NBPE Announces 30 June 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

18 July 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 June 2023 Monthly Net Asset Value (“NAV”) estimate.

Highlights (as of 30 June 2023)

• NAV per share of $28.43 (£22.36), a 1.0% increase during the month

• Two main drivers in the month were an increase in quoted holdings, and positive FX movements

• 14% of the valuation information based on quoted holdings as of 30 June 2023; additional Q2 valuation information expected in the coming weeks. NBPE expects to issue its Interim Financial Report in September

• 250,024 shares repurchased during the month of June, accretive to NAV per share by ~$0.05

• Two new pending portfolio company realisations with the recently announced sales of both Accedian and FV Hospital to strategic acquirers. These two exits are estimated to generate a total of approximately $40 million of proceeds and are expected to close in the coming months¹

• NBPE continues to be well positioned to take advantage of investment opportunities - $291 million of available liquidity (excluding the above pending realisations)

As of 30 June 2023	YTD	1 Year	3 years	5 years	10 years
NAV TR (USD)* Annualised	1.0%	2.5% 2.5%	70.6% 19.5%	84.0% 13.0%	228.6% 12.6%
MSCI World TR (USD)* Annualised	15.4%	19.1% 19.1%	43.2% 12.7%	58.3% 9.6%	161.5% 10.1%
Share price TR (GBP)* Annualised	(3.9%)	6.1% 6.1%	84.2% 22.6%	74.4% 11.8%	290.0% 14.6%
FTSE All-Share TR (GBP)* Annualised	2.6%	7.9% 7.9%	33.2% 10.0%	16.5% 3.1%	78.0% 5.9%

*Reflects cumulative returns over the time periods shown and are not annualised.

Portfolio Update to 30 June 2023

NAV performance during the month driven by:

• 0.6% NAV increase ($8 million) from the value of quoted holdings (which constitute 14% of portfolio fair value)

• 0.6% NAV increase ($8 million) from positive FX movements, primarily attributable to changes in the EUR/USD rate

• 0.2% NAV decrease ($2 million) attributable to changes in the Zero Dividend Preference share (ZDP) liability and expense accruals

Robust liquidity – $45 million of proceeds received year to date and two additional announced pending realisations during June / early July

• Two recently announced pending realisations of Accedian and FV Hospital are estimated to generate approximately $40 million of additional proceeds and are expected to close in the coming months¹

• $291 million of available liquidity ($1 million of cash, $290 million of undrawn credit facility), excluding the above pending realisations

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 June 2023 was based on the following information:

• 20% of the portfolio was valued as of 30 June 2023

• • 14% in public securities

  • 6% in private direct investments

• 80% of the portfolio was valued as of 31 March 2023

• • 79% in private direct investments

  • 1% in private funds

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.com
Luke Dampier
Charlotte Francis

Supplementary Information (as of 30 June 2023)

Company Name	Vintage	Lead Sponsor	Sector	Fair Value ($m)	% of FV
Action	2020	3i	Consumer	70.3	5.0%
Advisor Group	2019	Reverence Capital	Financial Services	54.2	3.8%
AutoStore (OB.AUTO)	2019	THL	Industrials	54.0	3.8%
Constellation Automotive	2019	TDR Capital	Business Services	51.1	3.6%
USI	2017	KKR	Financial Services	50.0	3.5%
Solenis	2021	Platinum Equity	Industrials	45.2	3.2%
Agiliti (NYSE: AGTI)	2019	THL	Healthcare	41.2	2.9%
Fortna	2017	THL	Industrials	39.7	2.8%
Cotiviti	2018	Veritas Capital	Healthcare	36.6	2.6%
GFL (NYSE: GFL)	2018	BC Partners	Business Services	33.8	2.4%
Business Services Company*	2017	Not Disclosed	Business Services	32.6	2.3%
Kroll	2020	Further Global / Stone Point	Financial Services	32.1	2.3%
BeyondTrust	2018	Francisco Partners	Technology / IT	29.6	2.1%
True Potential	2022	Cinven	Financial Services	29.5	2.1%
Marquee Brands	2014	Neuberger Berman	Consumer	28.3	2.0%
Monroe Engineering	2021	AEA Investors	Industrials	26.6	1.9%
Stubhub	2020	Neuberger Berman	Consumer	26.4	1.9%
Engineering	2020	NB Renaissance / Bain Capital	Technology / IT	25.3	1.8%
Branded Cities Network	2017	Shamrock Capital	Communications / Media	25.1	1.8%
Bylight	2017	Sagewind Partners	Technology / IT	23.9	1.7%
Addison Group	2021	Trilantic Capital Partners	Business Services	23.9	1.7%
Staples	2017	Sycamore Partners	Business Services	22.6	1.6%
Auctane	2021	Thoma Bravo	Technology / IT	22.4	1.6%
Petsmart / Chewy (NYSE: CHWY)	2015	BC Partners	Consumer	22.0	1.5%
Excelitas	2017	AEA Investors	Industrials	21.9	1.5%
Accedian	2017	Bridge Growth Partners	Technology / IT	21.6	1.5%
Branded Toy Company*	2017	Not Disclosed	Consumer	21.2	1.5%
Renaissance Learning	2018	Francisco Partners	Technology / IT	19.8	1.4%
FV Hospital	2017	Quadria Capital	Healthcare	17.9	1.3%
Qpark	2017	KKR	Transportation	17.5	1.2%
Total Top 30 Investments				$966.3	68.1%

*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	20%
Consumer / E-commerce	19%
Industrials / Industrial Technology	17%
Business Services	13%
Financial Services	14%
Healthcare	10%
Other	6%
Energy	1%
Total Portfolio	100%
Vintage Year	% of Portfolio
2014 & Earlier	4%
2015	3%
2016	7%
2017	24%
2018	18%
2019	17%
2020	11%
2021	12%
2022	3%
2023	1%
Total Portfolio	100%

 

[1] Pending realisations are subject to customary closing conditions. No assurances can be given that the referenced transactions will ultimately close.

About NB Private Equity Partners Limited
NBPE 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 Berman
Neuberger 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.

Attachment

• June 2023 NBPE Factsheet vF