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NBPE Publishes 2020 Annual Results
During 2020, NBPE had a number of highly positive developments across a number of key metrics: significant NAV growth of 21.4% on a total return basis, a high level of portfolio realisations at meaningful valuation uplifts and resilient aggregate underlying portfolio company performance.
2020 Highlights
NAV Performance
- Significant growth in NAV per Share and strong total return performance during 2020
- USD Total Return NAV Growth of 21.4%1
- NAV per Share of
$22.49 as of31 December 2020 , up$3.38 per share from31 December 2019 $0.58 per share of dividends paid
Portfolio Positioning and Performance
- Direct equity investments generated a gross IRR of 23.1% during 2020 (total portfolio gross IRR was 21.3%)
- Robust underlying portfolio company growth:
31 December 2020 LTM revenue and EBITDA growth of 6.2% and 6.1%, respectively2- Revenue growth led by financial services, industrials and healthcare
- EBITDA growth led by financial services, healthcare and technology, media and telecommunications
Portfolio Realisations & Uplift
- Record level of distributions from direct equity: approximately
$165 million of realisations from direct equity investments consisting of$121 million from five full/final exits and$44 million of partial realisations- NBPE’s five full/final exits generated a 2.9x gross multiple of capital and robust uplift of 30% relative to carrying value three quarters prior3
- Total portfolio generated
$199 million of realisations, or 18% of opening portfolio value
New Investment Activity
$132 million of invested capital during 2020$73 million invested in six new direct equity investments$53 million invested through NB Programs$6 million of follow-ons to existing investments
Portfolio Valuation
The value of NBPE’s private equity portfolio as of
- 100% of the private equity fair value was valued as of
31 December 2020 - 88% in private direct investments
- 12% in public securities
Outlook
NBPE’s strong portfolio momentum has continued into 2021 with seven full or partial exits in process, all of which have been announced but not all of which have yet closed. In aggregate, these seven investments alone are expected to result in a NAV uplift of approximately
Statement of Director Responsibility
The directors confirmed that to the best of their knowledge:
The consolidated financial statements, prepared in conformity with
The Annual Financial Report includes a fair review of the information required by DTR 4.1.8R and DTR 4.1.11R of the Disclosure Guidance and Transparency Rules, which provides an indication of important events that have occurred since the end of the financial year and the likely future development of the Company and a description of principal risks and uncertainties during the year.
The directors consider the Annual Financial Report and Consolidated Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy.
Investor Call
NBPE will host an investor update webinar on
The call can be accessed via the Zoom call details below:
Join from a PC, Mac, iPad, iPhone or Android device:
Please click this URL to join. https://nb.zoom.us/s/93232391044
Webinar ID: 932 3239 1044
Passcode: 962751
Or join by phone:
Dial (for higher quality, dial a number based on your current location):
US: +1 646 518 9805 or +1 646 558 8656 or +1 669 900 683
Hong Kong SAR: +852 3012 6283 or +852 5803 3730 or +852 5803
Webinar ID: 932 3239 1044
Passcode: 962751
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso
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 Assumes re-investment of dividends on the ex-dividend date.
2 Refer to page 19 of the Annual Financial Report for overview of methodology.
3 Gross multiple includes the exit of Evoqua through multiple share sale transactions; however, this is excluded from the uplift.
4 Please refer to the valuation methodology section of the monthly report for a description of the Manager’s valuation methodology.
5 Transactions are announced but not yet closed; no assurances can be given that the transactions ultimately close or the uplift stated above occurs.
Attachment
- NBPE Q4 2020 Quarterly Report vF
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