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NBPE Announces February Monthly NAV Update
12 March 2021
NB Private Equity Partners Limited (“NBPE” or the “Company”), a closed-end private equity investment company, today announces an updated Net Asset Value (“NAV”) estimate for the month ended 28 February 2021.
Key Highlights
- LTM NAV total return performance of 20.9% in US Dollars, driven by the incorporation of additional 31 December 2020 valuation information incorporated into the 28 February 2021 monthly NAV estimate
- Private valuations increased $31.9 million in February as a result of updated 31 December 2020 valuation information
- Total 31 December 2020 quarterly private valuations increase of $70.8 million, based on information received to date and inclusive of the 31 December 2020 private valuation write-ups previously incorporated into the January monthly NAV update
- 56% and 17% of the private equity fair value is based on updated private company valuation information as of 31 December 2020 and 28 February 2021, respectively
- Additional fourth quarter valuation information expected over the coming weeks and will be incorporated into future monthly NAV updates
- NBPE’s 28 February 2021 NAV per Share of $21.71 (£15.53) increased $0.56 per share from the estimated 31 January 2021 NAV per Share of $21.15 (£15.40)
- The table below summarises the monthly and LTM NAV performance through 28 February 20211
| (Returns in USD) | Month | 28 Feb-20 YTD | 28 Feb-20 LTM |
| Total return NAV development per Share | 2.6% | 7.4% | 20.9% |
| NAV development per Share | 2.6% | 5.7% | 17.2% |
- 28 February 2021 NAV growth of $26.1 million, or $0.56 per share, relative to the 31 January 2021 NAV driven by:
- $31.9 million, or $0.68 per share, of unrealised gains from additional private valuation information
- $5.8 million of expenses, $0.12 per share, attributable to management fee and carried interest accruals, ZDP interest and net loss on ZDP FX, credit facility interest and other expenses
- $0.6 million of accrued cash and PIK interest from the income portfolio, or $0.01 per share
- $0.6 million of unrealised losses, or $0.01 per share, primarily attributable to public valuations, foreign exchange adjustments on non-USD investments and other mark to market adjustments
Portfolio Valuation
The value of NBPE’s private equity portfolio as of 28 February 2021 was based on the following information2:
- 17% of the private equity fair value was valued as of 28 February 2021
- 12% in public securities3
- 5% in private direct debt investments
- 56% of the private equity fair value was valued as of 31 December 2020
- 56% in private direct equity investments
- 27% of the private equity fair value was valued as of 30 September 2020
- 26% in private direct equity investments
- 1% in fund investments
Manager Commentary
During February, NBPE received $7.7 million of proceeds in total, which consisted of the remaining $4.0 million from the previously announced final sale of Avantor (NYSE: AVTR) public shares and $3.5 million from income investments, consisting primarily of proceeds from the NB Credit Opportunities Program and NB Specialty Finance Program. In terms of new investments, NBPE funded $2.5 million to its commitment to the NB Specialty Finance Program, a follow-on of $0.4 million to one direct equity investment and NBPE received $0.2 million from a return of capital.
The February monthly NAV update includes $31.9 million of additional private company write-ups attributable to updated 31 December 2020 valuation information. This brings total quarterly valuation gains from 31 December 2020 financial information to $70.8 million to date, inclusive of valuation write-ups already incorporated into the January monthly NAV update. These valuation increases have driven NAV growth to approximately 20.9% over the last twelve months in US Dollar terms and inclusive of dividends paid.
Approximately 17% of valuation information in this estimate is as of 28th February and 56% of valuation information is updated to 31 December 2020. Additional valuation information will be incorporated in future monthly NAV updates and NBPE expects to issue its audited financial report in April 2021.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.com
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 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For seven 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 $405 billion in client assets as of December 31, 2020. 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 Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown. GBP NAV total return for the monthly, YTD, and LTM periods are 1.1%, 5.3%, and 10.9%, respectively; GBP NAV return for the monthly, YTD, and LTM periods are 1.1%, 3.7%, and 7.5%, respectively.
2 Please refer to the valuation methodology section of the monthly report for a description of the Manager’s valuation methodology. While some valuation data is as of 31 December 2020 and 30 September 2020, the Manager’s analysis and historical experience lead the Manager to believe that this approximates fair value at 28 February 2021.
3 Includes Petsmart / Chewy as value is predominantly driven by the public value of Chewy.
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