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NBPE Announces 30 September 2022 Monthly NAV

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 Announces 30 September 2022 Monthly NAV

18 October 2022

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 September 2022 Monthly Net Asset Value (“NAV”) estimate.

Highlights (30 September 2022)

  • NAV per share of $27.24 (£24.40); 2% decline in September 2022

  • (11.2%) NAV TR in the nine months to 30 September 2022

  • Declines in NAV driven by quoted holdings and negative foreign exchange movements

  • $119 million of announced realisations through 30 September 2022

  • $281 million of available liquidity after 2022 Zero Dividend Preference Shares (“ZDPs”) fully repaid on 30 September 2022

  • Share buyback programme announced

As of 30 September 2022

YTD

1 Year

3 years

5 years

10 years

NAV TR (USD)

(11.2%)

(9.6%)

58.9%

89.2%

228.4%

MSCI World TR (USD)

(17.5%)

(11.0%)

27.8%

46.4%

153.6%

 

 

 

 

 

 

Share price TR (GBP)

(12.8%)

(0.1%)

54.1%

89.0%

410.0%

FTSE All-Share TR (GBP)

(7.9%)

(4.0%)

2.4%

11.3%

79.5%

*Reflects cumulative returns over the time periods shown and are not annualised.

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Business review (at 30 September 2022)

NAV decreased 2% in September 2022, driven by changes in quoted holdings and negative foreign exchange adjustments

  • 1% NAV decrease ($16 million) during the month of September as a result of a decrease in value of quoted holdings (which constitute 11% of portfolio fair value)

  • 1% NAV decrease ($10 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate

Realisations from the portfolio continue in 2022

  • 2022 year to date announced realisations of $119 milllion1

– Six full or partial sales announced in 2022 include: the remaining assets of Telxius, the announced full sales of Leaseplan and Omega Environmental Technologies, the partial realisation of MHS Global, the sale of Stratus Technologies and the partial sale of an additional transaction which was signed in June and closed in August 20222

2022 ZDP fully repaid at maturity and significant available liquidity at 30 September 2022

  • 2022 ZDP final capital entitlement of £63.4 million ($76.4 million) repaid on 30 September 2022

  • Available liquidity of $275 million undrawn credit line and $6 million of cash

  • In addition, $39 million of distributions expected over the coming months from announced realisations

Announcement of Share Buyback Programme

  • On 5 October 2022, NBPE announced it had entered into a new share buyback programme with Jefferies

  • The programme allows Jefferies, at its discretion, based on criteria set by the board, to repurchase NBPE Class A shares on behalf of NBPE based on multiple factors including the absolute and relative (to peers) discount, as well as broader equity market movements

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 September 2022 was based on the following information:

  • 14% of the portfolio was valued as of 30 September 2022

    • 11% in public securities

    • 3% in private direct investments

  • 86% of the portfolio was valued as of 30 June 2022

    • 85% in private direct investments

    • 1% in private fund investments

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
Luke Dampier
Charlotte Francis

Supplementary Information (as at 30 September 2022)

Company Name

Vintage

Lead Sponsor

Sector

Fair Value
($m)

% of FV

Constellation Automotive

2019

TDR Capital

Business Services

67.1

4.9%

Action

2020

3i

Consumer / E-commerce

51.9

3.8%

Advisor Group

2019

Reverence Capital

Financial Services

46.0

3.4%

USI

2017

KKR

Financial Services

42.0

3.1%

Kroll

2020

Further Global / Stone Point

Financial Services

41.1

3.0%

Material Handling Systems

2017

THL

Industrials / Industrial
Technology

40.1

2.9%

Agiliti (NYSE: AGTI)

2019

THL

Healthcare

35.8

2.6%

Cotiviti

2018

Veritas Capital

Healthcare

33.4

2.4%

Business Services Company*

2017

Not Disclosed

Business Services

33.1

2.4%

Excelitas

2017

AEA Investors

Technology / IT

32.3

2.4%

BeyondTrust

2018

Francisco Partners

Technology / IT

30.1

2.2%

Marquee Brands

2014

Neuberger Berman

Consumer / E-commerce

30.1

2.2%

GFL (NYSE: GFL)

2018

BC Partners

Business Services

29.2

2.1%

AutoStore (OB.AUTO)

2019

THL

Industrials / Industrial Technology

27.2

2.0%

Branded Toy Company*

2017

Not Disclosed

Consumer / E-commerce

26.5

1.9%

Stubhub

2020

Neuberger Berman

Consumer / E-commerce

26.4

1.9%

Auctane

2021

Thoma Bravo

Technology / IT

26.1

1.9%

Engineering

2016

NB Renaissance / Bain Capital

Technology / IT

22.7

1.7%

True Potential

2022

Cinven

Financial Services

22.4

1.6%

Branded Cities Network

2017

Shamrock Capital

Communications / Media

22.3

1.6%

Staples

2017

Sycamore Partners

Business Services

22.1

1.6%

Addison Group

2021

Trilantic Capital Partners

Business Services

21.7

1.6%

Monroe Engineering

2021

AEA Investors

Industrials

21.3

1.6%

Chemical Guys

2021

AEA Investors

Consumer / E-commerce

21.1

1.5%

Accedian

2017

Bridge Growth Partners

Technology / IT

20.6

1.5%

Bylight

2017

Sagewind Partners

Technology / IT

20.5

1.5%

Solenis

2021

Platinum Equity

Industrials

20.1

1.5%

Petsmart / Chewy (NYSE: CHWY)

2015

BC Partners

Consumer / E-commerce

18.6

1.4%

Renaissance Learning

2018

Francisco Partners

Technology / IT

16.8

1.2%

Peraton

2021

Veritas Capital

Technology / IT

16.3

1.2%

Total Top 30 Investments

 

 

 

                      $884.9

64.8%

*Undisclosed company due to confidentiality provisions.

Geography

% of Portfolio

North America

75%

Europe

21%

Asia / Rest of World

4%

Total Portfolio

100%

 

 

Industry

% of Portfolio

Tech, Media & Telecom

21%

Consumer / E-commerce

19%

Industrials / Industrial Technology

14%

Business Services

14%

Financial Services

14%

Healthcare

10%

Other

7%

Energy

1%

Total Portfolio

100%

 

 

Vintage Year

% of Portfolio

2014 & Earlier

4%

2015

3%

2016

7%

2017

25%

2018

20%

2019

17%

2020

11%

2021

11%

2022

2%

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 26 countries, Neuberger Berman’s diverse team has over 2,600 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). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $408 billion in client assets as of September 30, 2022. 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 $84 million of cash from realisations received through 30 September 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including the partial realisation signed in June 2022, NBPE expects total additional net cash from these realisations of $39 million.

2 Additional transaction represents an aggregate gross value to NBPE of approximately $33 million, of which NBPE received approximately $12 million in cash and NBPE elected to roll a total of approximately $21 million in value. The transaction closed in August 2022 and NBPE received the cash in October 2022.


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