NB Private Equity Partners Limited Edison issues review on NB Private Equity Partners
23 Giugno 2021 - 9:00AM
RNS Non-Regulatory
TIDMNBPE
NB Private Equity Partners Limited
23 June 2021
London, UK, 23 June 2021
Edison issues review on NB Private Equity Partners (NBPE)
NB Private Equity Partners (NBPE) delivered a 12-month NAV total
return to end-May 2021 of 52.3% in US$ terms, strongly supported by
its exit activity. This includes 10 deals announced in 2021 with an
estimated uplift of US$160m (15% of end-2020 NAV), most of which is
reflected in the current NAV. NBPE received c US$139m from all its
realisations in 2021 until 15 June and expects a further c US$116m
once all the above deals have closed. The remaining portfolio also
performed well, benefiting from long-term secular trends. The
portfolio is currently valued as at end-March 2021 (except for
public stocks). Despite the strong returns and a one-layer fee
structure, NBPE trades at one of the widest discounts among
peers.
-- Direct co-investments will drive future returns as NBPE's
portfolio shift away from income and fund investments is largely
complete.
-- Its strong exit activity in 2020 and so far in 2021 allowed
it to de-risk its portfolio by repaying most of its credit
facility, which, together with the NAV uplift, visibly reduced
NBPE's leverage. This should ease some earlier investor
concerns.
-- We note that despite a challenging environment, NBPE
maintained its dividend target of at least a 3% yield on NAV. With
a wide discount to NAV of c 26%, the first 2021 instalment implies
an attractive annualised dividend yield of 3.3%.
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June 23, 2021 03:00 ET (07:00 GMT)
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