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2H Dividend of $0.47 Declared & June


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

2H Dividend of $0.47 Declared & June Monthly NAV Update

19 July 2022

NB Private Equity Partners (NBPE), the $1.4bn listed private equity investment company managed by Neuberger Berman, today releases its 30 June 2022 monthly NAV estimate and announces its 2H 2022 dividend.

Highlights (at 30 June 2022)

  • NAV per share of $28.86 (£23.76)
  • 2% decrease in the month driven by changes in valuations of quoted holdings
  • Declaration of 2H dividend of $0.47 per share, in-line with the February 2022 dividend; an annualised yield of 3.3% on NAV and 5.5% on the share price
  • $11 million of proceeds received during the month and $371 million of cash and undrawn credit line available
At 30 June 2022* YTD 1 year 3 years 5 years 10 years
NAV TR (USD) (7.4%) 3.7% 65.1% 103.7% 247.5%
MSCI World TR (USD) (20.3%) (13.9%) 24.3% 48.5% 161.8%
           
Share price TR (GBP) (18.2%) 10.6% 48.2% 71.7% 360.2%
FTSE All-Share TR (GBP) (4.6%) 1.6% 7.4% 17.8% 94.6%

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

Business review (at 30 June 2022)

NAV decrease of 2% during June 2022

  • 1.9% NAV decline ($26 million) during the month of June as a result of a decline in value of quoted holdings
  • 0.6% NAV decrease ($8 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate
  • The monthly NAV estimate does not incorporate any Q2 private valuation information; Q2 valuation information will be incorporated as received in future monthly NAV updates. NBPE expects to issue its interim financial report in September 2022

$119 million of announced realisations in 2022

  • 2022 year to date announced realisations of $119 milllion1
    • Five 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 and the sale of an additional unannounced transaction which was signed in June but has not yet closed2
    • These five announced full or partial sales are expected to generate a 2.9x gross multiple of capital and an 8% uplift from 31 December 2021 valuations

Investment Activity

  • No new investment activity in June
  • NBPE is well placed to make new investments and is continuing to evaluate new opportunities as the market develops

Robust Liquidity

  • $11 million of proceeds received during June
  • $371 million of available liquidity ($71 million cash3, $300 million of undrawn credit line)
  • NBPE converted US Dollars equivalent to approximately £16 million in early July. Combined with May’s conversion, NBPE holds £48 million of its cash in sterling, representing 75% of the 2022 ZDP final capital entitlement

2H 2022 Dividend

  • Semi-annual dividend of $0.47 per share, in line with the February 2022 dividend
  • Annualised dividend yield on NAV is 3.3% and annualised share price yield is 5.5% based on the closing share price of 1,440p on 15 July 2022 and current FX rates
Distribution amount: $0.47 per Share
Ex-dividend date: 28 July 2022
Dividend record date: 29 July 2022
Final day for Currency Election: 12 August 2022
Final day for Dividend Re-investment Plan Election: 12 August 2022
Payment date: 31 August 2022

While the Company declares dividends in US Dollars, Shareholders will receive Sterling dividends at the prevailing rate at the time of currency conversion, unless an election to receive dividends in US Dollars is made on forms which are available on NBPE’s website prior to the currency election date listed below. If an investor has previously elected to receive US Dollars, that election will be used unless changed. Investors may also participate in a dividend re-investment plan (forms for which are available on NBPE’s website) if they wish to increase their shareholdings instead of receiving cash dividends.

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 June 2022 was based on the following information:

  • 16% of the portfolio was valued as of 30 June 2022
    • 13% in public securities
    • 3% in private direct investments
  • 84% of the portfolio was valued as of 31 March 2022
    • 83% in private direct investments
    • 1% in private funds

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

Supplementary Information

Company Name Vintage Lead Sponsor Sector Fair Value % of FV
Constellation Automotive 2019 TDR Capital Business Services                         79.0 5.5%
Action 2020 3i Consumer / E-commerce                         51.7 3.6%
Agiliti (NYSE: AGTI) 2019 THL Healthcare                         51.3 3.6%
USI 2017 KKR Financial Services                         42.0 2.9%
Material Handling Systems 2017 THL Industrials / Industrial
Technology
                        41.2 2.9%
Kroll 2020 Further Global / Stone Point Financial Services                         41.1 2.9%
AutoStore (OB.AUTO) 2019 THL Industrials / Industrial Technology                         35.0 2.4%
Excelitas 2017 AEA Investors Technology / IT                         32.7 2.3%
Cotiviti 2018 Veritas Capital Healthcare                         32.4 2.3%
BeyondTrust 2018 Francisco Partners Technology / IT                         32.2 2.2%
Marquee Brands 2014 Neuberger Berman Consumer / E-commerce                         32.0 2.2%
Business Services Company* 2017 Not Disclosed Business Services                         31.4 2.2%
Advisor Group 2019 Reverence Capital Financial Services                         31.4 2.2%
Auctane 2021 Thoma Bravo Technology / IT                         30.0 2.1%
GFL (NYSE: GFL) 2018 BC Partners Business Services                         29.3 2.0%
Branded Toy Company* 2017 Not Disclosed Consumer / E-commerce                         26.5 1.8%
Stubhub 2020 Neuberger Berman Consumer / E-commerce                         26.4 1.8%
Engineering 2016 NB Renaissance / Bain Capital Technology / IT                         24.2 1.7%
True Potential 2022 Cinven Financial Services                         23.9 1.7%
Petsmart / Chewy (NYSE: CHWY) 2015 BC Partners Consumer / E-commerce                         22.6 1.6%
Branded Cities Network 2017 Shamrock Capital Communications / Media                         21.4 1.5%
Chemical Guys 2021 AEA Investors Consumer / E-commerce                         21.1 1.5%
Staples 2017 Sycamore Partners Business Services                         20.7 1.4%
Bylight 2017 Sagewind Partners Technology / IT                         20.5 1.4%
Solenis 2021 Platinum Equity Industrials                         19.8 1.4%
Monroe Engingeering 2021 AEA Investors Industrials                         19.8 1.4%
Accedian 2017 Bridge Growth Partners Technology / IT                         18.5 1.3%
Addison Group 2021 Trilantic Capital Partners Business Services                         18.1 1.3%
Telxius 2017 KKR Communications / Media                         17.8 1.2%
Peraton 2021 Veritas Capital Technology / IT                         17.1 1.2%
Total Top 30 Investments                             $911.1 63.6%

*Undisclosed company due to confidentiality provisions.

Geography % of Portfolio
North America 74%
Europe 23%
Asia / Rest of World 3%
Total Portfolio 100%
   
Industry % of Portfolio
Tech, Media & Telecom 22%
Consumer / E-commerce 20%
Industrials / Industrial Technology 14%
Business Services 14%
Financial Services 12%
Healthcare 10%
Other 7%
Energy 1%
Total Portfolio 100%
   
Vintage Year % of Portfolio
2014 & Earlier 4%
2015 4%
2016 8%
2017 24%
2018 20%
2019 17%
2020 10%
2021 11%
2022 2%
Total Portfolio 100%

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 2,500 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). 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 $447 billion in client assets as of March 31, 2022. 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 $67 million of cash from realisations received through 30 June 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including the realisation signed in June 2022, NBPE expects total additional cash proceeds of $68 million, which would result in $119 million of total realisations in 2022.
2 Pending realisations are subject to customary closing conditions. No assurances can be given the transactions ultimately close.

3 Includes £31.8m of cash converted to USD at the month-end exchange rate.

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