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NBPE Announces 31 October 2022 Monthly NAV
24 November 2022
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 31 October 2022 Monthly Net Asset Value (“NAV”) estimate.
Highlights (31 October 2022)
NAV per share of $27.96 (£24.28); 2.6% increase in October 2022, driven by positive movements in public valuations and FX
Excluding the impact of FX, based on information received to date, third quarter private company valuations declined by 0.2% on a constant currency basis
Year to date, private company valuations are up by 2.9%, on a constant currency basis
(8.8%) NAV TR in the 10 months to 31 October 2022; YTD performance driven by negative movement in quoted holdings and foreign exchange movements on non US Dollar assets
81% of portfolio valued as of 30 September 2022 or 31 October 2022
$130 million of announced realisations in 10 months to 31 October 2022
$300 million of available liquidity – well positioned to take advantage of investment opportunities
As of 31 October 2022
YTD
1 Year
3 years
5 years
10 years
NAV TR (USD)
(8.8%)
(5.2%)
62.9%
93.3%
237.7%
MSCI World TR (USD)
(19.7%)
(18.1%)
21.2%
39.7%
148.3%
Share price TR (GBP)
(9.9%)
(2.6%)
61.6%
94.1%
415.0%
FTSE All-Share TR (GBP)
(5.0%)
(2.8%)
7.1%
12.7%
83.2%
*Reflects cumulative returns over the time periods shown and are not annualised.
Business review (at 31 October 2022)
NAV increase during the month comprises:
2.8% NAV increase ($35 million) as a result of an increase in the value of quoted holdings (which constitute 13% of portfolio fair value)
0.4% NAV increase ($5 million) from positive FX movements, primarily attributable to changes in the EUR/USD rate
0.2% NAV decrease ($2 million) from the receipt of third quarter private company valuation information
$130 million of announced realisations from the portfolio in 20221
Six 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, 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
$300 million of available liquidity
$5 million of cash and $295 million of undrawn credit facility
A further $27 million of proceeds from announced realisations expected in coming months
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 October 2022 was based on the following information:
16% of the portfolio was valued as of 31 October 2022
13% in public securities
3% in private direct investments
65% of the portfolio was valued as of 30 September 2022
64% in private direct investments
1% in private fund investments
19% of the portfolio was valued as of 30 June 2022
*Undisclosed company due to confidentiality provisions.
Geography
% of Portfolio
North America
73%
Europe
23%
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
14%
Healthcare
10%
Other
7%
Energy
1%
Total Portfolio
100%
Vintage Year
% of Portfolio
2014 & Earlier
4%
2015
3%
2016
8%
2017
25%
2018
19%
2019
17%
2020
11%
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 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 $408 billion in client assets as of September 30, 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$108 million of cash from realisations received through 31 October 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 these realisations of $26 million.
2Additional 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.
