NBPE Announces September Monthly NAV Estimate
October 11 2024 - 2:00AM
UK Regulatory
NBPE Announces September Monthly NAV Estimate
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 September Monthly NAV Estimate
11 October 2024
NB Private Equity Partners (NBPE), the $1.3bn1, FTSE
250, listed private equity investment company managed by Neuberger
Berman, today announces its 30 September 2024 monthly NAV
estimate.
NAV Highlights (30 September 2024)
- NAV per share was $27.37 (£20.40), a total return of (0.3%) in
the month
- Year to date NAV TR of 0.9%
- $73 million invested in new and follow on investments year to
date
- $391 million of available liquidity at 30 September 2024
As of 30 September 2024 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD)*
Annualised |
0.9% |
4.3% |
(2.8%)
(1.0%) |
70.9%
11.3% |
172.2%
10.5% |
MSCI World TR (USD)*
Annualised |
19.3% |
33.0% |
30.7%
9.3% |
89.1%
13.6% |
175.2%
10.7% |
Share price TR (GBP)*
Annualised |
0.8% |
6.4% |
14.1%
4.5% |
76.0%
12.0% |
245.2%
13.2% |
FTSE All-Share TR (GBP)*
Annualised |
9.9% |
13.4% |
23.9%
7.4% |
32.2%
5.7% |
83.6%
6.3% |
* All NBPE performance figures assume re-investment of
dividends on the ex-dividend date and reflect cumulative returns
over the relevant time periods shown. Three-year, five-year and
ten-year annualised returns are presented for USD NAV, MSCI World
(USD), GBP Share Price and FTSE All-Share (GBP) Total
Returns.
Portfolio Update to 30 September 2024
NAV performance during the month driven by:
- 0.2% NAV increase ($2 million) from the receipt of private
company valuation information
- 0.2% NAV increase ($3 million) from positive FX movements
- 0.3% NAV decrease ($4 million) from the value of quoted
holdings (which now constitute 6% of portfolio fair value)
- 0.4% NAV decrease ($5 million) attributable to expense accruals
and changes in the Zero Dividend Preference share (ZDP)
liability
Realisations from the portfolio continue in
2024
- $160 million of realisations received year to date, driven by
Action, Cotiviti and previously announced sales of Melissa &
Doug, FV Hospital and Safefleet as well as sales of public stock
and continued realisations from the legacy income investment
portfolio
$391 million of total liquidity at 30 September
2024
- $181 million of cash and liquid investments with $210 million
of undrawn credit line available
$73 million invested in 2024 in new and follow-on
investments
- $25 million invested in FDH Aero, a leading parts distributor
to the aerospace and defense industry
- $38 million invested into two U.S. healthcare businesses,
Benecon and Zeus
- $10 million of additional new and follow on investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 September
2024 was based on the following information:
-
6% of the portfolio was valued as of 30 September 2024
-
94% of the portfolio was valued as of 30 June 2024
-
- 93% in private direct investments
- 1% in private funds
For further information, please contact:
NBPE Investor
Relations +44 (0)
20 3214 9002
Luke
Mason
NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44
(0)20 3882 6644
Charles
Gorman
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 30
September 2024)
Company Name |
Vintage |
Lead Sponsor |
Sector |
Fair Value ($m) |
% of FV |
Action |
2020 |
3i |
Consumer |
68.9 |
5.4% |
Osaic |
2019 |
Reverence
Capital |
Financial
Services |
62.7 |
4.9% |
Solenis |
2021 |
Platinum
Equity |
Industrials |
58.2 |
4.6% |
BeyondTrust |
2018 |
Francisco
Partners |
Technology /
