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
NAV TR +0.1% in July 2022
24 August 2022
NB Private Equity Partners (NBPE), the $1.4bn listed private equity investment company managed by Neuberger Berman, today releases its 31 July 2022 monthly NAV estimate.
Highlights (at31July 2022)
NAV per share of $28.42 (£23.35), a 0.1% increase in the month1
77% of portfolio valued at 30 June 2022; in total the Q2 2022 valuation information received to date resulted in a 2% decrease in NBPE fair value in the second quarter
$367 million of cash and undrawn credit line available
At31July 2022*
YTD
1 year
3 years
5 years
10 years
NAV TR (USD)
(7.3%)
4.2%
67.0%
103.7%
247.8%
MSCI World TR (USD)
(13.9%)
(8.7%)
33.5%
56.5%
179.0%
Share price TR (GBP)
(11.4%)
10.1%
55.3%
87.2%
408.6%
FTSE All-Share TR (GBP)
(0.4%)
5.5%
9.9%
21.5%
100.4%
*Reflects cumulative returns over the time periods shown and are not annualised.
Business review (at31July2022)
Adjusted for the declared dividend, NAV increased 0.1% in July 2022
77% of the portfolio valued based on Q2 2022 private company valuation information, resulting in a 2% decrease ($26 million) in NBPE fair value during the second quarter
1% NAV increase ($19 million) during the month of July as a result of an increase in value of quoted holdings (which constitute 14% of portfolio fair value)
0.5% NAV decrease ($7 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate
$110 million of announced realisations in 2022
2022 year to date announced realisations of $110 milllion1
Five full or partial sales announced in 2022 include: the remaining assets of Telxius, the announced full sales of Leaseplan and Omega Environmental Technologies, the partial realisation of MHS Global and the partial sale of an additional transaction which was signed in June and closed in August 20222
These five announced full or partial sales are expected to generate a 2.8x gross multiple of capital and a 7% uplift from 31 December 2021 valuations
Investment Activity
No new investment activity in July
Robust Liquidity
$367 million of available liquidity ($67 million cash3, $300 million of undrawn credit line)
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 July 2022 was based on the following information:
17% of the portfolio was valued as of 31 July 2022
14% in public securities
3% in private direct investments
77% of the portfolio was valued as of 30 June 2022
76% in private direct investments
1% in private funds
6% of the portfolio was valued as of 31 March 2022
*Undisclosed company due to confidentiality provisions.
Geography
% of Portfolio
North America
74%
Europe
22%
Asia / Rest of World
4%
Total Portfolio
100%
Industry
% of Portfolio
Tech, Media & Telecom
21%
Consumer / E-commerce
20%
Industrials / Industrial Technology
15%
Business Services
13%
Financial Services
13%
Healthcare
11%
Other
6%
Energy
1%
Total Portfolio
100%
Vintage Year
% of Portfolio
2014 & Earlier
4%
2015
3%
2016
7%
2017
24%
2018
20%
2019
19%
2020
10%
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 25 countries, Neuberger Berman’s diverse team has over 2,500 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). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $418 billion in client assets as of June 30, 2022. For more information, please visit our website at www.nb.com.
1 Adjusted for the declareddividend. 1 $67 million of cash from realisations received through 31 July 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including the partial realisation signed in June 2022, NBPE expects total additional net cash from theserealisations of $38 million. 2Additionaltransaction represents an aggregate gross value to NBPE of approximately $33 million, of which NBPE expects to receive approximately $12 million in cash and NBPE has elected to roll a total of approximately $21 million in value. The transaction closed in August 2022 and NBPE expects to receive the cash in the coming weeks. 3 Includes £48m of cash converted to USD at the month-end exchange rate.
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.
