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
Changes in Value of Quoted Holdings Drive 4.1% Reduction in
January 2022
9 February 2022
NB Private Equity (NBPE), the $1.4bn listed private equity
investment company managed by Neuberger Berman, today releases its
31 January 2022 monthly NAV estimate.
Highlights (at 31 January 2022)
-- NAV per share of $29.06 (GBP21.66)1
-- NAV total return of (4.1%) in 2022 YTD; performance driven by changes in
quoted portfolio company valuations in a period of significant volatility
in public markets
-- NAV total return of 34.7% over the last twelve months
-- $26m invested in one new investment in January 2022
-- Robust liquidity - $382 million of cash and undrawn credit line available
At 31 January 2022* YTD 1 year 3 years 5 years 10 years
------------------------ ------ ------ ------- ------- --------
NAV TR (USD) (4.1%) 34.7% 78.8% 120.1% 254.1%
------------------------ ------ ------ ------- ------- --------
MSCI World TR (USD) (5.3%) 17.0% 60.8% 91.2% 214.8%
------------------------ ------ ------ ------- ------- --------
Share price TR (GBP) (3.6%) 53.5% 81.1% 120.5% 486.3%
------------------------ ------ ------ ------- ------- --------
FTSE All-Share TR (GBP) (0.3%) 18.9% 21.7% 30.2% 104.4%
------------------------ ------ ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (at 31 January 2022)
NAV declined 4.1% during January 2022, driven by changes in
quoted company valuations, amid significant market volatility
-- The public equity portfolio represents 16% of portfolio fair value
-- 6% of the portfolio is valued based on 31 December 2021 private company
valuation information
-- 71% 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
Continued focus on investing in companies expected to benefit
from long term growth trends
-- NBPE made one new investment during 2022 YTD, a $26 million investment in
True Potential, a wealth management technology platform in the UK which
works with close to 20% of UK financial advisers and provide products and
technology to over 1.4 million private clients
-- The Manager believes that this was an attractive opportunity to invest
alongside Cinven in a highly scalable business model, as well as a
bespoke and proprietary technology which serves both financial advisors
and clients
Robust liquidity
-- Additional $12 million of proceeds expected from one previously announced
transaction in 20212
-- Sale of Leaseplan to ALD Automotive announced.2 As of 31 January 2022
Leaseplan's fair value in NBPE was $13.4 million
-- $382 million of available liquidity ($82 million cash, $300 million of
undrawn credit line)
-- Capital position supports intention to repay 2022 ZDP's at
maturity date, as announced last month
-- The credit facility and the remaining 2024 ZDPs give the Company
the ongoing ability to maintain an investment level of greater
than 100%
-- The Company has available liquidity to repay 2022 ZDPs in full while
continuing to make new investments and the Manager continues to review
significant co-investment deal flow
Portfolio Valuation
The value of NBPE's portfolio as of 31 January 2022 was based on
the following information:
-- 20% of the portfolio fair value was valued as of 31 January 2022
-- 16% in public securities
-- 4% in private direct investments
-- 7% of the portfolio fair value was valued as of 31 December 2021
-- 7% in private direct investments
-- 2% of the portfolio fair value was valued as of 31 October 2021
-- 2% in private direct investments
-- 71% of the portfolio fair value was valued as of 30 September 2021
-- 70% 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=Qxx0aCt2lnOuoUqvuETh5ixoxlooWzU2Pnsj48pTjZQOhdK9218ksw3pD8TG1dxH6Xobp7sZqKnx6ql9XO4zgiK814i5yGyIG2jLwFHK8_UE9rLRBWq3AtbugGbSFCrP
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 eight 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 $460 billion in client assets as of
December 31, 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) After accrual of the $0.47 per share dividend declared in
January 2022.
(2) Transaction subject to customary closing conditions; no
assurances can be made transactions will close or the expected
proceeds are ultimately received.
Attachments
-- NBPE Factsheet January 2022
https://ml-eu.globenewswire.com/Resource/Download/b19cd5ee-75b1-4892-a3bc-ba55679fe8c1
-- NBPE Investor Presentation - February 2022 vF
https://ml-eu.globenewswire.com/Resource/Download/0a743122-e5fc-46fd-ae79-6e66bc3eebc3
(END) Dow Jones Newswires
February 09, 2022 02:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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