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
NBPE Total Return NAV per share Increased 1.5% During July 2021
16 August 2021
Highlights
- As of 31 July 2021, NAV per share is $27.09 (£19.48), a total return of 1.5% in the month1
- Driven by an increase of $24.5 million in private valuations as a result of updated Q2 valuation information
- Year to date NBPE’s TR NAV has increase by 24.0%, as the portfolio continues to perform strongly, with 10 full or partial realisations announced
- $13.5 million of realisation proceeds received during July 2021; total realisation proceeds year to date of $162 million
- Additional $110 million of proceeds expected from announced transactions
- 28% of valuations as of 30 June 2021; additional Q2 valuation information expected in the coming weeks. Q2 2021 Semi-Annual Report with final Q2 valuations expected to be issued in September
Monthly NAV Development
- After adjusting for the declared dividend, 31 July 2021 NAV growth of $18.6 million, or $0.41 per share, relative to the 30 June 2021 monthly estimate. Changes in NAV per share:
- $24.5 million, or $0.52 per share, of gross unrealised gains from additional private valuation information
- $0.6 million of unrealised losses, or $0.01 per share, attributable to public valuation, foreign exchange adjustments on non-USD investments and other mark to market adjustments
- $19.2 million, or $0.41 per share, dividend declared
- $5.9 million of expenses, $0.13 per share, attributable to management fee and carried interest accruals, ZDP interest and 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
Valuation Update on Previously Announced Exits
- In aggregate, with respect to the ten previously announced full or partial exits in 2021:
- Of the $150 million ($3.21 per share) of estimated NAV uplift relative to 31 December 2020 valuations, approximately $120 million ($2.57 per share) has been incorporated to date based on the receipt of updated second quarter valuation information and Agiliti’s closing share price as of 31 July 2021
- A further $30 million ($0.64 per share) of estimated NAV uplift is expected in the coming months as these investments close and additional valuation information is received from underlying general partners
- Approximately $95 million of cash proceeds has been received to date and an additional $110 million is expected in the coming months as transactions close
- In April 2021, Agiliti (NYSE: AGTI) completed an IPO. As of 31 July 2021, the stock price increase has resulted in $2 million of NAV uplift relative to the 31 December 2020 valuation
Portfolio Valuation
The value of NBPE’s portfolio as of 31 July 2021 was based on the following information2:
- 18% of the portfolio fair value was valued as 31 July 2021
- 15% in public securities3
- 3% in private direct investments
- 28% of the portfolio fair value was valued as of 30 June 2021
- 28% in private direct investments
- 54% of the portfolio fair value was valued as of 31 March 2021
- 53% in private direct equity investments
- 1% in fund investments
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 25 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 $429 billion in client assets as of March 31, 2021. 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 After adjusting for the declared dividend of $0.41 per share.
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 March 2021 and 30 June 2021, the Manager’s analysis and historical experience lead the Manager to believe that this approximates fair value at 31 July 2021.
3 Includes Petsmart / Chewy as value is predominantly driven by the public value of Chewy.
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