TIDMNBPE
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
19 January 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 31 December 2022 Monthly Net Asset Value ("NAV")
estimate.
Highlights (as of 31 December 2022)
-- NAV per share of $27.94 (GBP23.23)
-- (8.9%) NAV total return ("TR") during 2022, with performance impacted by
quoted holdings and FX movements
-- $143 million of announced realisations during 2022
-- $307 million of available liquidity
As of 31 December
2022 YTD 3 years 5 years 10 years
-------------------- ------- ------- ------- --------
NAV TR (USD) (8.9%) 60.1% 86.4% 226.1%
-------------------- ------- ------- ------- --------
MSCI World TR (USD) (17.7%) 17.3% 38.2% 146.4%
-------------------- ------- ------- ------- --------
Share price TR
(GBP) (9.7%) 49.8% 87.3% 400.8%
-------------------- ------- ------- ------- --------
FTSE All-Share
TR (GBP) 0.3% 7.1% 15.5% 88.2%
-------------------- ------- ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (as of 31 December 2022)
NAV performance during the month driven by:
-- 0.7% NAV increase ($10 million) from positive FX movements, primarily
attributable to changes in the EUR/USD rate
-- 0.4% NAV decrease ($5 million) from the value of quoted holdings (which
constitute 12% of portfolio fair value)
-- 0.2% NAV decrease ($3 million) from the receipt of additional third
quarter private company valuation information
-- 0.2% NAV decrease ($3 million) attributable to changes in the Zero
Dividend Preference share (ZDP) liability and expense accruals
$143 million of announced realisations from the portfolio in
2022(1)
-- Seven full or partial sales announced in 2022 include: the remaining
assets of Telxius, the announced full sales of Leaseplan and Omega
Environmental Technologies, the final sale of public shares of Fiserv,
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
$41 million invested in two transactions in 2022
-- $26 million invested in True Potential, a wealth management technology
platform
-- $15 million re-invested in an undisclosed investment
$307 million of available liquidity
-- $7 million of cash and $300 million of undrawn credit facility
-- A further $27 million of proceeds from previously announced realisations
expected in the coming months
Portfolio Valuation
The fair value of NBPE's portfolio as of 31 December 2022 was
based on the following information:
-- 15% of the portfolio was valued as of 31 December 2022
--
-- 12% in public securities
-- 3% in private direct investments
-- 85% of the portfolio was valued as of 30 September 2022
--
-- 84% in private direct investments
-- 1% in private fund investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=hfIfhNqZT2QdlGNeCr-ip_oBIl6wgco5kqw4eWIJkAF6M7pXeCjzV6iqouhZ2jRUvY8-cWuxpQdauzXEzHABjFIkPNhaUo5KPvY3mg1Deh6at53bayyluy9BQpiq5QZY
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as of 31 December 2022)
Fair
Value % of
Company Name Vintage Lead Sponsor Sector ($m) FV
Constellation Business
Automotive 2019 TDR Capital Services 69.7 5.1%
Action 2020 3i Consumer 60.1 4.4%
Financial
USI 2017 KKR Services 48.0 3.5%
Financial
Advisor Group 2019 Reverence Capital Services 46.0 3.3%
AutoStore
(OB.AUTO) 2019 THL Industrials 44.9 3.3%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 40.8 3.0%
Material Handling
Systems 2017 THL Industrials 39.7 2.9%
Further Global Financial
Kroll 2020 / Stone Point Services 34.7 2.5%
Cotiviti 2018 Veritas Capital Healthcare 34.5 2.5%
Business Services Business
Company* 2017 Not Disclosed Services 32.4 2.3%
BeyondTrust 2018 Francisco Partners Technology / IT 29.4 2.1%
Marquee Brands 2014 Neuberger Berman Consumer 27.6 2.0%
Business
GFL (NYSE: GFL) 2019 BC Partners Services 27.3 2.0%
Branded Toy
Company* 2017 Not Disclosed Consumer 26.5 1.9%
Stubhub 2020 Neuberger Berman Consumer 26.4 1.9%
NB Renaissance
Engineering 2020 / Bain Capital Technology / IT 24.7 1.8%
Financial
True Potential 2022 Cinven Services 24.4 1.8%
Trilantic Capital Business
Addison Group 2021 Partners Services 24.3 1.8%
Auctane 2021 Thoma Bravo Technology / IT 23.5 1.7%
Branded Cities Communications
Network 2017 Shamrock Capital / Media 23.4 1.7%
Petsmart / Chewy
(NYSE: CHWY) 2015 BC Partners Consumer 22.0 1.6%
Solenis 2021 Platinum Equity Industrials 21.5 1.6%
Excelitas 2017 AEA Investors Industrials 21.5 1.6%
Monroe Engineering 2021 AEA Investors Industrials 21.3 1.5%
Business
Staples 2017 Sycamore Partners Services 21.2 1.5%
Bylight 2017 Sagewind Partners Technology / IT 20.6 1.5%
Bridge Growth
Accedian 2017 Partners Technology / IT 20.6 1.5%
FV Hospital 2017 Quadria Capital Healthcare 17.7 1.3%
Renaissance
Learning 2018 Francisco Partners Technology / IT 17.0 1.2%
Financial
Leaseplan 2016 TDR Capital Services 16.4 1.2%
Total Top 30
Investments $908.2 65.9%
================================================================= =========================== =====
*Undisclosed company due to confidentiality provisions.
Geography % of Portfolio
North America 72%
Europe 24%
Asia / Rest of World 4%
Total Portfolio 100%
==================================== ==============
Industry % of Portfolio
Tech, Media & Telecom 21%
Consumer / E-commerce 20%
Industrials / Industrial Technology 16%
Business Services 14%
Financial Services 14%
Healthcare 10%
Other 4%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2014 & Earlier 5%
2015 2%
2016 7%
2017 25%
2018 19%
2019 17%
2020 11%
2021 11%
2022 3%
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 $427 billion in client assets as of
December 31, 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) $120 million of cash from realisations received through 31
December 2022, of which $17 million was attributable to a sale
announced in 2021, but received in 2022. NBPE expects total
additional net cash from these realisations of $27 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.
Attachment
-- NBPE Factsheet December_vF
https://ml-eu.globenewswire.com/Resource/Download/94abc853-2783-484d-807a-3efc59248d93
(END) Dow Jones Newswires
January 19, 2023 02:00 ET (07:00 GMT)
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