IT |
42.0 |
3.3% |
Branded Cities
Network |
2017 |
Shamrock
Capital |
Communications
/ Media |
40.1 |
3.2% |
Monroe
Engineering |
2021 |
AEA
Investors |
Industrials |
38.3 |
3.0% |
Business
Services Company* |
2017 |
Not
Disclosed |
Business
Services |
37.1 |
2.9% |
True
Potential |
2022 |
Cinven |
Financial
Services |
35.8 |
2.8% |
Kroll |
2020 |
Further Global
/ Stone Point |
Financial
Services |
31.4 |
2.5% |
Constellation
Automotive |
2019 |
TDR
Capital |
Business
Services |
30.9 |
2.4% |
Marquee
Brands |
2014 |
Neuberger
Berman |
Consumer |
30.8 |
2.4% |
Staples |
2017 |
Sycamore
Partners |
Business
Services |
30.7 |
2.4% |
GFL (NYSE:
GFL) |
2018 |
BC
Partners |
Business
Services |
30.5 |
2.4% |
Fortna |
2017 |
THL |
Industrials |
28.7 |
2.3% |
Viant |
2018 |
JLL
Partners |
Healthcare |
27.2 |
2.1% |
Stubhub |
2020 |
Neuberger
Berman |
Consumer |
26.6 |
2.1% |
Engineering |
2020 |
NB Renaissance
/ Bain Capital |
Technology /
IT |
25.8 |
2.0% |
FDH Aero |
2024 |
Audax
Group |
Industrials |
25.3 |
2.0% |
Agiliti |
2019 |
THL |
Healthcare |
25.3 |
2.0% |
Benecon |
2024 |
TA
Associates |
Healthcare |
25.2 |
2.0% |
Solace
Systems |
2016 |
Bridge Growth
Partners |
Technology /
IT |
24.4 |
1.9% |
Addison
Group |
2021 |
Trilantic
Capital Partners |
Business
Services |
23.8 |
1.9% |
USI |
2017 |
KKR |
Financial
Services |
23.2 |
1.8% |
Auctane |
2021 |
Thoma
Bravo |
Technology /
IT |
22.5 |
1.8% |
Excelitas |
2022 |
AEA
Investors |
Industrials |
21.9 |
1.7% |
Qpark |
2017 |
KKR |
Transportation |
21.5 |
1.7% |
AutoStore
(OB.AUTO) |
2019 |
THL |
Industrials |
21.3 |
1.7% |
Exact |
2019 |
KKR |
Technology /
IT |
20.1 |
1.6% |
Renaissance
Learning |
2018 |
Francisco
Partners |
Technology /
IT |
19.4 |
1.5% |
Bylight |
2017 |
Sagewind
Partners |
Technology /
IT |
18.7 |
1.5% |
Total Top 30 Investments |
|
|
|
$938.5 |
73.8% |
*Undisclosed company due to confidentiality
provisions.
Geography |
% of Portfolio |
North
America |
76% |
Europe |
23% |
Asia / Rest of
World |
1% |
Total Portfolio |
100% |
|
|
Industry |
% of Portfolio |
Tech, Media
& Telecom |
23% |
Consumer /
E-commerce |
20% |
Industrials /
Industrial Technology |
17% |
Financial
Services |
14% |
Business
Services |
12% |
Healthcare |
9% |
Other |
4% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage Year |
% of Portfolio |
2016 &
Earlier |
11% |
2017 |
19% |
2018 |
16% |
2019 |
14% |
2020 |
12% |
2021 |
16% |
2022 |
5% |
2023 |
2% |
2024 |
5% |
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 is an employee-owned, private, independent
investment manager founded in 1939 with over 2,800 employees in 26
countries. The firm manages $481 billion of equities, fixed income,
private equity, real estate and hedge fund portfolios for global
institutions, advisors and individuals. Neuberger Berman’s
investment philosophy is founded on active management, fundamental
research and engaged ownership. The PRI identified the firm as part
of the Leader’s Group, a designation awarded to fewer than 1% of
investment firms for excellence in environmental, social and
governance practices. Neuberger Berman has been named by Pensions
& Investments as the #1 or #2 Best Place to Work in Money
Management for each of the last ten years (firms with more than
1,000 employees). Visit www.nb.com for more information. Data as of
June 30, 2024.
1 Based on net asset value.
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.
- September 2024 NBPE Factsheet vFF
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