PI Global Investments
Private Equity

NBPE Announces 31 October 2022 Monthly NAV

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 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

As of 31 October 2022

YTD

1 Year

3 years

5 years

10 years

NAV TR (USD)

(8.8%)

(5.2%)

62.9%

93.3%

237.7%

MSCI World TR (USD)

(19.7%)

(18.1%)

21.2%

39.7%

148.3%

 

 

 

 

 

 

Share price TR (GBP)

(9.9%)

(2.6%)

61.6%

94.1%

415.0%

FTSE All-Share TR (GBP)

(5.0%)

(2.8%)

7.1%

12.7%

83.2%

*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

Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 October 2022 was based on the following information:

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)

Company Name

Vintage

Lead Sponsor

Sector

Fair Value
($m)

% of FV

Constellation Automotive

2019

TDR Capital

Business Services

66.4

4.8%

Action

2020

3i

Consumer

57.1

4.1%

USI

2017

KKR

Financial Services

48.0

3.5%

AutoStore (OB.AUTO)

2019

THL

Industrials

46.6

3.4%

Advisor Group

2019

Reverence Capital

Financial Services

46.0

3.3%

Agiliti (NYSE: AGTI)

2019

THL

Healthcare

43.7

3.2%

Material Handling Systems

2017

THL

Industrials

39.8

2.9%

Kroll

2020

Further Global / Stone Point

Financial Services

34.7

2.5%

Cotiviti

2018

Veritas Capital

Healthcare

33.8

2.4%

Business Services Company*

2017

Not Disclosed

Business Services

33.1

2.4%

Marquee Brands

2014

Neuberger Berman

Consumer

30.1

2.2%

BeyondTrust

2018

Francisco Partners

Technology / IT

29.4

2.1%

Branded Toy Company*

2017

Not Disclosed

Consumer

26.5

1.9%

Stubhub

2020

Neuberger Berman

Consumer

26.4

1.9%

GFL (NYSE: GFL)

2019

BC Partners

Business Services

24.7

1.8%

Addison Group

2021

Trilantic Capital Partners

Business Services

24.3

1.8%

Auctane

2021

Thoma Bravo

Technology / IT

23.5

1.7%

Branded Cities Network

2017

Shamrock Capital

Communications / Media

23.4

1.7%

Engineering

2020

NB Renaissance / Bain Capital

Technology / IT

22.9

1.7%

Petsmart / Chewy (NYSE: CHWY)

2015

BC Partners

Consumer

22.8

1.7%

Solenis

2021

Platinum Equity

Industrials

22.8

1.7%

True Potential

2022

Cinven

Financial Services

22.6

1.6%

Excelitas

2017

AEA Investors

Industrials

21.5

1.6%

Monroe Engineering

2021

AEA Investors

Industrials

21.3

1.5%

Staples

2017

Sycamore Partners

Business Services

21.2

1.5%

Bylight

2017

Sagewind Partners

Technology / IT

20.7

1.5%

Accedian

2017

Bridge Growth Partners

Technology / IT

20.6

1.5%

FV Hospital

2017

Quadria Capital

Healthcare

17.7

1.3%

Renaissance Learning

2018

Francisco Partners

Technology / IT

17.0

1.2%

Chemical Guys

2021

AEA Investors

Consumer

15.8

1.1%

Total Top 30 Investments

 

 

 

                      $904.3

65.5%

*Undisclosed company due to confidentiality provisions.

Geography

% of Portfolio

North America

73%

Europe

23%

Asia / Rest of World

4%

Total Portfolio

100%

 

 

Industry

% of Portfolio

Tech, Media & Telecom

21%

Consumer / E-commerce

20%

Industrials / Industrial Technology

15%

Business Services

13%

Financial Services

14%

Healthcare

10%

Other

7%

Energy

1%

Total Portfolio

100%

 

 

Vintage Year

% of Portfolio

2014 & Earlier

4%

2015

3%

2016

8%

2017

25%

2018

19%

2019

17%

2020

11%

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 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.

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 $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.

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