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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 (£22.45)
  • 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*YTD1 year3 years5 years10 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, Ukraineand 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
Will Sanderson

Supplementary Information

Company NameVintageLead SponsorSectorFair Value% of FV
Constellation Automotive2019TDR CapitalBusiness Services97.16.3%
AutoStore (OB.AUTO)2019THLIndustrials / Industrial Technology83.05.4%
Action20203iConsumer / E-commerce51.13.3%
Agiliti (NYSE: AGTI)2019THLHealthcare45.02.9%
Material Handling Systems2017THLIndustrials / Industrial
Technology		44.72.9%
USI2017KKRFinancial Services42.02.7%
Kroll2020Further Global / Stone PointFinancial Services41.02.7%
GFL (NYSE: GFL)2018BC PartnersBusiness Services33.72.2%
Petsmart / Chewy (NYSE: CHWY)2015BC PartnersConsumer / E-commerce33.52.2%
Marquee Brands2014Neuberger BermanConsumer / E-commerce33.42.2%
Excelitas2017AEA InvestorsTechnology / IT32.42.1%
Cotiviti2018Veritas CapitalHealthcare32.22.1%
Business Services Company*2017Not DisclosedBusiness Services32.12.1%
Auctane2021Thoma BravoTechnology / IT30.02.0%
BeyondTrust2018Francisco PartnersTechnology / IT28.11.8%
Advisor Group2019Reverence CapitalFinancial Services27.41.8%
Branded Toy Company*2017Not DisclosedConsumer / E-commerce26.61.7%
Stubhub2020Neuberger BermanConsumer / E-commerce26.51.7%
True Potential2022CinvenFinancial Services25.81.7%
Chemical Guys2021AEA InvestorsConsumer / E-commerce21.11.4%
Staples2017Sycamore PartnersBusiness Services21.01.4%
Holley (NYSE: HLLY)2018Sentinel CapitalIndustrials / Industrial Technology20.11.3%
Renaissance Learning2018Francisco PartnersTechnology / IT19.71.3%
Engineering2016NB Renaissance / Bain CapitalTechnology / IT19.61.3%
Solenis2021Platinum EquityIndustrials19.51.3%
Telxius2017KKRCommunications / Media18.81.2%
Omega2017AEA InvestorsIndustrials / Industrial Technology18.51.2%
Branded Cities Network2017Shamrock CapitalCommunications / Media18.31.2%
Addison Group2021Trilantic Capital PartnersBusiness Services18.11.2%
Qpark2017KKRTransportation16.21.1%
Total Top 30 Investments                          $976.4 63.4%

*Undisclosed company due to confidentiality provisions.

Geography% of Portfolio
North America71%
Europe25%
Asia / Rest of World4%
Total Portfolio100%
  
Industry% of Portfolio
Tech, Media & Telecom21%
Consumer / E-commerce20%
Industrials / Industrial Technology18%
Business Services14%
Financial Services11%
Healthcare9%
Other6%
Energy1%
Total Portfolio100%
  
Vintage Year% of Portfolio
2014 & Earlier4%
20154%
20168%
201724%
201819%
201919%
20209%
202111%
20222%
Total Portfolio100%

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

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