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NB Private Equity Partners Limited: Monthly NAV Update

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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

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 date

  • 4.1% decline during the month of April, driven by movements in the listed holdings and FX rates

  • Total announced portfolio realisations year to date of $80 million

  • Well positioned to take advantage of investment opportunities - $364 million of cash and undrawn credit line available

  • 17% 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 FX

  • 65% of the portfolio remains valued based on 31 December 2021 private company valuation information

  • Additional 31 March 2022 private company valuations are expected in the coming weeks and will be incorporated into future monthly NAV updates as received

Realisations 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 Global1

    • These 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 valuations

Strong 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 opportunities

Robust 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 securities

    • 3% 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 investments

    • 1% in fund investments

Pending 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.com
Will Sanderson
Supplementary 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 Limited
NBPE 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 Berman
Neuberger 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.

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