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
3.6% NAV Increase in February, Driven by the Receipt of Q4 2021
Valuation Information
17 March 2022
NB Private Equity (NBPE), the $1.4bn listed private equity
investment company managed by Neuberger Berman, today releases its
28 February 2022 monthly NAV estimate.
Highlights (at 28 February 2022)
-- NAV per share of $30.12 (GBP22.45)
-- 3.6% NAV return during the month
-- $56 million of portfolio valuation uplift, predominantly driven by the
receipt of 31 December 2021 private company valuation information
-- NAV total return of 40.1% over the last twelve months
-- $0.47 per share dividend paid on 28 February 2022
-- $54 million of realisations announced during 2022
-- Well positioned to take advantage of investment opportunities - $374
million of cash and undrawn credit line available
-- NBPE to be included in the FTSE 250 Index
At 28 February 2022* YTD 1 year 3 years 5 years 10 years
------------------------ ------- ------ ------- ------- --------
NAV TR (USD) (0.6%) 40.1% 85.2% 123.8% 264.7%
------------------------ ------- ------ ------- ------- --------
MSCI World TR (USD) (7.6%) 11.2% 52.1% 81.3% 192.5%
------------------------ ------- ------ ------- ------- --------
Share price TR (GBP) (10.7%) 41.5% 65.7% 89.9% 448.5%
------------------------ ------- ------ ------- ------- --------
FTSE All-Share TR (GBP) (0.8%) 16.0% 18.4% 25.7% 95.1%
------------------------ ------- ------ ------- ------- --------
*Reflects cumulative returns over the time periods shown and are
not annualised.
Business review (at 28 February 2022)
NAV increase of 3.6% during February 2022, driven by the receipt
of 31 December 2021 valuation information
-- $50 million of portfolio valuation uplift as a result of updated year end
private company valuation information
-- Additional $6 million of increases in valuation attributable to changes
in public valuations and FX rates
-- 32% of the portfolio remains valued based on 30 September 2021 private
company valuation information
-- Additional 31 December 2021 private company valuations are expected in
the coming weeks and will be incorporated into future monthly NAV updates
as received
Realisations from the portfolio continue in 2022
-- 2022 year to date announced realisations to $54 milllion
-- Announced sales to date in 2022 include: the remaining assets of
Telxius, the announced sale of Leaseplan to ALD automotive and the
announced sale of one undisclosed investment
Strong pipeline and continued focus on investing in companies
expected to benefit from long term growth trends
-- The Manager continues to evaluate a pipeline of potential new investments
and believes NBPE is well placed to take advantage of new opportunities
Robust liquidity -- well positioned for to take advantage of
opportunities
-- $374 million of available liquidity ($74 million cash, $300 million of
undrawn credit line)1
Exposure to Russia, Ukraine and Belarus
NBPE has no portfolio companies headquartered in Russia, Ukraine
or Belarus. The portfolio is weighted toward the US, where 71% of
NBPE's portfolio companies are headquartered, with 25% based in
Western Europe and the remainder (4%) in Asia. While certain
companies in the portfolio have global operations, we believe
underlying investments with business operations in Russia, Ukraine
or Belarus or revenue sourced from them are immaterial to the
portfolio.
Inclusion in the FTSE 250 Index
Further to the FTSE Russell notice released on 11 March 2022,
NBPE will be included in the FTSE 250 Index from 21 March 2022.
