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
41% Growth in NAV in 2021. Board Declares $0.47 per Share
Semi-Annual Dividend, an Increase of 14.6%
13 January 2022
NB Private Equity (NBPE), the $1.5bn listed private equity
investment company managed by Neuberger Berman, today releases its
31 December 2021 monthly NAV estimate.
Highlights (at 31 December 2021)
-- NAV per share of $30.76 (GBP22.71)
-- NAV total return of 40.7% in 2021
-- A 1.9% decline in the month; performance driven by changes in quoted
portfolio company valuations
-- $76 million of cash proceeds received in the month; total $389 million
cash received from realisations in 2021
-- Two new investments in December with a total invested or committed of
$176 million to ten new investments in 2021
-- Robust liquidity - $416 million of cash and undrawn credit line available
-- Declaration of semi-annual dividend of $0.47 per share, a 14.6% increase
on August 2021 dividend, driven by continued strong NAV growth
-- Board announces intention to repay 2022 ZDPs at maturity in September
2022
At 31 December 2021* YTD 3 years 5 years 10 years
------------------------ ----- ------- ------- --------
NAV TR (USD) 40.7% 88.4% 125.1% 272.4%
------------------------ ----- ------- ------- --------
MSCI World TR (USD) 22.3% 83.0% 106.8% 249.0%
------------------------ ----- ------- ------- --------
Share price TR (GBP) 65.0% 109.3% 130.8% 500.1%
------------------------ ----- ------- ------- --------
FTSE All-Share TR (GBP) 18.3% 27.2% 30.2% 110.7%
------------------------ ----- ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (at 31 December 2021)
NBPE has continued to build on its strong performance, with NAV
increasing to $1.5 billion during the year ($30.76 per share) a
40.7% total return in 2021
-- Performance in December 2021 driven by changes in quoted company
valuations, which represent 19% of portfolio fair value
-- 74% of the portfolio is valued based on 30 September 2021 private company
valuation information
-- The Manager expects to receive updated 31 December 2021 private company
valuations in the coming weeks and will incorporate new information into
future monthly NAV updates as received
Realisations from the portfolio at a record level for the year
with continued momentum; 14 full and partial realisations in 2021
at an aggregate 83% uplift to carrying value at 31 December 2020
and a 3.3x multiple of cost
-- $401 million of total announced realisations during 2021
-- $76 million of cash proceeds received in December 2021
-- $57 million received from previously announced full or partial
exits of Telxius, Finalsite, CSS and one undisclosed company
-- $10 million received from additional partial sales of public stock
-- $9 million of other partial realisations in the portfolio
-- $389 million of proceeds received during 2021; 31% of opening portfolio
value
-- A further $12 million expected in the coming months attributable
to a partial exit previously announced in 2021
-- The 31 December 2021 NAV estimate incorporates the majority of the
valuation uplift associated with these announced realisations
Continued focus on investing in companies expected to benefit
from long term growth trends
-- $176 million invested or committed to ten companies in 2021, and a
continued strong pipeline of further new investments
-- Two new investments closed in December 2021:
-- $18 million investment in Addison Group, a professional services
provider specialising in staffing and consulting services
-- $15 million investment in Monroe Engineering, a distributor of
mission-critical standard and custom engineered products
Robust liquidity
-- $416 million of available liquidity ($116 million cash, $300 million of
undrawn credit line)
-- Adjusted unfunded commitments of $71 million and a 583% adjusted
commitment coverage
Strong NAV growth drives 14.6% increase in dividend
-- Semi-annual dividend of $0.47 per share1, a 14.6% increase on August 2021
dividend
-- Increase brings the annualised dividend yield on NAV to 3.1%, in line
with the Company's stated dividend policy; annualised share price yield
is 3.6% based on the closing share price of 1,885p on 11 January 2022
Distribution amount: $0.47 per Share
=================================================== ================
Ex-dividend date: 20 January 2022
=================================================== ================
Dividend record date: 21 January 2022
=================================================== ================
Final day for Currency Election: 28 January 2022
=================================================== ================
Final day for Dividend Re-investment Plan Election: 04 February 2022
=================================================== ================
Payment date: 28 February 2022
=================================================== ================
Board intention to repay 2022 ZDPs at maturity
-- The Board intends that NBPE will repay the 2022 ZDPs in full at their
maturity date, 30 September 2022; at the current GBP/USD exchange rate of
$1.37 the final capital entitlement is approximately $87 million
-- The Company has significant available liquidity to repay 2022 ZDPs in
full
-- The credit facility and the remaining 2024 ZDPs give the Company the
ongoing ability to maintain an investment level of greater than 100%
-- Repaying the 2022 ZDPs simplifies the Company's capital structure with no
other near term maturities -- the remaining class of ZDP shares mature in
October 2024 and the $300 million credit facility has borrowing
availability through December 2029
Portfolio Valuation
The value of NBPE's portfolio as of 31 December 2021 was based
on the following information:
-- 24% of the portfolio fair value was valued as of 31 December 2021
-- 19% in public securities
-- 5% in private direct investments
-- 2% of the portfolio fair value was valued as of 31 October 2021
-- 2% in private direct investments
-- 74% of the portfolio fair value was valued as of 30 September 2021
-- 73% 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=0fOvgLbt0kJdjPgO5KDlSsipaPkhrSEZ79MUNMsSGcFRr0v2DJKUhC5tVbObpaKq3zprLZmI02otgckFKsot2G705MIuG1RUbpQEIBqi9gO762rgfL6yticB_fug-krm
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) While the Company declares dividends in US Dollars,
Shareholders will receive Sterling dividends at the prevailing rate
at the time of currency conversion, unless an election to receive
dividends in US Dollars is made on forms which are available on
NBPE's website prior to the currency election date listed below. If
an investor has previously elected to receive US Dollars, that
election will be used unless changed. Investors may also
participate in a dividend re-investment plan (forms for which are
available on NBPE's website) if they wish to increase their
shareholdings instead of receiving cash dividends.
Attachment
-- NBPE December 2021 Factsheet vF
https://ml-eu.globenewswire.com/Resource/Download/0b2fd9c3-17e1-4f9a-a38a-52af3bdea0e9
(END) Dow Jones Newswires
January 13, 2022 02:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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