THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
NBPE Announces 30 September Monthly NAV Estimate
NB Private Equity (NBPE), the
Approximately 33% of the portfolio fair value is based on company information as of
Key highlights and commentary are below and the complete report can be found on the Company’s website – www.nbprivateequitypartners.com
Highlights (at
- NAV per share of
$29.72 (£22.04), 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
- 10 full and partial realisations YTD at an aggregate 72% uplift to carrying value at
- 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
30 September 2021 NAV increased$63.5 million , or$1.36 per share, relative to the31 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
Charles Gorman nbpe@kl-communications.com
About NB
NBPE invests in direct private equity investments alongside market leading private equity firms globally.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
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
1 Undisclosed company due to confidentiality provisions.
Attachment
- NBPE
September 2021 Factsheet vF
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