NBPE Announces 31 May 2023 NAV Update

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

13 June 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 31 May 2023 Monthly Net Asset Value (“NAV”) estimate.

Highlights (as of 31 May 2023)

• NAV per share of $28.15 (£22.71), a 0.4% decrease during the month
• Two main drivers in the month were an increase in quoted holdings, offset by negative FX movements
• 99% of the valuation information as of 31 March 2023 or 31 May 2023
• On a constant currency basis, private valuations received to date, in aggregate, were up 0.6% in Q1 2023 from Q4 2022

• NBPE continues to be well positioned to take advantage of investment opportunities - $306 million of available liquidity
  
  

As of 31 May 2023	YTD	1 Year	3 years	5 years	10 years
NAV TR (USD)* Annualised	0.9%	(1.5%) (1.5%)	79.4% 21.5%	88.6% 13.5%	224.5% 12.5%
MSCI World TR (USD)* Annualised	8.8%	2.6% 2.6%	38.6% 11.5%	49.2% 8.3%	140.5% 9.2%
Share price TR (GBP)* Annualised	(0.8%)	7.3% 7.3%	100.9% 26.2%	93.0% 14.1%	293.6% 14.7%
FTSE All-Share TR (GBP)* Annualised	1.6%	0.4% 0.4%	33.9% 10.2%	15.2% 2.9%	67.5% 5.3%

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

Portfolio Update to 31 May 2023

NAV performance during the month driven by:

• 0.9% NAV increase ($12 million) from the value of quoted holdings (which constitute 13% of portfolio fair value)
• 0.9% NAV decrease ($11 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate
• Excluding FX, 0.3% NAV decrease ($4 million) from the receipt of first quarter private company valuation information received during the month of May; including previous received Q1 valuations, private company valutions up by 0.6% in Q1 2023 from Q4 2022
• 0.1% NAV decrease ($1 million) attributable to changes in the Zero Dividend Preference share (ZDP) liability and expense accruals

Robust liquidity – $41 million of proceeds received year to date and well positioned to take advantage of opportunities

• $306 million of available liquidity ($6 million of cash, $300 million of undrawn credit facility)
• Pro forma for expected cash receipts from realisations in June 2023, NBPE expects total cash realisations to be $55 million

Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 May 2023 was based on the following information:

• 17% of the portfolio was valued as of 31 May 2023
  • 13% in public securities
  • 4% in private direct investments
• 82% of the portfolio was valued as of 31 March 2023
  • 81% in private direct investments
  • 1% in private funds
• 1% of the portfolio was valued as of 31 December 2022
  • 1% in private investments

For further information, please contact:

NBPE Investor Relations        [phone]

Kaso Legg Communications    [phone]

Charles Gorman        [e-mail]
Luke Dampier
Charlotte Francis

Supplementary Information (as of 31 May 2023)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value ($m)	% of FV
Action	2020	3i	Consumer	68.7	4.9%
Advisor Group	2019	Reverence Capital	Financial Services	54.2	3.9%
AutoStore (OB.AUTO)	2019	THL	Industrials	51.8	3.7%
Constellation Automotive	2019	TDR Capital	Business Services	50.0	3.6%
USI	2017	KKR	Financial Services	50.0	3.6%
GFL (NYSE: GFL)	2019	BC Partners	Business Services	41.0	2.9%
Agiliti (NYSE: AGTI)	2019	THL	Healthcare	40.9	2.9%
Material Handling Systems	2017	THL	Industrials	37.9	2.7%
Cotiviti	2018	Veritas Capital	Healthcare	36.2	2.6%
Solenis	2021	Platinum Equity	Industrials	35.2	2.5%
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	28.9	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%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	25.4	1.8%
Engineering	2020	NB Renaissance / Bain Capital	Technology / IT	24.7	1.8%
Bylight	2017	Sagewind Partners	Technology / IT	24.7	1.8%
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%
Excelitas	2017	AEA Investors	Industrials	21.9	1.6%
Branded Toy Company*	2017	Not Disclosed	Consumer	21.2	1.5%
Accedian	2017	Bridge Growth Partners	Technology / IT	20.6	1.5%
FV Hospital	2017	Quadria Capital	Healthcare	20.5	1.5%
Renaissance Learning	2018	Francisco Partners	Technology / IT	19.8	1.4%
Leaseplan	2016	TDR Capital	Financial Services	17.5	1.3%
Solace Systems	2016	Bridge Growth Partners	Technology / IT	17.2	1.2%
Total Top 30 Investments				952.7	68.2%

*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	13%
Financial Services	15%
Healthcare	10%
Other	5%
Energy	1%
Total Portfolio	100%
Vintage Year	% of Portfolio
2014 & Earlier	5%
2015	1%
2016	8%
2017	25%
2018	17%
2019	20%
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 $436 billion in client assets as of March 31, 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.

 

Attachments

• NBPE Investor Presentation - MayvF
• May 2023 NBPE Factsheet vF