NBPE Announces 31 July 2023 NAV Update
23 8월 2023 - 3:00PM
NBPE Announces 31 July 2023 NAV Update
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK,
JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH
JURISDICTIONS
23 August 2023
NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed
private equity investment company managed by Neuberger Berman,
today releases its 31 July 2023 Monthly Net Asset Value (“NAV”)
estimate.
Highlights (as
of 31
July
2023)
- NAV per share of $28.79 (£22.38), a
2.9% increase during the month1
- Main driver of performance was an
increase in private valuations from the receipt of 30 June 2023
valuation information
- Of information received so far,
aggregate private companies valuations are up 2.4% on a constant
currency basis in the second quarter of 2023
- Approximately 70% of the portfolio
valued based on 30 June 2023 or 31 July 2023 valuations
- Solenis closed the $4.6 billion
acquisition of Diversey in July, combining two industry leaders in
adjacent but highly complementary markets; NBPE invested a further
$10 million to support the transaction
- Realisations of Accedian and FV Hospital announced, estimated
to generate approximately $40 million of proceeds, taking total
year to date realisations announced to $97 million
- 8,400 shares repurchased during the
month of July, accretive to NAV per share by less than $0.01
- NBPE continues to be well positioned
to take advantage of investment opportunities - $297 million of
available liquidity2
|
As of 31
July 2023 |
YTD |
1 Year |
3 years |
5 years |
10 years |
|
NAV TR (USD)*Annualised |
4.9% |
4.7%4.7% |
72.9%20.0% |
88.8%13.6% |
230.9%12.7% |
|
MSCI World TR (USD)*Annualised |
19.3% |
14.1%14.1% |
41.2%12.2% |
58.7%9.7% |
156.7%9.9% |
|
|
|
|
|
|
|
|
Share price TR (GBP)*Annualised |
1.9% |
3.9%3.9% |
98.4%25.6% |
80.4%12.5% |
298.1%14.8% |
|
FTSE All-Share TR (GBP)*Annualised |
5.3% |
6.1%6.1% |
41.8%12.3% |
18.1%3.4% |
71.1%5.5% |
*Reflects cumulative returns over the time periods shown and are
not annualised.
Portfolio Update to
31 July
2023
NAV performance during the month driven by:
- 2.5% NAV increase ($33 million) from
the receipt of 30 June 2023 private company valuation
information
- 0.0% NAV increase ($1 million) from
the value of quoted holdings (which constitute 14% of portfolio
fair value)
- 0.5% NAV increase ($7 million) from
positive FX movements, primarily attributable to changes in the
EUR/USD rate
- 1.7% NAV decrease ($22 million)
related to the accrual of the 31 August 2023 dividend payment
- 0.2% NAV decrease ($3 million)
attributable to changes in the Zero Dividend Preference share (ZDP)
liability and expense accruals
$10 million follow-on
investment in Solenis to support transformative M&A, with the
acquisition of Diversey
- Solenis, an industry leading provider of chemicals and services
to water intensive industries, has acquired Diversey, a leading
provider of hygiene, infection prevention and cleaning products and
technology
- The acquisition increases Solenis’ suite of solutions to span
consumer, institutional, industrial, food and beverage, and pool
water markets making Solenis a more diversified company with
significantly increased scale, broader global reach and the ability
to offer a 'one-stop shop' suite of solutions to address water
management, cleaning and hygiene issues on a global basis
- Solenis is now NBPE’s 6th largest portfolio company, valued at
$49 million (3% of NAV)
- NBPE’s new investment in Solenis takes total year-to-date
investment to $19 million
Robust liquidity –
$57 million
of proceeds received
year-to-date
and two additional announced
pending realisations
which are expected to close in the coming
months1
- The recently announced pending realisations of Accedian and FV
Hospital are estimated to generate approximately $40 million of
total proceeds and are expected to close in the coming months3
- $297 million of available liquidity ($2 million of cash, $295
million of undrawn credit facility), excluding the above pending
realisations
NBPE’s investment policy has been amended to
facilitate efficient cash
management in relation to the
minimum draw requirement on its
revolving credit facility4
- Clarificatory amendment to investment policy facilitates
flexibility for short term cash management options
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 July
2023 was based on the following information:
- 17% of the portfolio was valued
as of 31 July 2023
- 14% in public securities
- 3% in private direct investments
- 53% of the portfolio was valued
as of 30 June 2023
- 53% in private direct investments
- 30% of the portfolio was valued
as of 31 March 2023
- 30% in private direct investments
1 After adjusting for the accrued dividend payable.2 Not
accounting for the above-mentioned pending realisations and any
near-term drawn down under NBPE’s credit facility as set out
below.3 Pending realisations are subject to customary closing
conditions. No assurances can be given that the referenced
transactions will ultimately close.4 NBPE directors have resolved
to make a clarificatory amendment to the cash management section of
NBPE’s Investment Policy as follows: “In addition to the
investments referred to above, the Company may also hold cash and
may temporarily invest such cash in cash equivalents, money market
instruments, government securities, asset-backed securities and
other investment grade securities, pending investment in private
equity related assets or opportunistic investments or otherwise for
efficient portfolio management.”
