NBPE Announces November 2023 NAV Estimate

NBPE Announces November 2023 NAV Estimate

18 December 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 November 2023 monthly NAV estimate.

Highlights (30 November 2023)

• NAV per share of $27.70 (£21.88), an increase of 2.3% during the month
• Monthly NAV driven by an increase in the value of quoted holdings, positive foreign exchange movements and the receipt of additional Q3 private valuation information
• Year to date constant currency private valuations are up 5.5%
• Realisation activity year to date of $118 million of proceeds received and a further $87 million expected from announced but not yet closed transactions¹
• Full or partial sales year to date have achieved a 2.3x gross multiple of capital and were at a 16% uplift²; $22 million realised from quoted holdings year to date
• $324 million of available liquidity at 30 November 2023 (excluding cash expected to be received from exits that have been announced but not yet closed)

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

Portfolio Update to 30 November  2023

NAV performance during the month driven by:

• 1.8% NAV increase ($22 million) from the value of quoted holdings (which now constitute 9% of portfolio fair value)
• 0.8% NAV increase ($10 million) from positive FX movements
• 0.2% NAV increase ($3 million) from the receipt of Q3 2023 private company valuation information
• 0.5% NAV decrease ($6 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

Realisations from the portfolio continue in 2023

• 2023 year to date cash proceeds of $118 milllion³

–   Full sales of Accedian and Boa Vista
–   Partial sale of Action and Hub Insurance
–   Full and partial sales of public stock in GFL, Vertiv, Concord, Holley, Solarwinds and N-able

• $87 million of realisations expected to be received over the coming months from announced but not yet closed transactions including FV Hospital, Melissa & Doug (fka undisclosed branded toy company), one undisclosed investment and Petsmart⁴

$22m of investment year to date through 30 November 2023

• Including $13m of follow-on investments in Solenis and Renaissance Learning to support transformative M&A

Well positioned to take advantage of investment opportunities with significant available liquidity at 30 November 2023

• $324 million of availability liquidity

– $210 million undrawn credit line and $114 million of cash / liquid investments

KBRA affirms A Rating of NBPE’s revolving credit facility

Affirmation reflected several considerations including: strong asset coverage, transaction structure including maximum LTV thresholds, NBPE’s liquidity profile, and successful track record and operating history

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 November 2023 was based on the following information:

• 12% of the portfolio was valued as of 30 November 2023

• • 9% in public securities
  • 3% in private direct investments

• 87% of the portfolio was valued as of 30 September 2023

• • 86% in private direct investments
  • 1% in private fund investments

• 1% of the portfolio was valued as of 30 June 2023

• • 1% in private direct investments

For further information, please contact:

NBPE Investor Relations         +44 20 3214 9002 

Kaso Legg Communications   +44 (0)20 3995 6673

Charles Gorman                        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

Supplementary Information (as at 30 November 2023)

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. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman 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). The firm manages $439 billion in client assets as of September 30, 2023. For more information, please visit our website at www.nb.com.

¹ $118 million received through 30 November 2023, with a further $87 million expected from announced but not yet received transactions. $20 million was attributable to announced sales in 2022 but received in 2023. Pending realisations are subject to customary closing conditions. No assurances can be given the transactions ultimately close.

² Uplift to value three quarters prior to the announced transaction. For two investments with a partial sale, multiple and uplift reflect realised proceeds only.

³ $118 million received during 2023, of which $20 million was attributable to announced sales in 2022 but received in 2023.

⁴ Pending realisations are subject to customary closing conditions. No assurances can be given the transactions ultimately close.

Attachment

• November 2023 NBPE Factsheet vF