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NB Private Equity Partners Limited
29 September 2023
NB Private Equity Partners (NBPE)
29/09/2023
Results analysis from Kepler Trust Intelligence
NB Private Equity Partners released its half year report to
30/06/2023, recording strong performance driven primarily by its
private holdings
NBPE posted 4.8% NAV total return in the six month period, with
valuations of the private companies rising 3.8% in constant
currencies, with the strong performance attributed to strong
operating performance, with the underlying portfolio reporting
weighted average LTM revenue growth of 14.9% and LTM EBITDA growth
of 15.4%, despite a challenging broader economic context
NBPE currently sits on a discount of -25.0%, a slight narrowing
from its 2022 year-end discount
Kepler View
With markets still experiencing some volatility in the first
half of 2023, NB Private Equity Partners (NBPE) has delivered some
good performance this calendar year.
That its private portfolio has provided the major share of the
returns seen in the first half of the year is especially
encouraging. In particular, the role of revenue growth and EBITDA
growth in the positive revaluations of the private portfolio
demonstrates investment cases playing out in real time. In addition
to this organic growth, NBPE also highlighted that M&A has been
accretive and should help support future growth through the
benefits of scale, customer and end market diversification.
Elsewhere, the strong realisation pipeline for the trust has
continued to play out, with $127m of announced realisations
year-to-date, including minority liquidity from the trust's largest
holding, Action, as NBPE took advantage of an opportunity to
crystallise some of the gain on what has been a very successful
investment. With the exception of Action, all of the rest of the
realisations are from smaller, more mature holdings, including
quoted holdings.
The listed private equity sector continues to be dogged by
particularly wide discounts, with NBPE no exception. While NBPE's
discount has narrowed over the course of the year the Chairman has
highlighted that the board believes it's "unjustifiably wide given
the quality and performance of the portfolio", and sees the wide
discount as an "opportunity to invest in a portfolio that is
performing strongly and [NB] knows well."
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September 29, 2023 10:08 ET (14:08 GMT)
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