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
St Peter Port, Guernsey 28 April 2025
NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2024 Annual Financial Report and 31 March 2025 Monthly NAV Update.
Audited Annual Results Highlights (31 December 2024)
NAV per share of $27.53 (£21.98)
1.5% NAV TR in the 12 months to 31 December 2024, driven by an increase in private valuations, offset by quoted holdings and FX
Private portfolio value increased 6.9% in 2024 on a constant currency basis
Strong portfolio company operating performance: LTM revenue and EBITDA growth of 8.0% and 13.1%, respectively, during 20241
$179 million of proceeds from realisations received during 2024
Well positioned to take advantage of investment opportunities - $283 million of cash and undrawn credit line available
$0.94 per share of dividends paid during 2024
As of 31 December 2024
2024
3 years
5 years
10 years
NAV TR (USD)* Annualised
1.5%
(4.0%) (1.3%)
68.8% 11.0%
166.2% 10.3%
MSCI World TR (USD)* Annualised
19.2%
22.0% 6.9%
73.9% 11.7%
171.9% 10.5%
Share price TR (GBP)* Annualised
(1.1%)
(2.3%) (0.8%)
62.1% 10.1%
231.2% 12.7%
FTSE All-Share TR (GBP)* Annualised
9.5%
18.5% 5.8%
26.5% 4.8%
81.9% 6.2%
*Reflects cumulative returns over the time periods shown and are not annualised.
Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger Berman commented:
“NBPE ended 2024 with net assets of $1.3 billion, reflecting a NAV per share of $27.53 and a total NAV return of 1.5% for the year. This performance was driven by the strong operating performance of our private investment portfolio, which grew in value by 6.9% on a constant currency basis. However, these gains were partially offset by the impact of foreign exchange fluctuations and public holdings. Despite a more challenging environment for private equity exits, NBPE delivered solid realisations in 2024, generating $179 million in proceeds – equivalent to 14% of the portfolio's opening fair value.
NBPE ended the year in a strong financial position with $283 million of available liquidity and an investment level of 102%, which is at the lower end of the long-term target investment level range of 100-110%.”
Paul Daggett, Managing Director of Neuberger Berman, continued:
“Overall, the underlying portfolio of private companies continued to perform well, reporting a weighted average LTM revenue and EBITDA growth1 of 8.0% and 13.1%, respectively. It is encouraging to see that the four new investments made in 2024 are off to a good start, being valued at a 1.1x gross multiple of capital and generating a 22% IRR on a combined basis as of 31 December 2024.
Despite recent market volatility and uncertainty, we remain confident that NBPE is well-positioned to perform across a range of economic scenarios. The portfolio remains well-diversified across our two key themes, and we believe it is well-positioned to continue to deliver growth over the long term.”
YTD NAV driven by positive FX adjustments, offset by declines in quoted holdings
31 March 2025 monthly NAV estimate does not include any Q1 2025 private company valuations
Realisations from the portfolio in 2025
$47 million of proceeds received in the first three months of 2025
Realisations to date driven by full exits of USI and Kyobo Life Insurance, partial realisations of Tendam, Qpark, Clearent, and Osaic, as well as full and partial realisations of certain quoted holdings and income investments
A further ~$20 million of proceeds is expected in the coming months from pending transactions
Robust liquidity – well positioned to take advantage of opportunities
$283 million of available liquidity ($73 million cash/liquid investments and $210 million of credit line)
2025 Share Buybacks
Through 25 April 2025, NBPE has repurchased approximately 624k shares for $12.3 million at a weighted average discount of 29%, resulting in a NAV accretion of approximately $0.10 per share
Portfolio Valuation The fair value of NBPE’s portfolio as of 31 March 2025 was based on the following information:
6% of the portfolio was valued as of 31 March 2025
6% in public securities
94% of the portfolio was valued as of 31 December 2024
Kaso Legg Communications+44 (0)20 3882 6644 Charles Gorman nbpe@kl-communications.com Luke Dampier Charlotte Francis
Supplementary Information (as at 31 March 2025)
Company Name
Vintage
Lead Sponsor
Sector
Fair Value ($m)
% of FV
Action
2020
3i
Consumer
76.8
6.1%
Osaic
2019
Reverence Capital
Financial Services
63.5
5.0%
Solenis
2021
Platinum Equity
Industrials
60.5
4.8%
BeyondTrust
2018
Francisco Partners
Technology / IT
50.1
4.0%
Monroe Engineering
2021
AEA Investors
Industrials
42.6
3.4%
Business Services Company*
2017
Not Disclosed
Business Services
40.1
3.2%
Branded Cities Network
2017
Shamrock Capital
Communications / Media
38.9
3.1%
GFL (NYSE: GFL)
2018
BC Partners
Business Services
38.5
3.0%
Mariner
2024
Leonard Green & Partners
Financial Services
33.7
2.7%
True Potential
2022
Cinven
Financial Services
33.5
2.6%
FDH Aero
2024
Audax Group
Industrials
32.9
2.6%
Marquee Brands
2014
Neuberger Berman
Consumer
31.8
2.5%
Staples
2017
Sycamore Partners
Business Services
29.7
2.3%
Auctane
2021
Thoma Bravo
Technology / IT
28.7
2.3%
Fortna
2017
THL
Industrials
28.7
2.3%
Viant
2018
JLL Partners
Healthcare
27.1
2.1%
Stubhub
2020
Neuberger Berman
Consumer
26.4
2.1%
Benecon
2024
TA Associates
Healthcare
25.5
2.0%
Agiliti
2019
THL
Healthcare
25.3
2.0%
Engineering
2020
NB Renaissance / Bain Capital
Technology / IT
25.0
2.0%
Solace Systems
2016
Bridge Growth Partners
Technology / IT
24.5
1.9%
Addison Group
2021
Trilantic Capital Partners
Business Services
23.8
1.9%
Kroll
2020
Further Global / Stone Point
Financial Services
23.7
1.9%
Exact
2019
KKR
Technology / IT
22.2
1.8%
CH Guenther
2021
Pritzker Private Capital
Consumer
22.0
1.7%
Excelitas
2022
AEA Investors
Industrials
21.9
1.7%
Bylight
2017
Sagewind Partners
Technology / IT
19.9
1.6%
Real Page
2021
Thoma Bravo
Technology / IT
18.5
1.5%
AutoStore (OB.AUTO)
2019
THL
Industrials
18.2
1.4%
Constellation Automotive
2019
TDR Capital
Business Services
18.2
1.4%
Total Top 30 Investments
$972.3
76.9%
*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
21%
Industrials / Industrial Technology
18%
Financial Services
13%
Business Services
12%
Healthcare
8%
Other
4%
Energy
1%
Total Portfolio
100%
Vintage Year
% of Portfolio
2016 & Earlier
10%
2017
16%
2018
14%
2019
14%
2020
13%
2021
18%
2022
5%
2023
2%
2024
8%
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 $515 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. 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 eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.
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.
