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 18 March 2025
NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 28 February 2025 monthly NAV estimate.
NAV Highlights (28 February 2025)
NAV per share was $27.16 (£21.57), a total return of 0.2% in the month
Approximately 87% of fair value based on private company valuation information as of Q4 2024 or based on 28 February 2025 quoted prices
Based on information received so far, private company valuations increased by 3.1% during Q4 2024 on a constant currency basis
NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
$279 million of available liquidity at 28 February 2025
~220k shares repurchased during February 2025 at a weighted average discount of 27% which were accretive to NAV by ~$0.04 per share. Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share
As of 28 February 2025
Year to Date
One Year
3 years
5 years
10 years
NAV TR (USD)* Annualised
2.7%
1.6%
(0.2%) (0.1%)
72.3% 11.5%
165.3% 10.3%
MSCI World TR (USD)* Annualised
2.8%
16.1%
35.8% 10.7%
96.4% 14.5%
168.9% 10.4%
Share price TR (GBP)* Annualised
1.6%
(0.1%)
11.3% 3.6%
77.8% 12.2%
205.5% 11.8%
FTSE All-Share TR (GBP)* Annualised
6.9%
18.4%
27.7% 8.5%
53.4% 8.9%
82.7% 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 28 February 2025
NAV performance during the month driven by:
0.3% NAV increase ($3 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
Immaterial NAV change from new private company valuation information and changes in FX
$29 million of realisations in 2025 year to date
$26 million of realisations received during the month of February, consisting primarily of exit proceeds from NBPE’s investment in USI and a partial realisation in Tendam
$279 million of total liquidity at 28 February 2025
$69 million of cash and liquid investments with $210 million of undrawn credit line available
2025 Share Buybacks
~220k shares repurchased in February 2025 at a weighted average discount of 27%; buybacks were accretive to NAV by ~$0.04 per share
On 19 February 2025, NBPE’s board announced that it had reserved $120 million for buybacks over the next three years
Year to date, NBPE has repurchased ~359k at a weighted average discount of 28% which were accretive to NAV by ~$0.06 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 28 February 2025 was based on the following information:
6% of the portfolio was valued as of 28 February 2025
6% in public securities
81% of the portfolio was valued as of 31 December 2024
81% in private direct investments
13% of the portfolio was valued as of 30 September 2024
Supplementary Information (as at 28 February 2025)
Company Name
Vintage
Lead Sponsor
Sector
Fair Value ($m)
% of FV
Action
2020
3i
Consumer
74.8
5.9%
Osaic
2019
Reverence Capital
Financial Services
68.9
5.4%
Solenis
2021
Platinum Equity
Industrials
60.0
4.7%
BeyondTrust
2018
Francisco Partners
Technology / IT
50.0
3.9%
Monroe Engineering
2021
AEA Investors
Industrials
42.6
3.3%
Business Services Company*
2017
Not Disclosed
Business Services
40.1
3.1%
Branded Cities Network
2017
Shamrock Capital
Communications / Media
39.2
3.1%
GFL (NYSE: GFL)
2018
BC Partners
Business Services
35.5
2.8%
Mariner
2024
Leonard Green & Partners
Financial Services
34.8
2.7%
FDH Aero
2024
Audax Group
Industrials
33.0
2.6%
True Potential
2022
Cinven
Financial Services
32.2
2.5%
Staples
2017
Sycamore Partners
Business Services
31.6
2.5%
Marquee Brands
2014
Neuberger Berman
Consumer
31.2
2.4%
Fortna
2017
THL
Industrials
28.7
2.3%
Auctane
2021
Thoma Bravo
Technology / IT
28.7
2.3%
Viant
2018
JLL Partners
Healthcare
27.1
2.1%
Stubhub
2020
Neuberger Berman
Consumer
26.5
2.1%
Benecon
2024
TA Associates
Healthcare
26.0
2.0%
Agiliti
2019
THL
Healthcare
25.3
2.0%
Solace Systems
2016
Bridge Growth Partners
Technology / IT
24.4
1.9%
Engineering
2020
NB Renaissance / Bain Capital
Technology / IT
24.1
1.9%
Addison Group
2021
Trilantic Capital Partners
Business Services
23.8
1.9%
Kroll
2020
Further Global / Stone Point
Financial Services
23.6
1.8%
Qpark
2017
KKR
Transportation
22.0
1.7%
Excelitas
2022
AEA Investors
Industrials
21.9
1.7%
CH Guenther
2021
Pritzker Private Capital
Consumer
21.4
1.7%
Exact
2019
KKR
Technology / IT
21.4
1.7%
AutoStore (OB.AUTO)
2019
THL
Industrials
19.5
1.5%
Bylight
2017
Sagewind Partners
Technology / IT
19.5
1.5%
Real Page
2021
Thoma Bravo
Technology / IT
18.5
1.5%
Total Top 30 Investments
$976.2
76.5%
*Undisclosed company due to confidentiality provisions.
Geography
% of Portfolio
North America
78%
Europe
21%
Asia / Rest of World
1%
Total Portfolio
100%
Industry
% of Portfolio
Tech, Media & Telecom
23%
Consumer / E-commerce
21%
Industrials / Industrial Technology
17%
Financial Services
14%
Business Services
12%
Healthcare
8%
Other
4%
Energy
1%
Total Portfolio
100%
Vintage Year
% of Portfolio
2016 & Earlier
10%
2017
16%
2018
15%
2019
14%
2020
12%
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 $508 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 firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. 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 31 December 2024, unless otherwise noted.
1 Based on net asset value.
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.
