THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO |
Highlights (
- NAV per share of
$27.07 (£22.31), a decline of 0.3% during the month - Monthly NAV driven by a 1.7% uplift on a constant currency basis attributable to the receipt of Q3 private valuation information; this was offset by a decline in value of quoted holdings and negative foreign exchange movements
- Year to date constant currency private valuations are up 5.6%
- Total realisations year to date of
$110 million and a further$44 million expected from announced but not yet closed transactions1 - Full or partial sales year to date have achieved a 2.0x gross multiple of capital and were at a 13% uplift2;
$21 million realised from quoted holdings year to date, which are now 7% of the portfolio fair value $317 million of available liquidity at31 October 2023 (excluding cash expected to be received from exits that have been announced but not yet closed)
As of | YTD | 1 Year | 3 years | 5 years | 10 years |
NAV TR (USD)* Annualised | (1.4%) | 0.1% 0.1% | 50.4% 14.6% | 75.2% 11.9% | 202.0% 11.7% |
MSCI World TR (USD)* Annualised | 8.3% | 11.0% 11.0% | 28.3% 8.7% | 52.6% 8.8% | 118.0% 8.1% |
Share price TR (GBP)* Annualised | 3.0% | 3.3% 3.3% | 76.1% 20.8% | 78.9% 12.3% | 324.6% 15.6% |
FTSE All-Share TR (GBP)* Annualised | 0.3% | 5.9% 5.9% | 39.4% 11.7% | 21.1% 3.9% | 58.0% 4.7% |
*Reflects cumulative returns over the time periods shown and are not annualised.
Portfolio Update to
NAV performance during the month driven by:
- 1.7% NAV increase (
$21 million ) from the receipt of Q3 2023 private company valuation information - 1.7% NAV decrease (
$21 million ) from the value of quoted holdings (which now constitute 7% of portfolio fair value) - 0.2% NAV decrease (
$2 million ) from negative FX movements - 0.1% NAV decrease (
$1 million ) attributable to expense accruals and offset by changes in the Zero Dividend Preference share (ZDP) liability
Realisations from the portfolio continue in 2023
- 2023 year to date cash proceeds of
$110 milllion3
– Full sales of Accedian and Boa Vista
– Partial sale of
– Full and partial sales of public stock in GFL, Vertiv,
$44 million of realisations expected to be received over the coming months from announced but not yet closed transactions includingFV Hospital , Melissa & Doug (fka undisclosed branded toy company) and Petsmart4
- Including
$13m of follow-on investments in Solenis and Renaissance Learning to support transformative M&A
Well positioned to take advantage of investment opportunities with significant available liquidity at
$317 million of availability liquidity
–
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 October 2023 was based on the following information:
- 10% of the portfolio was valued as of
31 October 2023
- 7% in public securities
- 3% in private direct investments
- 68% of the portfolio was valued as of
30 September 2023
- 67% in private direct investments
- 1% in private fund investments
- 22% of the portfolio was valued as of
30 June 2023
- 22% in private direct investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.com
Supplementary Information (as at
Company | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
Action | 2020 | 3i | Consumer | 75.4 | 5.7% |
USI | 2017 | KKR | Financial Services | 62.0 | 4.7% |
Osaic | 2019 | Financial Services | 56.5 | 4.3% | |
Solenis | 2021 | Industrials | 47.2 | 3.6% | |
2019 | Business Services | 43.1 | 3.3% | ||
Fortna | 2017 | THL | Industrials | 39.6 | 3.0% |
Cotiviti | 2018 | Healthcare | 37.5 | 2.8% | |
Business Services Company* | 2017 | Not Disclosed | Business Services | 34.1 | 2.6% |
Branded Cities Network | 2017 | Communications / Media | 33.9 | 2.6% | |
BeyondTrust | 2018 | Technology / IT | 33.5 | 2.5% | |
Monroe Engineering | 2021 | Industrials | 31.9 | 2.4% | |
Kroll | 2020 | Further Global / | Financial Services | 30.1 | 2.3% |
True Potential | 2022 | Cinven | Financial Services | 29.7 | 2.2% |
Marquee Brands | 2014 | Consumer | 28.9 | 2.2% | |
AutoStore (OB.AUTO) | 2019 | THL | Industrials | 27.2 | 2.1% |
2020 | Consumer | 26.4 | 2.0% | ||
Staples | 2017 | Business Services | 25.7 | 1.9% | |
Viant | 2018 | Healthcare | 24.7 | 1.9% | |
Engineering | 2020 | NB Renaissance / | Technology / IT | 24.5 | 1.8% |
2021 | Business Services | 23.9 | 1.8% | ||
2021 | Technology / IT | 23.6 | 1.8% | ||
Excelitas | 2017 | Industrials | 21.9 | 1.7% | |
Melissa & Doug | 2017 | Consumer | 21.2 | 1.6% | |
2017 | Healthcare | 20.5 | 1.5% | ||
Renaissance Learning | 2018 | Technology / IT | 20.2 | 1.5% | |
Solace Systems | 2016 | Technology / IT | 19.8 | 1.5% | |
Bylight | 2017 | Technology / IT | 19.7 | 1.5% | |
GFL (NYSE: GFL) | 2018 | Business Services | 18.5 | 1.4% | |
Qpark | 2017 | KKR | Transportation | 17.8 | 1.3% |
Exact | 2019 | KKR | Technology / IT | 16.7 | 1.3% |
Total Top 30 Investments | | 70.7% |
*Undisclosed company due to confidentiality provisions.
Geography | % of Portfolio |
75% | |
22% | |
3% | |
Total Portfolio | 100% |
Industry | % of Portfolio |
Tech, Media & Telecom | 21% |
Consumer / E-commerce | 20% |
Industrials / Industrial Technology | 17% |
Business Services | 12% |
Financial Services | 15% |
Healthcare | 9% |
Other | 5% |
Energy | 1% |
Total Portfolio | 100% |
Vintage Year | % of Portfolio |
2015 & Earlier | 6% |
2016 | 6% |
2017 | 26% |
2018 | 19% |
2019 | 14% |
2020 | 12% |
2021 | 13% |
2022 | 3% |
2023 | 1% |
Total Portfolio | 100% |
About
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
2 Uplift to value three quarters prior to the announced transaction. For one investment with a partial sale, multiple and uplift reflect realised proceeds only.
3
4 Pending realisations are subject to customary closing conditions. No assurances can be given the transactions ultimately close.
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
Attachment
October 2023 NBPE Factsheet vF
© OMX, source