17th Mar 2022 07:00
NB Private Equity: 3.6% NAV Increase in February, Driven by the Receipt of Q4 2021 Valuation InformationTHE 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
3.6% NAV Increase in February, Driven by the Receipt of Q4 2021 Valuation Information
17 March 2022
NB Private Equity (NBPE), the $1.4bn listed private equity investment company managed by Neuberger Berman, today releases its 28 February 2022 monthly NAV estimate.
Highlights (at 28 February 2022)
NAV per share of $30.12 (£22.45)3.6% NAV return during the month$56 million of portfolio valuation uplift, predominantly driven by the receipt of 31 December 2021 private company valuation informationNAV total return of 40.1% over the last twelve months$0.47 per share dividend paid on 28 February 2022$54 million of realisations announced during 2022Well positioned to take advantage of investment opportunities - $374 million of cash and undrawn credit line availableNBPE to be included in the FTSE 250 Index| At 28 February 2022* | YTD | 1 year | 3 years | 5 years | 10 years |
| NAV TR (USD) | (0.6%) | 40.1% | 85.2% | 123.8% | 264.7% |
| MSCI World TR (USD) | (7.6%) | 11.2% | 52.1% | 81.3% | 192.5% |
| Share price TR (GBP) | (10.7%) | 41.5% | 65.7% | 89.9% | 448.5% |
| FTSE All-Share TR (GBP) | (0.8%) | 16.0% | 18.4% | 25.7% | 95.1% |
*Reflects cumulative returns over the time periods shown and are not annualised.
Business review (at 28 February 2022)
NAV increase of 3.6% during February 2022, driven by the receipt of 31 December 2021 valuation information
$50 million of portfolio valuation uplift as a result of updated year end private company valuation informationAdditional $6 million of increases in valuation attributable to changes in public valuations and FX rates32% of the portfolio remains valued based on 30 September 2021 private company valuation informationAdditional 31 December 2021 private company valuations are expected in the coming weeks and will be incorporated into future monthly NAV updates as receivedRealisations from the portfolio continue in 2022
2022 year to date announced realisations to $54 milllion Announced sales to date in 2022 include: the remaining assets of Telxius, the announced sale of Leaseplan to ALD automotive and the announced sale of one undisclosed investmentStrong pipeline and continued focus on investing in companies expected to benefit from long term growth trends
The Manager continues to evaluate a pipeline of potential new investments and believes NBPE is well placed to take advantage of new opportunitiesRobust liquidity – well positioned for to take advantage of opportunities
$374 million of available liquidity ($74 million cash, $300 million of undrawn credit line)1Exposure to Russia, Ukraine and Belarus
NBPE has no portfolio companies headquartered in Russia, Ukraine or Belarus. The portfolio is weighted toward the US, where 71% of NBPE’s portfolio companies are headquartered, with 25% based in Western Europe and the remainder (4%) in Asia. While certain companies in the portfolio have global operations, we believe underlying investments with business operations in Russia, Ukraine or Belarus or revenue sourced from them are immaterial to the portfolio.
Inclusion in the FTSE 250 Index
Further to the FTSE Russell notice released on 11 March 2022, NBPE will be included in the FTSE 250 Index from 21 March 2022.
Portfolio Valuation
The fair value of NBPE’s portfolio as of 28 February 2022 was based on the following information:
19% of the portfolio was valued as of 28 February 2022 17% in public securities2% in private direct investments 2% of the portfolio was valued as of 31 January 2022 2% in private direct investments 47% of the portfolio was valued as of 31 December 2021 47% in private direct investments 32% of the portfolio was valued as of 30 September 2021 31% in private direct investments1% in fund investmentsFor further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.comWill Sanderson
Supplementary Information
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value | % of FV |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 97.1 | 6.3% |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials / Industrial Technology | 83.0 | 5.4% |
| Action | 2020 | 3i | Consumer / E-commerce | 51.1 | 3.3% |
| Agiliti (NYSE: AGTI) | 2019 | THL | Healthcare | 45.0 | 2.9% |
| Material Handling Systems | 2017 | THL | Industrials / Industrial Technology | 44.7 | 2.9% |
| USI | 2017 | KKR | Financial Services | 42.0 | 2.7% |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 41.0 | 2.7% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 33.7 | 2.2% |
| Petsmart / Chewy (NYSE: CHWY) | 2015 | BC Partners | Consumer / E-commerce | 33.5 | 2.2% |
| Marquee Brands | 2014 | Neuberger Berman | Consumer / E-commerce | 33.4 | 2.2% |
| Excelitas | 2017 | AEA Investors | Technology / IT | 32.4 | 2.1% |
| Cotiviti | 2018 | Veritas Capital | Healthcare | 32.2 | 2.1% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 32.1 | 2.1% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 30.0 | 2.0% |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 28.1 | 1.8% |
| Advisor Group | 2019 | Reverence Capital | Financial Services | 27.4 | 1.8% |
| Branded Toy Company* | 2017 | Not Disclosed | Consumer / E-commerce | 26.6 | 1.7% |
| Stubhub | 2020 | Neuberger Berman | Consumer / E-commerce | 26.5 | 1.7% |
| True Potential | 2022 | Cinven | Financial Services | 25.8 | 1.7% |
| Chemical Guys | 2021 | AEA Investors | Consumer / E-commerce | 21.1 | 1.4% |
| Staples | 2017 | Sycamore Partners | Business Services | 21.0 | 1.4% |
| Holley (NYSE: HLLY) | 2018 | Sentinel Capital | Industrials / Industrial Technology | 20.1 | 1.3% |
| Renaissance Learning | 2018 | Francisco Partners | Technology / IT | 19.7 | 1.3% |
| Engineering | 2016 | NB Renaissance / Bain Capital | Technology / IT | 19.6 | 1.3% |
| Solenis | 2021 | Platinum Equity | Industrials | 19.5 | 1.3% |
| Telxius | 2017 | KKR | Communications / Media | 18.8 | 1.2% |
| Omega | 2017 | AEA Investors | Industrials / Industrial Technology | 18.5 | 1.2% |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 18.3 | 1.2% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 18.1 | 1.2% |
| Qpark | 2017 | KKR | Transportation | 16.2 | 1.1% |
| Total Top 30 Investments | $976.4 | 63.4% |
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 71% |
| Europe | 25% |
| Asia / Rest of World | 4% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Tech, Media & Telecom | 21% |
| Consumer / E-commerce | 20% |
| Industrials / Industrial Technology | 18% |
| Business Services | 14% |
| Financial Services | 11% |
| Healthcare | 9% |
| Other | 6% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2014 & Earlier | 4% |
| 2015 | 4% |
| 2016 | 8% |
| 2017 | 24% |
| 2018 | 19% |
| 2019 | 19% |
| 2020 | 9% |
| 2021 | 11% |
| 2022 | 2% |
| 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. With offices in 25 countries, Neuberger Berman’s diverse team has over 2,400 professionals. For eight consecutive years, the company 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). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $460 billion in client assets as of December 31, 2021. 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.
1 Includes proceeds of $14m, from one previously announced transaction in 2021, which were received in the month. Original estimate fo the proceeds was $12m.
Attachment
NBPE Factsheet February 2022Related Shares:
Nb Priv. Eqty