NBPE Announces 31 October 2022 Monthly NAV

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

*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

• • 19% in private direct 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
Luke Dampier
Charlotte Francis

Supplementary Information (as at 31 October 2022)

*Undisclosed company due to confidentiality provisions.

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.

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.

² Additional 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.

Attachment

• NBPE Factsheet October 2022 vFF