TIDMNBPE
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 30 September Monthly NAV Estimate
22 October 2021
NB Private Equity (NBPE), the $1.4bn listed private equity
investment company managed by Neuberger Berman, today releases its
30 September 2021 monthly NAV estimate.
Approximately 33% of the portfolio fair value is based on
company information as of 30 September 2021; this is comprised of
13% of public valuations and 20% of private valuation information.
Private company valuations will be updated in the coming weeks as
additional third quarter financial information is received from
underlying private equity managers.
Key highlights and commentary are below and the complete report
can be found on the Company's website --
www.nbprivateequitypartners.com
Highlights (at 30 September 2021)
-- NAV per share of $29.72 (GBP22.04), an increase of 4.8% during the month
-- YTD NAV total return of 35.9% at 30 September 2021
-- $38 million of proceeds received in September
-- $41 million invested into two new companies in September
-- Robust liquidity - $342 million of cash and undrawn credit line available
Short, medium and long-term performance:
At 30 September 2021* YTD 1 year 3 years 5 years 10 years
---------------------- ----- ------ ------- ------- --------
NAV TR (USD) 35.9% 53.9% 78.1% 129.9% 276.6%
---------------------- ----- ------ ------- ------- --------
Share price TR (GBP) 44.0% 72.6% 59.8% 127.0% 417.0%
---------------------- ----- ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Realisations
-- $317 million of total announced realisations YTD
-- 10 full and partial realisations YTD at an aggregate 72% uplift to
carrying value at 31 December 2020 and a 3.3x multiple of cost
-- During September two of the previously announced realisations
closed, generating $24 million of cash proceeds to NBPE; in total
NBPE received $38 million during the month of September inclusive
of other portfolio realisations consisting of dividends, interest
and principal receipts
-- $244 million of total portfolio realisations received year to
date; NBPE expects a further $73 million as the remaining
announced transactions close in the coming months
-- The 30 September 2021 NAV estimate incorporates the vast majority of the
valuation uplift associated with these announced realisations; however,
NBPE expects an additional $2 million of uplift in the coming months
related to the two transactions which are yet to close
-- Autostore IPO is not included in the above realisation statistics, since
it occurred post 30 September. However the valuation of the private
position as of 30 September has been updated
New Investments
-- $110 million invested or committed YTD, and a strong pipeline of
opportunities
-- $41 million invested into two new companies during September
-- $19.5 million invested in an undisclosed industrials company.1
NBPE invested in a buyout transaction of a specialty chemicals and
services provider made with a sponsor with significant industrial
experience. The company has a diverse customer base and operates
in attractive end markets. In addition, a significant opportunity
for M&A is expected
-- $21.2 million invested in an undisclosed consumer company.21 NBPE
invested in a buyout transaction of a direct to consumer products
brand made with a sponsor with significant consumer experience.
The company has experienced strong historical performance and the
Manager believes the company is well positioned for future growth
through multiple organic product and market expansion
opportunities
Monthly NAV Development
-- 30 September 2021 NAV increased $63.5 million, or $1.36 per share,
relative to the 31 August 2021 monthly NAV. Changes in NAV per share:
-- $87.1 million, or $1.86 per share, of gross unrealised gains from
additional private valuation information
-- $19.0 million of unrealised losses, or $0.40 per share,
attributable to public valuation, foreign exchange adjustments on
non-USD investments and other mark to market adjustments
-- $8.5 million of expenses, $0.18 per share, attributable to
management fee and carried interest accruals, credit facility
interest and other expenses; these expenses were offset by a
reduction of $3.3 million ($0.07 per share) in the ZDP liability
attributable to changes in FX rates
-- $0.6 million of accrued cash and PIK interest from the income
portfolio, or $0.01 per share
Portfolio Valuation
The value of NBPE's portfolio as of 30 September 2021 was based
on the following information:
-- 33% of the portfolio fair value was valued as 30 September 2021
-- 13% in public securities
-- 20% in private direct investments
-- 67% of the portfolio fair value was valued as of 30 June 2021
-- 66% in private direct investments
-- 1% in fund investments
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 https://www.globenewswire.com/Tracker?data=G7ePKHtYqpcq7rMFzbRWiXlPxkiG90N0KdreJFCkEXSOzy8dFt9odPAdYf-fi4HVB7R8GjT8eYBc-IG40sYu17C_6Fq86xwB5tChDzK48OanBBgL2grcLa2l8NthCBmL
Will Sanderson
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 2,400 professionals. For seven 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 $437 billion in client assets as of
September 30, 2021. 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) Undisclosed company due to confidentiality provisions.
Attachment
-- NBPE September 2021 Factsheet vF
https://ml-eu.globenewswire.com/Resource/Download/eb495ff8-c9b7-4c94-a2f5-f37bab3e44c6
(END) Dow Jones Newswires
October 22, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Grafico Azioni Nb Private Equity Partners (LSE:NBPE)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Nb Private Equity Partners (LSE:NBPE)
Storico
Da Lug 2023 a Lug 2024
