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NB Private Equity: monthly update of the net asset value

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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 January NAV update

February 17, 2021

NB Private Equity Partners Limited (NBPE or the Company), a closed-end private equity investment company, today announces an updated estimate of the net asset value (NAV) for the month ended 31 January 2021.

Highlights

  • The net asset value per share of NBPEs as at January 31, 2021 of $ 21.15 (15.40) increased by $ 0.62 per share compared to the estimated net asset value per share as at December 31, 2020 of $ 20.53 (15 , 02) (following the declaration of the first half-yearly dividend of 2021)
    • 34% and 18% of the fair value of private equity is based on the updated valuation information of private companies as of December 31, 2020 and January 31, 2021, respectively
    • Additional information on the fourth quarter valuation is expected in the coming weeks and will be incorporated into future monthly NAV updates.
  • The table below summarizes the monthly performance and LTM NAV as of January 31, 20211
(Returns in USD)Month31 Jan-21
LTM
Development of the total return NAV
per share
4.6%16.6%
Development of net asset value per share3.0%13.0%
  • Growth in the net asset value as of January 31, 2021 of $ 28.8 million, or $ 0.62 per share, compared to the net asset value of December 31, 2020, driven by:
    • $ 38.8 million, or $ 0.83 per share, in unrealized gains from additional private valuation information
    • $ 9.9 million of unrealized gains, or $ 0.22 per share, primarily attributable to public valuations, foreign exchange adjustments on non-U.S. Dollar investments and other mark-to-market adjustments
    • $ 6.1 million in expenses, $ 0.13 per share, attributable to management fees and deferred interest, ZDP interest and net loss on ZDP FX, interest on the credit facility and other expenses
    • $ 0.7 million of accrued cash and PIK interest from the income portfolio, or $ 0.01 per share
    • $ 14.5 million, or $ 0.31 per share, liability associated with declared but unpaid dividend


Portfolio valuation

The value of the NBPE private equity portfolio as of January 31, 2021 is based on the following information2:

  • 18% of the fair value of private equity was valued at January 31, 2021
    • 13% in government securities3
    • 5% private investments in direct debt
  • 34% of the fair value of private equity was valued at December 31, 2020
    • 34% direct private equity investments
  • 48% of the fair value of private equity was valued at September 30, 2020
    • 47% direct private equity investments
    • 1% in fund investments

Manager’s comment
In January, NBPE received $ 3.5 million in proceeds from direct equity investments, comprising $ 3.1 million from partial realizations and $ 0.5 million from the sale of public shares of Avantor (NYSE: AVTR) ; additional cash proceeds from the final exit of Avantor shares will be received by NBPE in the coming weeks. In addition, NBPE received $ 2.8 million in income investments, primarily comprised of the proceeds from NBPE’s senior debt disposal in Blue Nile.

In January and early February, public announcements were made regarding the separate sale of all or part of the assets of each of Telxius, Hivory and Innovacare. These transactions are all signed and subject to the usual closing conditions. Valuation adjustments and proceeds will be included in NBPE’s financial statements at the appropriate time and subject to the respective closing conditions.

On January 15, 2021, NBPE declared its first semi-annual dividend of 2021 of $ 0.31 per share, which was increased due to strong growth in net asset value in 2020.

About 18% of the assessment information in this estimate is as of January 31, and 34% of the assessment information is updated as of December 31, 2020. Private assessments of NBPEs have increased by $ 38.8 million as a result of receiving updated assessment information in the fourth quarter. Additional valuation information will be incorporated into future monthly NAV updates and the NBPE expects to release its audited financial report in April 2021.

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 global private equity firms. NB Alternatives Advisers LLC (the Investment Manager), an indirect wholly-owned subsidiary of Neuberger Berman Group LLC, is responsible for the procurement, 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 expense efficiency than other listed private equity firms. NBPE seeks capital appreciation by growing 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 securities, quantitative and multi-asset asset classes, private equity funds, real estate and hedge funds on behalf of institutions, global advisers and individual investors. With offices in 24 countries, Neuberger Bermans’ 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 people with 1,000 or more employees). In 2020, the PRI named Neuberger Berman 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 all categories eligible for our approach to ESG integration across asset classes. com.

This press release appears for recording purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

NBPE is established as a fixed-capital investment company 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 do not guarantee 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 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 the NBPE investment manager. Such statements involve risks, uncertainties and other known and unknown factors, and should not be relied on unduly. In addition, this document contains “forward-looking statements”. Actual events or results or NBPE’s actual performance may differ materially from those reflected or contemplated in such objectives or forward-looking statements.


1 Assumes reinvestment of dividends on ex-dividend date and reflects cumulative returns over the period shown. The total return on the NAV in GBP for the Monthly and LTM periods is 4.1% and 12.2%, respectively; The return on the NAV in GBP for the Monthly and LTM periods is 2.5% and 8.7%, respectively.

2 Please refer to the evaluation methodology section of the monthly report for a description of the manager evaluation methodology. 48% of the underlying valuation data is as of September 30, 2020. Given the current market / economic environment, the manager notes that while this valuation data may be out of date, it remains the best estimate than we are currently in a position to supply but may value as of January 31, 2021.

3 Includes Petsmart / Chewy as value is primarily determined by Chewy’s public value.

  • Monthly update of the January net asset value of the NBPE

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