28th May 2025 07:00
April Monthly Net Asset Value EstimateNBPE Announces April Monthly NAV Estimate
St Peter Port, Guernsey 28 May 2025
NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 April 2025 monthly NAV estimate.
NAV Highlights (30 April 2025)
NAV per share was $27.29 (£20.43), a total return of 0.4% in the monthApproximately 62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted pricesBased on information received so far, private company valuations increased fair value by 0.4% during Q1 2025 on a constant currency basisNBPE expects to receive additional updated Q1 2025 financial information which will be incorporated in future monthly NAV updates$307 million of available liquidity at 30 April 2025~151k shares repurchased during April 2025 at a weighted average discount of 33% which were accretive to NAV by ~$0.02 per share. Year to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share| As of 30 April 2025 | Year to Date | One Year | 3 years | 5 years | 10 years |
| NAV TR (USD)*Annualised | 0.8% | 3.4% | 4.1%1.4% | 87.7%13.4% | 160.7%10.1% |
| MSCI World TR (USD)*Annualised | (0.8%) | 12.6% | 39.0%11.6% | 96.6%14.5% | 157.2%9.9% |
| Share price TR (GBP)*Annualised | (8.0%) | (8.9%) | 3.6%1.2% | 99.0%14.7% | 189.5%11.2% |
| FTSE All-Share TR (GBP)*Annualised | 4.3% | 7.5% | 22.6%7.0% | 67.9%10.9% | 75.9%5.8% |
* All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.
Portfolio Update to 30 April 2025
NAV performance during the month driven by:
1.1% NAV increase ($13 million) attributable to changes in foreign exchange0.9% NAV decrease ($10 million) attributable to changes in prices of quoted holdings (which now constitute 5% of portfolio fair value)0.3% NAV increase ($4 million) from the value of private holdings0.2% NAV decrease ($3 million) attributable to expense accruals$53 million of realisations in 2025 year to date
$6 million of proceeds received during the month of April, consisting primarily of full and partial realisations of GFL, Corona Industrials and Inflection Energy$307 million of total liquidity at 30 April 2025
$97 million of cash and liquid investments with $210 million of undrawn credit line available2025 Share Buybacks
~151k shares repurchased in April 2025 at a weighted average discount of 33%; buybacks were accretive to NAV by ~$0.02 per shareYear to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per sharePortfolio Valuation
The fair value of NBPE’s portfolio as of 30 April 2025 was based on the following information:
5% of the portfolio was valued as of 30 April 2025 5% in public securities 57% of the portfolio was valued as of 31 March 2025 57% in private direct investments 38% of the portfolio was valued as of 31 December 2024 38% in private direct investmentsFor further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002Luke Mason [email protected]
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman [email protected]Luke DampierCharlotte Francis
Supplementary Information (as at 30 April 2025)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV | ||
| Action | 2020 | 3i | Consumer | 83.9 | 6.6% | ||
| Osaic | 2019 | Reverence Capital | Financial Services | 66.9 | 5.3% | ||
| Solenis | 2021 | Platinum Equity | Industrials | 59.8 | 4.7% | ||
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 47.7 | 3.8% | ||
| Monroe Engineering | 2021 | AEA Investors | Industrials | 44.7 | 3.5% | ||
| Business Services Company* | 2017 | Not Disclosed | Business Services | 40.1 | 3.2% | ||
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 38.9 | 3.1% | ||
| True Potential | 2022 | Cinven | Financial Services | 35.2 | 2.8% | ||
| Mariner | 2024 | Leonard Green & Partners | Financial Services | 33.7 | 2.7% | ||
| FDH Aero | 2024 | Audax Group | Industrials | 32.9 | 2.6% | ||
| Marquee Brands | 2014 | Neuberger Berman | Consumer | 31.4 | 2.5% | ||
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 30.6 | 2.4% | ||
| Staples | 2017 | Sycamore Partners | Business Services | 29.6 | 2.3% | ||
| Auctane | 2021 | Thoma Bravo | Technology / IT | 29.1 | 2.3% | ||
| Fortna | 2017 | THL | Industrials | 28.7 | 2.3% | ||
| Viant | 2018 | JLL Partners | Healthcare | 27.3 | 2.2% | ||
| Stubhub | 2020 | Neuberger Berman | Consumer | 26.4 | 2.1% | ||
| Engineering | 2020 | NB Renaissance / Bain Capital | Technology / IT | 26.3 | 2.1% | ||
| Benecon | 2024 | TA Associates | Healthcare | 25.5 | 2.0% | ||
| Agiliti | 2019 | THL | Healthcare | 25.3 | 2.0% | ||
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 25.0 | 2.0% | ||
| Solace Systems | 2016 | Bridge Growth Partners | Technology / IT | 24.6 | 1.9% | ||
| Excelitas | 2022 | AEA Investors | Industrials | 24.1 | 1.9% | ||
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 23.8 | 1.9% | ||
| Exact | 2019 | KKR | Technology / IT | 23.3 | 1.8% | ||
| CH Guenther | 2021 | Pritzker Private Capital | Consumer | 21.2 | 1.7% | ||
| Bylight | 2017 | Sagewind Partners | Technology / IT | 19.9 | 1.6% | ||
| Constellation Automotive | 2019 | TDR Capital | Business Services | 19.0 | 1.5% | ||
| Real Page | 2021 | Thoma Bravo | Technology / IT | 18.8 | 1.5% | ||
| Tendam | 2017 | PAI | Consumer | 18.3 | 1.4% | ||
| Total Top 30 Investments | $982.1 | 77.6% | |||||
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 77% |
| Europe | 22% |
| Asia / Rest of World | 1% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Tech, Media & Telecom | 23% |
| Consumer / E-commerce | 22% |
| Industrials / Industrial Technology | 17% |
| Financial Services | 14% |
| Business Services | 12% |
| Healthcare | 9% |
| Other | 4% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2016 & Earlier | 9% |
| 2017 | 16% |
| 2018 | 15% |
| 2019 | 13% |
| 2020 | 13% |
| 2021 | 18% |
| 2022 | 6% |
| 2023 | 2% |
| 2024 | 8% |
| 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 is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman's investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.
1 Based on net asset value.
Attachment
April 2025 NBPE Factsheet vF
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Nb Priv. Eqty