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NBPE Announces September Monthly NAV Estimate

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 September Monthly NAV Estimate

11 October 2024

NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 September 2024 monthly NAV estimate.

NAV Highlights (30 September 2024)

  • NAV per share was $27.37 (£20.40), a total return of (0.3%) in the month
  • Year to date NAV TR of 0.9%
  • $73 million invested in new and follow on investments year to date
  • $391 million of available liquidity at 30 September 2024
As of 30 September 2024YTD1 Year3 years5 years10 years
NAV TR (USD)*
Annualised
0.9%4.3%(2.8%)
(1.0%)
70.9%
11.3%
172.2%
10.5%
MSCI World TR (USD)*
Annualised
19.3%33.0%30.7%
9.3%
89.1%
13.6%
175.2%
10.7%
Share price TR (GBP)*
Annualised
0.8%6.4%14.1%
4.5%
76.0%
12.0%
245.2%
13.2%
FTSE All-Share TR (GBP)*
Annualised
9.9%13.4%23.9%
7.4%
32.2%
5.7%
83.6%
6.3%

* All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

Portfolio Update to 30 September 2024

NAV performance during the month driven by:

  • 0.2% NAV increase ($2 million) from the receipt of private company valuation information
  • 0.2% NAV increase ($3 million) from positive FX movements
  • 0.3% NAV decrease ($4 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
  • 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

Realisations from the portfolio continue in 2024

  • $160 million of realisations received year to date, driven by Action, Cotiviti and previously announced sales of Melissa & Doug, FV Hospital and Safefleet as well as sales of public stock and continued realisations from the legacy income investment portfolio

$391 million of total liquidity at 30 September 2024

  • $181 million of cash and liquid investments with $210 million of undrawn credit line available

$73 million invested in 2024 in new and follow-on investments

  • $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
  • $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
  • $10 million of additional new and follow on investments

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 September 2024 was based on the following information:

  • 6% of the portfolio was valued as of 30 September 2024
    • 6% in public securities
  • 94% of the portfolio was valued as of 30 June 2024
    • 93% in private direct investments
    • 1% in private funds

For further information, please contact:

NBPE Investor Relations         +44 (0) 20 3214 9002
Luke Mason                              NBPrivateMarketsIR@nb.com 

Kaso Legg Communications   +44 (0)20 3882 6644

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

Supplementary Information (as at 30 September 2024)

Company NameVintageLead SponsorSectorFair Value ($m)% of FV
Action20203iConsumer                       68.95.4%
Osaic2019Reverence CapitalFinancial Services                       62.74.9%
Solenis2021Platinum EquityIndustrials                       58.24.6%
BeyondTrust2018Francisco PartnersTechnology / IT                       42.03.3%
Branded Cities Network2017Shamrock CapitalCommunications / Media                       40.13.2%
Monroe Engineering2021AEA InvestorsIndustrials                       38.33.0%
Business Services Company*2017Not DisclosedBusiness Services                       37.12.9%
True Potential2022CinvenFinancial Services                       35.82.8%
Kroll2020Further Global / Stone PointFinancial Services                       31.42.5%
Constellation Automotive2019TDR CapitalBusiness Services                       30.92.4%
Marquee Brands2014Neuberger BermanConsumer                       30.82.4%
Staples2017Sycamore PartnersBusiness Services                       30.72.4%
GFL (NYSE: GFL)2018BC PartnersBusiness Services                       30.52.4%
Fortna2017THLIndustrials                       28.72.3%
Viant2018JLL PartnersHealthcare                       27.22.1%
Stubhub2020Neuberger BermanConsumer                       26.62.1%
Engineering2020NB Renaissance / Bain CapitalTechnology / IT                       25.82.0%
FDH Aero2024Audax GroupIndustrials                       25.32.0%
Agiliti2019THLHealthcare                       25.32.0%
Benecon2024TA AssociatesHealthcare                       25.22.0%
Solace Systems2016Bridge Growth PartnersTechnology / IT                       24.41.9%
Addison Group2021Trilantic Capital PartnersBusiness Services                       23.81.9%
USI2017KKRFinancial Services                       23.21.8%
Auctane2021Thoma BravoTechnology / IT                       22.51.8%
Excelitas2022AEA InvestorsIndustrials                       21.91.7%
Qpark2017KKRTransportation                       21.51.7%
AutoStore (OB.AUTO)2019THLIndustrials                       21.31.7%
Exact2019KKRTechnology / IT                       20.11.6%
Renaissance Learning2018Francisco PartnersTechnology / IT                       19.41.5%
Bylight2017Sagewind PartnersTechnology / IT                       18.71.5%
Total Top 30 Investments                        $938.5 73.8%

*Undisclosed company due to confidentiality provisions.

Geography% of Portfolio
North America76%
Europe23%
Asia / Rest of World1%
Total Portfolio100%
  
Industry% of Portfolio
Tech, Media & Telecom23%
Consumer / E-commerce20%
Industrials / Industrial Technology17%
Financial Services14%
Business Services12%
Healthcare9%
Other4%
Energy1%
Total Portfolio100%
  
Vintage Year% of Portfolio
2016 & Earlier11%
201719%
201816%
201914%
202012%
202116%
20225%
20232%
20245%
Total Portfolio100%

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 is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of June 30, 2024.


1 Based on net asset value.

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.

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