NBPE Announces October Monthly NAV Estimate
November 26 2024 - 2:00AM
UK Regulatory
NBPE Announces October Monthly NAV Estimate
26 November 2024
NB Private Equity Partners (NBPE), the $1.3bn1, FTSE
250, listed private equity investment company managed by Neuberger
Berman, today announces its 31 October 2024 monthly NAV
estimate.
NAV Highlights (31 October 2024)
- NAV per share was $27.31 (£21.24), a
total return of (0.2%) in the month
- Year to date NAV TR of 0.7%
- 0.7% uplift from Q3 2024 private
company valuations relative to Q2 2024, based on valuation
information received to date (~72% of fair value); additional Q3
2024 valuations expected in the coming weeks
- $103 million invested in new and
follow on investments year to date, including $30 million
investment in Mariner Wealth Advisors which funded in November
- ZDPs fully repaid on 30 October
2024, further simplifying NBPE’s capital structure
- $299 million of available liquidity
at 31 October 20242
As of 31 October 2024 |
YTD |
1 Year |
3 years |
5 years |
10 years |
NAV TR (USD)*
Annualised |
0.7% |
4.4% |
(0.9%)
(0.3%) |
70.2%
11.2% |
172.2%
10.5% |
MSCI World TR (USD)*
Annualised |
16.9% |
34.3% |
22.1%
6.9% |
80.7%
12.6% |
168.0%
10.4% |
Share price TR (GBP)*
Annualised |
(2.5%) |
3.6% |
4.3%
1.4% |
73.0%
11.6% |
234.3%
12.8% |
FTSE All-Share TR (GBP)*
Annualised |
8.1% |
16.3% |
19.7%
6.2% |
31.9%
5.7% |
81.9%
6.2% |
* 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 31 October 2024
NAV performance during the month driven by:
- 0.7% NAV increase ($9 million) from
the receipt of private company valuation information
- 0.2% NAV decrease ($3 million) from
negative FX movements
- 0.7% NAV decrease ($9 million) from
the value of quoted holdings (which now constitute 6% of portfolio
fair value)
- 0.1% NAV decrease ($2 million)
attributable to expense accruals
Realisations from the portfolio continue in
2024
- $161 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
$299 million of total liquidity at 31 October
20243
- $89 million of cash and liquid
investments with $210 million of undrawn credit line available
$103 million invested in 2024 in new and follow-on
investments, including $30 million investment in Mariner Wealth
Advisors which funded in November
- $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
- $30 million investment in November
in Mariner Wealth Advisors, a financial services firm
- $10 million of additional new and
follow on investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 October
2024 was based on the following information:
- 6% of the portfolio was valued
as of 31 October 2024
- 72% of the portfolio was valued
as of 30 September 2024
- 71% in private direct investments
- 1% in private funds
- 22% of the portfolio was valued
as of 30 June 2024
- 22% in private direct investments
For further information, please contact:
NBPE Investor
Relations +44
(0) 20 3214 9002
Luke
Mason NBPrivateMarketsIR@nb.com
Kaso Legg
Communications +44
(0)20 3882 6644
Charles
Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 31
October 2024)
Company
Name |
Vintage |
Lead
Sponsor |
Sector |
Fair Value ($m) |
% of FV |
Action |
2020 |
3i |
Consumer |
69.9 |
5.5% |
Osaic |
2019 |
Reverence Capital |
Financial Services |
62.6 |
4.9% |
Solenis |
2021 |
Platinum Equity |
Industrials |
61.3 |
4.8% |
BeyondTrust |
2018 |
Francisco Partners |
Technology / IT |
45.6 |
3.6% |
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 |
34.2 |
2.7% |
GFL (NYSE: GFL) |
2018 |
BC Partners |
Business Services |
32.6 |
2.6% |
Staples |
2017 |
Sycamore Partners |
Business Services |
31.6 |
2.5% |
Kroll |
2020 |
Further Global / Stone
Point |
Financial Services |
31.4 |
2.5% |
Marquee Brands |
2014 |
Neuberger Berman |
Consumer |
30.8 |
2.4% |
Fortna |
2017 |
THL |
Industrials |
28.7 |
2.3% |
Viant |
2018 |
JLL Partners |
Healthcare |
27.2 |
2.1% |
Stubhub |
2020 |
Neuberger Berman |
Consumer |
26.5 |
2.1% |
Benecon |
2024 |
TA Associates |
Healthcare |
25.5 |
2.0% |
Qpark |
2017 |
KKR |
Transportation |
25.5 |
2.0% |
FDH Aero |
2024 |
Audax Group |
Industrials |
25.3 |
2.0% |
Agiliti |
2019 |
THL |
Healthcare |
25.3 |
2.0% |
Engineering |
2020 |
NB Renaissance / Bain
Capital |
Technology / IT |
25.1 |
2.0% |
Solace Systems |
2016 |
Bridge Growth Partners |
Technology / IT |
24.4 |
1.9% |
Constellation Automotive |
2019 |
TDR Capital |
Business Services |
24.0 |
1.9% |
Addison Group |
2021 |
Trilantic Capital
Partners |
Business Services |
23.8 |
1.9% |
Excelitas |
2022 |
AEA Investors |
Industrials |
22.8 |
1.8% |
USI |
2017 |
KKR |
Financial Services |
22.2 |
1.8% |
Auctane |
2021 |
Thoma Bravo |
Technology / IT |
21.9 |
1.7% |
Exact |
2019 |
KKR |
Technology / IT |
20.3 |
1.6% |
CH Guenther |
2021 |
Pritzker Private Capital |
Consumer |
20.2 |
1.6% |
Renaissance Learning |
2018 |
Francisco Partners |
Technology / IT |
19.7 |
1.6% |
Bylight |
2017 |
Sagewind Partners |
Technology / IT |
19.6 |
1.5% |
Total Top 30 Investments |
|
|
|
$943.7 |
74.4% |
*Undisclosed company due to confidentiality
provisions.
Geography |
% of Portfolio |
North America |
77% |
Europe |
22% |
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 |
13% |
Business Services |
12% |
Healthcare |
9% |
Other |
5% |
Energy |
1% |
Total Portfolio |
100% |
|
|
Vintage
Year |
% of Portfolio |
2016 & Earlier |
11% |
2017 |
19% |
2018 |
15% |
2019 |
14% |
2020 |
12% |
2021 |
17% |
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 $509 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
30 September 2024.
1 Based on net asset value.
2 Available liquidity adjusted for Treasury Bill
payable which settled in November.
3 Available liquidity and cash balance
adjusted for Treasury Bill payable which settled in
November.
- October 2024 NBPE Factsheet vF
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From Nov 2024 to Dec 2024
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From Dec 2023 to Dec 2024