 years |
| NAV TR (USD)*Annualised | 1.0% | 2.5%2.5% | 70.6%19.5% | 84.0%13.0% | 228.6%12.6% |
| MSCI World TR (USD)*Annualised | 15.4% | 19.1%19.1% | 43.2%12.7% | 58.3%9.6% | 161.5%10.1% |
| Share price TR (GBP)*Annualised | (3.9%) | 6.1%6.1% | 84.2%22.6% | 74.4%11.8% | 290.0%14.6% |
| FTSE All-Share TR (GBP)*Annualised | 2.6% | 7.9%7.9% | 33.2%10.0% | 16.5%3.1% | 78.0%5.9% |
*Reflects cumulative returns over the time periods shown and are not annualised.
Portfolio Update to 30 June 2023
NAV performance during the month driven by:
0.6% NAV increase ($8 million) from the value of quoted holdings (which constitute 14% of portfolio fair value)0.6% NAV increase ($8 million) from positive FX movements, primarily attributable to changes in the EUR/USD rate0.2% NAV decrease ($2 million) attributable to changes in the Zero Dividend Preference share (ZDP) liability and expense accrualsRobust liquidity – $45 million of proceeds received year to date and two additional announced pending realisations during June / early July
Two recently announced pending realisations of Accedian and FV Hospital are estimated to generate approximately $40 million of additional proceeds and are expected to close in the coming months1$291 million of available liquidity ($1 million of cash, $290 million of undrawn credit facility), excluding the above pending realisationsPortfolio Valuation
The fair value of NBPE’s portfolio as of 30 June 2023 was based on the following information:
20% of the portfolio was valued as of 30 June 2023 14% in public securities6% in private direct investments 80% of the portfolio was valued as of 31 March 2023 79% in private direct investments1% in private fundsFor further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.comLuke DampierCharlotte Francis
Supplementary Information (as of 30 June 2023)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
| Action | 2020 | 3i | Consumer | 70.3 | 5.0% |
| Advisor Group | 2019 | Reverence Capital | Financial Services | 54.2 | 3.8% |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials | 54.0 | 3.8% |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 51.1 | 3.6% |
| USI | 2017 | KKR | Financial Services | 50.0 | 3.5% |
| Solenis | 2021 | Platinum Equity | Industrials | 45.2 | 3.2% |
| Agiliti (NYSE: AGTI) | 2019 | THL | Healthcare | 41.2 | 2.9% |
| Fortna | 2017 | THL | Industrials | 39.7 | 2.8% |
| Cotiviti | 2018 | Veritas Capital | Healthcare | 36.6 | 2.6% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 33.8 | 2.4% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 32.6 | 2.3% |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 32.1 | 2.3% |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 29.6 | 2.1% |
| True Potential | 2022 | Cinven | Financial Services | 29.5 | 2.1% |
| Marquee Brands | 2014 | Neuberger Berman | Consumer | 28.3 | 2.0% |
| Monroe Engineering | 2021 | AEA Investors | Industrials | 26.6 | 1.9% |
| Stubhub | 2020 | Neuberger Berman | Consumer | 26.4 | 1.9% |
| Engineering | 2020 | NB Renaissance / Bain Capital | Technology / IT | 25.3 | 1.8% |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 25.1 | 1.8% |
| Bylight | 2017 | Sagewind Partners | Technology / IT | 23.9 | 1.7% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 23.9 | 1.7% |
| Staples | 2017 | Sycamore Partners | Business Services | 22.6 | 1.6% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 22.4 | 1.6% |
| Petsmart / Chewy (NYSE: CHWY) | 2015 | BC Partners | Consumer | 22.0 | 1.5% |
| Excelitas | 2017 | AEA Investors | Industrials | 21.9 | 1.5% |
| Accedian | 2017 | Bridge Growth Partners | Technology / IT | 21.6 | 1.5% |
| Branded Toy Company* | 2017 | Not Disclosed | Consumer | 21.2 | 1.5% |
| Renaissance Learning | 2018 | Francisco Partners | Technology / IT | 19.8 | 1.4% |
| FV Hospital | 2017 | Quadria Capital | Healthcare | 17.9 | 1.3% |
| Qpark | 2017 | KKR | Transportation | 17.5 | 1.2% |
| Total Top 30 Investments | $966.3 | 68.1% |
*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 | 20% |
| Consumer / E-commerce | 19% |
| Industrials / Industrial Technology | 17% |
| Business Services | 13% |
| Financial Services | 14% |
| Healthcare | 10% |
| Other | 6% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2014 & Earlier | 4% |
| 2015 | 3% |
| 2016 | 7% |
| 2017 | 24% |
| 2018 | 18% |
| 2019 | 17% |
| 2020 | 11% |
| 2021 | 12% |
| 2022 | 3% |
| 2023 | 1% |
| Total Portfolio | 100% |
[1] Pending realisations are subject to customary closing conditions. No assurances can be given that the referenced transactions will ultimately close.
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. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman 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 manages $443 billion in client assets as of June 30, 2023. 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. |
Attachment
June 2023 NBPE Factsheet vF