NBPE Announces 31 May 2023 NAV Update

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

13 June 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 31 May 2023 Monthly Net Asset Value (“NAV”) estimate.

Highlights (as of 31 May 2023)

• NAV per share of $28.15 (£22.71), a 0.4% decrease during the month
• Two main drivers in the month were an increase in quoted holdings, offset by negative FX movements
• 99% of the valuation information as of 31 March 2023 or 31 May 2023
• On a constant currency basis, private valuations received to date, in aggregate, were up 0.6% in Q1 2023 from Q4 2022

• NBPE continues to be well positioned to take advantage of investment opportunities - $306 million of available liquidity
  
  

*Reflects cumulative returns over the time periods shown and are not annualised.

Portfolio Update to 31 May 2023

NAV performance during the month driven by:

• 0.9% NAV increase ($12 million) from the value of quoted holdings (which constitute 13% of portfolio fair value)
• 0.9% NAV decrease ($11 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate
• Excluding FX, 0.3% NAV decrease ($4 million) from the receipt of first quarter private company valuation information received during the month of May; including previous received Q1 valuations, private company valutions up by 0.6% in Q1 2023 from Q4 2022
• 0.1% NAV decrease ($1 million) attributable to changes in the Zero Dividend Preference share (ZDP) liability and expense accruals

Robust liquidity – $41 million of proceeds received year to date and well positioned to take advantage of opportunities

• $306 million of available liquidity ($6 million of cash, $300 million of undrawn credit facility)
• Pro forma for expected cash receipts from realisations in June 2023, NBPE expects total cash realisations to be $55 million

Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 May 2023 was based on the following information:

• 17% of the portfolio was valued as of 31 May 2023
  • 13% in public securities
  • 4% in private direct investments
• 82% of the portfolio was valued as of 31 March 2023
  • 81% in private direct investments
  • 1% in private funds
• 1% of the portfolio was valued as of 31 December 2022
  • 1% in private 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 of 31 May 2023)

*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 $436 billion in client assets as of March 31, 2023. 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.

Attachments

• NBPE Investor Presentation - MayvF
• May 2023 NBPE Factsheet vF