For further information, please contact:
NBPE Investor
Relations +1
214 647 9593
Kaso Legg
Communications +44
(0)20 3995 6673
Charles
Gorman nbpe@kl-communications.comLuke
DampierCharlotte Francis
Supplementary Information
(as of
31 July
2023)
| Company
Name |
Vintage |
Lead
Sponsor |
Sector |
Fair Value ($m) |
% of FV |
| Action |
2020 |
3i |
Consumer |
77.7 |
5.4% |
| AutoStore (OB.AUTO) |
2019 |
THL |
Industrials |
61.7 |
4.2% |
| Advisor Group |
2019 |
Reverence Capital |
Financial Services |
56.8 |
3.9% |
| USI |
2017 |
KKR |
Financial Services |
54.0 |
3.7% |
| Constellation Automotive |
2019 |
TDR Capital |
Business Services |
51.7 |
3.6% |
| Solenis |
2021 |
Platinum Equity |
Industrials |
49.0 |
3.4% |
| Agiliti (NYSE: AGTI) |
2019 |
THL |
Healthcare |
42.9 |
3.0% |
| Material Handling Systems |
2017 |
THL |
Industrials |
37.9 |
2.6% |
| Cotiviti |
2018 |
Veritas Capital |
Healthcare |
37.0 |
2.5% |
| BeyondTrust |
2018 |
Francisco Partners |
Technology / IT |
32.7 |
2.3% |
| Business Services
Company* |
2017 |
Not Disclosed |
Business Services |
32.6 |
2.2% |
| Monroe Engineering |
2021 |
AEA Investors |
Industrials |
31.9 |
2.2% |
| Kroll |
2020 |
Further Global / Stone
Point |
Financial Services |
30.1 |
2.1% |
| True Potential |
2022 |
Cinven |
Financial Services |
29.8 |
2.1% |
| GFL (NYSE: GFL) |
2018 |
BC Partners |
Business Services |
29.0 |
2.0% |
| Marquee Brands |
2014 |
Neuberger Berman |
Consumer |
28.3 |
2.0% |
| Branded Cities Network |
2017 |
Shamrock Capital |
Communications / Media |
26.5 |
1.8% |
| Stubhub |
2020 |
Neuberger Berman |
Consumer |
26.4 |
1.8% |
| Staples |
2017 |
Sycamore Partners |
Business Services |
25.6 |
1.8% |
| Engineering |
2020 |
NB Renaissance / Bain
Capital |
Technology / IT |
25.5 |
1.8% |
| Bylight |
2017 |
Sagewind Partners |
Technology / IT |
23.9 |
1.7% |
| Addison Group |
2021 |
Trilantic Capital
Partners |
Business Services |
23.9 |
1.6% |
| Auctane |
2021 |
Thoma Bravo |
Technology / IT |
22.9 |
1.6% |
| Excelitas |
2017 |
AEA Investors |
Industrials |
21.9 |
1.5% |
| Accedian |
2017 |
Bridge Growth Partners |
Technology / IT |
21.3 |
1.5% |
| Branded Toy Company* |
2017 |
Not Disclosed |
Consumer |
21.2 |
1.5% |
| Renaissance Learning |
2018 |
Francisco Partners |
Technology / IT |
20.0 |
1.4% |
| Solace Systems |
2016 |
Bridge Growth Partners |
Technology / IT |
19.8 |
1.4% |
| Petsmart / Chewy (NYSE:
CHWY) |
2015 |
BC Partners |
Consumer |
18.3 |
1.3% |
| Qpark |
2017 |
KKR |
Transportation |
17.9 |
1.2% |
|
Total Top 30 Investments |
|
|
|
998.4 |
68.8% |
*Undisclosed company due to confidentiality
provisions.
|
Geography |
% of Portfolio |
| North America |
73% |
| Europe |
23% |
| Asia / Rest of World |
4% |
|
Total Portfolio |
100% |
|
|
|
| Industry |
% of Portfolio |
| Tech, Media & Telecom |
21% |
| Consumer / E-commerce |
19% |
| Industrials / Industrial
Technology |
18% |
| Business Services |
12% |
| Financial Services |
14% |
| Healthcare |
10% |
| Other |
5% |
| Energy |
1% |
|
Total Portfolio |
100% |
|
|
|
| Vintage
Year |
% of Portfolio |
| 2015 & Earlier |
7% |
| 2016 |
6% |
| 2017 |
24% |
| 2018 |
18% |
| 2019 |
17% |
| 2020 |
12% |
| 2021 |
12% |
| 2022 |
3% |
| 2023 |
1% |
|
Total Portfolio |
100% |
About NB Private Equity Partners
LimitedNBPE 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 BermanNeuberger
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.
Neuberger Berman’s investment philosophy is founded on active
management, engaged ownership and fundamental research, including
industry-leading research into material environmental, social and
governance factors. Neuberger Berman is a PRI Leader, a designation
awarded to fewer than 1% of investment firms. With offices in 26
countries, the firm’s diverse team has over 2,750 professionals.
For nine consecutive years, Neuberger Berman 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).
The firm manages $443 billion in client assets as of June 30, 2023.
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.
- July 2023 NBPE FactsheetvFF
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