NB Private Equity: Monthly NAV Update – December 2020
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NBPE Announces December Monthly NAV Update
13 January 2021NB Private Equity Partners Limited (“NBPE” or the “Company”), a closed-end private equity investment company, today announces an updated Net Asset Value (“NAV”) estimate for the month ended 31 December 2020.Key Highlights·The table below summarises the monthly and YTD NAV performance through 31 December 20201. These full year return data will be updated as year end valuations from underlying private investments are received in the coming months.31 December 2020 NAV growth of $5.2 million, or $0.11 per share, relative to the 30 November 2020 NAV driven by:$9.7 million of unrealised gains, or $0.21 per share, primarily attributable to public valuations, positive foreign exchange adjustments on non-USD investments and other mark to market adjustments$4.3 million of expenses, $0.10 per share, attributable to management fee and carried interest accruals, ZDP interest and net loss on ZDP FX, credit facility interest and other expenses$0.6 million, or $0.01 per share, of unrealised losses from additional private valuation information$0.3 million of accrued cash and PIK interest from the income portfolio, or $0.01 per share
Portfolio ValuationThe value of NBPE’s private equity portfolio as of 31 December 2020 was based on the following information2:18% of the private equity fair value was valued as of 31 December 202012% in public securities36% in private direct debt investments82% of the private equity fair value was valued as of 30 September 202081% in private direct equity investments1% in fund investments Manager Commentary
During the month of December, NBPE experienced significant liquidity from its portfolio, with approximately $60.9 million of proceeds received as a result of multiple liquidity events. As previously announced on 16 December 2020, NBPE received $49.3 million from the successful exit of ProAmpac consisting of $43.3 million of equity proceeds and $6.0 million from the exit of NBPE’s second lien debt position. NBPE also re-invested $4.9 million of equity into ProAmpac which the Manager believes continues to represent an attractive investment opportunity. NBPE received $6.3 million of additional distributions from direct equity investments consisting of $5.5 million from the sale of public stock positions and $0.8 million of other partial realisations. In addition, NBPE received $4.7 million of realisations from fund investments consisting primarily of liquidation proceeds from NB Crossroads Fund XVIII.As a result of the strong realisation activity during the month, NBPE paid down $50 million of the credit facility and had $35 million drawn as of 31 December 2020. 82% of valuations remain based on private valuation information as of 30 September 2020 and updated Q4 information is expected over the coming weeks and will be incorporated into future monthly statements as received. NBPE expects to issue its Annual Financial Report in April 2021.For further information, please contact:NBPE Investor Relations +1 214 647 9593Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.comAbout 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: 213800UJH93NH8IOFQ77About 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 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For six 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 $374 billion in client assets as of September 30, 2020. 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 Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown. GBP NAV total return for the monthly and YTD periods are -1.8% and 7.5%, respectively; GBP NAV return for the monthly and YTD periods are -1.8% and 4.2%, respectively.2 Please refer to the valuation methodology section of the monthly report for a description of the Manager’s valuation methodology. 82% of underlying valuation data is as of 30 September 2020. Given the current market / economic environment the Manager notes that while this valuation data may be stale, it remains the best estimate we are currently able to provide but may not accurately reflect the fair value at 31 December 2020.3 Includes Petsmart / Chewy as value is predominantly impacted by the public value of Chewy.
AttachmentNBPE December Monthly NAV Update vF
NBPE Announces December Monthly NAV Update
13 January 2021NB Private Equity Partners Limited (“NBPE” or the “Company”), a closed-end private equity investment company, today announces an updated Net Asset Value (“NAV”) estimate for the month ended 31 December 2020.Key Highlights·The table below summarises the monthly and YTD NAV performance through 31 December 20201. These full year return data will be updated as year end valuations from underlying private investments are received in the coming months.31 December 2020 NAV growth of $5.2 million, or $0.11 per share, relative to the 30 November 2020 NAV driven by:$9.7 million of unrealised gains, or $0.21 per share, primarily attributable to public valuations, positive foreign exchange adjustments on non-USD investments and other mark to market adjustments$4.3 million of expenses, $0.10 per share, attributable to management fee and carried interest accruals, ZDP interest and net loss on ZDP FX, credit facility interest and other expenses$0.6 million, or $0.01 per share, of unrealised losses from additional private valuation information$0.3 million of accrued cash and PIK interest from the income portfolio, or $0.01 per share
Portfolio ValuationThe value of NBPE’s private equity portfolio as of 31 December 2020 was based on the following information2:18% of the private equity fair value was valued as of 31 December 202012% in public securities36% in private direct debt investments82% of the private equity fair value was valued as of 30 September 202081% in private direct equity investments1% in fund investments Manager Commentary
During the month of December, NBPE experienced significant liquidity from its portfolio, with approximately $60.9 million of proceeds received as a result of multiple liquidity events. As previously announced on 16 December 2020, NBPE received $49.3 million from the successful exit of ProAmpac consisting of $43.3 million of equity proceeds and $6.0 million from the exit of NBPE’s second lien debt position. NBPE also re-invested $4.9 million of equity into ProAmpac which the Manager believes continues to represent an attractive investment opportunity. NBPE received $6.3 million of additional distributions from direct equity investments consisting of $5.5 million from the sale of public stock positions and $0.8 million of other partial realisations. In addition, NBPE received $4.7 million of realisations from fund investments consisting primarily of liquidation proceeds from NB Crossroads Fund XVIII.As a result of the strong realisation activity during the month, NBPE paid down $50 million of the credit facility and had $35 million drawn as of 31 December 2020. 82% of valuations remain based on private valuation information as of 30 September 2020 and updated Q4 information is expected over the coming weeks and will be incorporated into future monthly statements as received. NBPE expects to issue its Annual Financial Report in April 2021.For further information, please contact:NBPE Investor Relations +1 214 647 9593Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.comAbout 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: 213800UJH93NH8IOFQ77About 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 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For six 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 $374 billion in client assets as of September 30, 2020. 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 Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown. GBP NAV total return for the monthly and YTD periods are -1.8% and 7.5%, respectively; GBP NAV return for the monthly and YTD periods are -1.8% and 4.2%, respectively.2 Please refer to the valuation methodology section of the monthly report for a description of the Manager’s valuation methodology. 82% of underlying valuation data is as of 30 September 2020. Given the current market / economic environment the Manager notes that while this valuation data may be stale, it remains the best estimate we are currently able to provide but may not accurately reflect the fair value at 31 December 2020.3 Includes Petsmart / Chewy as value is predominantly impacted by the public value of Chewy.
AttachmentNBPE December Monthly NAV Update vF