Portfolio Valuation
The fair value of NBPE's portfolio as of 28 February 2022 was
based on the following information:
-- 19% of the portfolio was valued as of 28 February 2022
-- 17% in public securities
-- 2% in private direct investments
-- 2% of the portfolio was valued as of 31 January 2022
-- 2% in private direct investments
-- 47% of the portfolio was valued as of 31 December 2021
-- 47% in private direct investments
-- 32% of the portfolio was valued as of 30 September 2021
-- 31% 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=7CcD3EpDs9lHrLkjRcmaINa7y0ZUolUdyUifP0RmDFOXwE5TUNfzXsCFsLlreeUn0O2KGdQ7FGsISOxoVLPXX1EpW_60PU2UiHYf61Ok5DwNfWeS_T6lwDWxrPCPg4E0
Will Sanderson
Supplementary Information
% of
Company Name Vintage Lead Sponsor Sector Fair Value FV
Constellation
Automotive 2019 TDR Capital Business Services 97.1 6.3%
AutoStore Industrials / Industrial
(OB.AUTO) 2019 THL Technology 83.0 5.4%
Action 2020 3i Consumer / E-commerce 51.1 3.3%
Agiliti (NYSE:
AGTI) 2019 THL Healthcare 45.0 2.9%
Material
Handling Industrials / Industrial
Systems 2017 THL Technology 44.7 2.9%
USI 2017 KKR Financial Services 42.0 2.7%
Further
Global /
Stone
Kroll 2020 Point Financial Services 41.0 2.7%
GFL (NYSE:
GFL) 2018 BC Partners Business Services 33.7 2.2%
Petsmart /
Chewy (NYSE:
CHWY) 2015 BC Partners Consumer / E-commerce 33.5 2.2%
Neuberger
Marquee Brands 2014 Berman Consumer / E-commerce 33.4 2.2%
AEA
Excelitas 2017 Investors Technology / IT 32.4 2.1%
Veritas
Cotiviti 2018 Capital Healthcare 32.2 2.1%
Business
Services Not
Company* 2017 Disclosed Business Services 32.1 2.1%
Auctane 2021 Thoma Bravo Technology / IT 30.0 2.0%
Francisco
BeyondTrust 2018 Partners Technology / IT 28.1 1.8%
Reverence
Advisor Group 2019 Capital Financial Services 27.4 1.8%
Branded Toy Not
Company* 2017 Disclosed Consumer / E-commerce 26.6 1.7%
Neuberger
Stubhub 2020 Berman Consumer / E-commerce 26.5 1.7%
True Potential 2022 Cinven Financial Services 25.8 1.7%
AEA
Chemical Guys 2021 Investors Consumer / E-commerce 21.1 1.4%
Sycamore
Staples 2017 Partners Business Services 21.0 1.4%
Holley (NYSE: Sentinel Industrials / Industrial
HLLY) 2018 Capital Technology 20.1 1.3%
Renaissance Francisco
Learning 2018 Partners Technology / IT 19.7 1.3%
NB
Renaissance
/ Bain
Engineering 2016 Capital Technology / IT 19.6 1.3%
Platinum
Solenis 2021 Equity Industrials 19.5 1.3%
Telxius 2017 KKR Communications / Media 18.8 1.2%
AEA Industrials / Industrial
Omega 2017 Investors Technology 18.5 1.2%
Branded Cities Shamrock
Network 2017 Capital Communications / Media 18.3 1.2%
Trilantic
Capital
Addison Group 2021 Partners Business Services 18.1 1.2%
Qpark 2017 KKR Transportation 16.2 1.1%
Total Top 30 Investments $976.4 63.4%
================================================================= ============================ =====
*Undisclosed company due to confidentiality provisions.
Geography % of Portfolio
North America 71%
Europe 25%
Asia / Rest of World 4%
Total Portfolio 100%
==================================== ==============
Industry % of Portfolio
Tech, Media & Telecom 21%
Consumer / E-commerce 20%
Industrials / Industrial Technology 18%
Business Services 14%
Financial Services 11%
Healthcare 9%
Other 6%
Energy 1%
Total Portfolio 100%
==================================== ==============
Vintage Year % of Portfolio
2014 & Earlier 4%
2015 4%
2016 8%
2017 24%
2018 19%
2019 19%
2020 9%
2021 11%
2022 2%
Total Portfolio 100%
==================================== ==============
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) Includes proceeds of $14m, from one previously announced
transaction in 2021, which were received in the month. Original
estimate fo the proceeds was $12m.
Attachment
-- NBPE Factsheet February 2022
https://ml-eu.globenewswire.com/Resource/Download/2d9fc1c7-2177-4bec-89af-827f6598e004
(END) Dow Jones Newswires
March 17, 2022 03:00 ET (07:00 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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