THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
Increases in Public and
Highlights (at
- NAV per share of
$30.44 (£22.21), an increase of 2.4% during the month - YTD NAV total return of 39.2% at
31 October 2021 - Performance driven by both public and private company valuations, in particular Autostore, following its successful IPO in October
$40 million of realisations announced in the month$30 million invested in Stamps.com alongsideThoma Bravo , a leading software private equity firm- Robust liquidity -
$319 million of cash and undrawn credit line available as at31 October 2021
Short, medium and long-term performance:
At 31 October 2021* | YTD | 1 year | 3 years | 5 years | 10 years |
NAV TR (USD) | 39.2% | 58.5% | 84.6% | 136.1% | 278.9% |
Share price TR (GBP) | 52.5% | 75.0% | 77.8% | 118.1% | 481.0% |
*Reflects cumulative returns over the time periods shown and are not annualised.
2.4% NAV Growth During
31 October 2021 NAV increased$33.5 million , or$0.72 per share$26.9 million of unrealised gains, or$0.58 per share, attributable to public valuations; largest public valuation driver was Autostore, following its successful IPO in October$15.0 million , or$0.32 per share, of gross unrealised gains from additional private valuation information$0.4 million of accrued cash and PIK interest from the income portfolio, or$0.01 per share- no impact from foreign exchange adjustments on non-USD investments and other mark to market adjustments
$8.8 million of expenses,$0.19 per share, attributable to management fee and carried interest accruals, credit facility and ZDP interest and other expenses
Record Level of Realisations Announced YTD
$40 million of realisations announced in October, including$27 million from the partial realisation of Autostore at its IPO- This cash was received in early November and was booked as a receivable at
31 October 2021 . Additional cash proceeds are expected in the comings weeks
- This cash was received in early November and was booked as a receivable at
$365 million of total announced realisations YTD- 11 full and partial realisations YTD at an aggregate 100% uplift to carrying value at
31 December 2020 and a 3.7x multiple of cost - Renaissance Learning, a provider of educational software & learning solutions, announced a partial sale of equity to a private equity firm to support the company’s continued growth. NBPE expects to receive the cash proceeds in the coming weeks as part of this partial sale and will continue to retain an ownership stake in the investment going forward1
$284 million of proceeds received year to date, with a further$81 million expected in the coming months, as the remaining transactions close
- 11 full and partial realisations YTD at an aggregate 100% uplift to carrying value at
- The
31 October 2021 NAV estimate incorporates the vast majority of the valuation uplift associated with these announced realisations; however, NBPE expects an additional$1 million of uplift in the coming months related to the announced transactions which are yet to close
New Investments
$30 million invested into Stamps.com during October- NBPE invested
$30.0 million in Stamps.com, a provider of software for e-commerce shipping and delivery, alongsideThoma Bravo , a leading software private equity firm. The Manager believes this was an attractive opportunity to invest in a thesis driven by sector tailwinds in the large and growing e-commerce market. In addition, this was as an opportunity to partner withThoma Bravo , one of the world’s leading software and technology private equity specalists, with extensive software and operational expertise, to support the company’s next phase of growth
- NBPE invested
$110 million invested or committed to seven companies YTD, and a strong pipeline of new opportunities
Portfolio Valuation
The value of NBPE’s portfolio as of 31 October 2021 was based on the following information:
- 25% of the portfolio fair value was valued as 31 October 2021
- 21% in public securities
- 4% in private direct investments
- 32% of the portfolio fair value was valued as of 30 September 2021
- 32% in private direct investments
- 43% of the portfolio fair value was valued as of 30 June 2021
- 42% in private direct investments
- 1% in fund investments
The complete factsheet can be found on the Company’s website – www.nbprivateequitypartners.com.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso
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 Accounced
Attachment
- NBPE
October 2021 Factsheet vF
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