Estimated monthly net asset value for May and Q1 2021
THE INFORMATION CONTAINED HEREIN IS NOT FOR DISTRIBUTION, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, UNITED STATES, OR ANY NATIONAL OF SUCH JURISDICTIONS
NBPE Announces Monthly Net Asset Value Estimate for May and Releases First Quarter 2021 Report
June 18, 2021
NB Private Equity Partners Limited (âNBPEâ or the âCompanyâ), a closed-end investment company, today publishes its monthly NAV update for May 31, 2021 and its quarterly report for the first quarter of 2021 .
Portfolio continues to build on its solid performance in 2020
NAV per share of $ 25.43 (Â£17.89), + 14.7% in 2021
- As of May 31, 2021, the total return on the net asset value of NBPE was 14.7% in the year 2021 to date
- The LTM NAV total return over one year is 52.2%
- After incorporating updated information on the valuation of private companies in the first quarter of 2021, the net asset value per share as of May 31, 2021 is $ 25.43 (Â£ 17.89)
- March 31, 2021 NAV per share of $ 25.35, an increase of $ 170.1 million, or $ 3.63 per share, compared to December 31, 2020
- Additional increase of $ 9.5 million, or $ 0.20 per share, in net asset value in April and May due to changes in public company valuations, exchange rates and accrued interest
- $ 6.9 million in ZDP expenses, accrued liabilities, accrued liabilities and credit facility fees in April and May
Achievements at significant increases in book value and cost
- Performance mainly driven by the seven full or partial achievements previously announced in 2021 since the start of the year, with a further increase expected in the coming months as additional transactions close
- Overall increase of 110% compared to the valuation of December 2020; 3.6 times the cost over the seven transactions
- About $ 120 million of the increase in net asset value in the first quarter private valuation information was attributable to these seven companies, some of which have closed and the remainder expected to close in the coming months.
- A further increase of $ 20 million ($ 0.43 per share) in estimated net asset value is expected in the coming months as these investments close and / or additional valuation information is received from the managers under. -jacent
- Significant cash achievements and Agiliti’s IPO (NYSE: AGTI)
- Approximately $ 139 million in cash distributions received since the start of the year – including cash received through May 31, 2021 and additional proceeds received in June
- An additional $ 83 million is expected over the next few months as the remaining transactions outlined above close
- Agiliti completed its initial public offering on the 23rd April and May 31, 2021, share price gains generated a $ 7 million increase in net asset value over the December 31, 2020 valuation
- $ 50 million invested or committed in five new investments in 2021
- The credit facility is currently unused, providing significant flexibility and resources
- Actively examine a high level of new investment opportunities
- Ability to be very selective with the pace of new investments – the current portfolio is 116% invested
Peter von Lehe, CEO of Neuberger Berman, commented on the first quarter: âNBPE continued to build on its strong performance in 2020, posting a total NAV return of almost 15% year-to-date. . The year-to-date performance has been driven by the achievement of significant increases in book value and cost, and strong operating performance across the portfolio. We believe the portfolio is well positioned to continue to generate shareholder value, benefiting from a number of structural growth trends and the potential for further exits in 2021 and beyond. “
Portfolio valuation as of May 31, 2021
The value of NBPE’s portfolio as of May 31, 2021 is based on the following information1:
- 18% of the fair value of the portfolio was valued at May 31, 2021
- 13% in government securities2
- 5% private investments in direct debt
- 1% of the fair value of the portfolio was valued at April 30, 2021
- 1% in private direct investment
- 81% of the fair value of the portfolio was valued at March 31, 2021
- 80% in private equity investments
For more information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0) 20 3995 6673
Charles Gorman [email protected]
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside leading private equity firms in the global market. NB Alternatives Advisers LLC (the âInvestment Managerâ), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for the sourcing, execution and management of NBPE. The vast majority of direct investments are made without management fees / deferred interest payable to third party GPs, offering greater cost efficiency than other listed private equity firms. NBPE seeks capital appreciation through growth in net asset value over time while paying a semi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent and employee-owned investment manager. The company manages a range of strategies, including equities, fixed income, quantitative and multi-asset classes, private funds, real estate and hedge funds, on behalf of institutions, advisers and investors. individual investors around the world. With offices in 25 countries, Neuberger Berman’s diverse team consists of more than 2,300 professionals. For seven consecutive years, the company has been named first or second in the Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 or more employees). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to less than 1% of investment firms for excellence in environmental, social and governance (ESG) practices. The PRI also awarded Neuberger Berman an A + in each eligible category for our approach to ESG integration across all asset classes. The company manages $ 429 billion in client assets as of March 31, 2021. For more information, please visit our website at www.nb.com.
This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities.
NBPE is an investment company with fixed capital domiciled in Guernsey. NBPE has received the necessary consent from the Guernsey Financial Services Commission. The value of investments can fluctuate. Results obtained 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 professional legal, financial, tax and other advice before making any investment decision. Statements contained in this document that are not historical facts are based on the current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and should not be relied on unduly. In addition, 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 these objectives or forward-looking statements.
1 Please refer to the Valuation Methodology section of the monthly report for a description of the Manager’s valuation methodology. Although some valuation data is as at March 31, 2021 and April 30, 2021, the Manager’s analysis and historical experience lead the Manager to believe that this approximates fair value as at May 31, 2021.
2 Includes Petsmart / Chewy as the value is primarily determined by Chewy’s public value.
Monthly update of the NBPE’s net asset value in May vF
NBPE Q1 2021 Quarterly report vF