NB Private Equity Partners (LON:NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 May 2024 monthly NAV estimate.
NAV Highlights (31 May 2024)
- NAV per share was $27.50 (£21.60), an increase of 0.6% in the month
- Performance driven by increase in private valuations which were up 2.1% relative to Q4 2023 and positive foreign exchange adjustments, offset by quoted holdings
- $28 million invested in FDH Aero in May; total of $75 million invested year to date in new and follow-on investments
- $380 million of available liquidity at 31 May 2024
- 93% of the portfolio valued based on Q1 2024 private valuations or quoted holdings as of 31 May 2024
| As of 31 May 2024 | YTD | 1 Year | 3 years | 5 years | 10 years |
| NAV TR (USD)* Annualised | (0.4%) | 1.0% | 22.3% 6.9% | 74.5% 11.8% | 184.5% 11.0% |
| MSCI World TR (USD)* Annualised | 9.8% | 25.5% | 23.0% 7.1% | 86.8% 13.3% | 152.6% 9.7% |
| Share price TR (GBP)* Annualised | (1.8%) | 8.3% | 36.0% 10.8% | 83.0% 12.8% | 285.7% 14.5% |
| FTSE All-Share TR (GBP)* Annualised | 8.7% | 15.4% | 25.5% 7.9% | 37.3% 6.5% | 77.6% 5.9% |
*Reflects cumulative returns over the time periods shown and are not annualised.
Portfolio Update to 31 May 2024
NAV performance during the month driven by:
- 0.6% NAV increase ($8 million) from the receipt of additional private company valuation information
- 0.5% NAV increase ($6 million) from positive FX movements
- 0.2% NAV decrease ($3 million) from the value of quoted holdings (which now constitute 8% of portfolio fair value)
- 0.4% NAV decrease ($4 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability
Realisations from the portfolio continue in 2024
- $52 million of realisations during the month, driven by the previously announced exit of Cotiviti and realisations from legacy income investments (which now represent 3% of the portfolio)
- Including proceeds received from announced sales in 2023, total 2024 realisations of $122 million to 31 May 2024, representing approximately 9% of opening portfolio value
$75 million invested through 31 May 2024 in new and follow-on investments
- $28 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
- $38 million invested into two previously announced U.S. healthcare businesses, Benecon and Zeus
- $9 million of additional new and follow on investments
Well positioned to take advantage of investment opportunities with significant available liquidity at 31 May 2024
- $380 million of available liquidity
– $210 million undrawn credit line and $170 million of cash / liquid investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 May 2024 was based on the following information:
- 10% of the portfolio was valued as of 31 May 2024
- 8% in public securities
- 2% in private direct investments
- 86% of the portfolio was valued as of 31 March 2024
- 85% in private direct investments
- 1% in private fund investments
- 2% of the portfolio was valued as of 31 January 2024
- 2% in private direct investments
- 2% of the portfolio was valued as of 31 December 2023
- 2% in private direct investments
Supplementary Information (as at 31 May 2024)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
| Action | 2020 | 3i | Consumer | 87.7 | 6.8% |
| Osaic | 2019 | Reverence Capital | Financial Services | 56.5 | 4.4% |
| Solenis | 2021 | Platinum Equity | Industrials | 54.1 | 4.2% |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 39.6 | 3.1% |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 39.4 | 3.1% |
| Monroe Engineering | 2021 | AEA Investors | Industrials | 36.2 | 2.8% |
| True Potential | 2022 | Cinven | Financial Services | 35.3 | 2.8% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 35.1 | 2.7% |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 32.8 | 2.6% |
| Marquee Brands | 2014 | Neuberger Berman | Consumer | 31.6 | 2.5% |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 31.4 | 2.5% |
| Staples | 2017 | Sycamore Partners | Business Services | 30.2 | 2.4% |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials | 29.3 | 2.3% |
| Fortna | 2017 | THL | Industrials | 28.7 | 2.2% |
| FDH Aero | 2024 | Audax Group | Industrials | 27.8 | 2.2% |
| Viant | 2018 | JLL Partners | Healthcare | 27.1 | 2.1% |
| Stubhub | 2020 | Neuberger Berman | Consumer | 26.4 | 2.1% |
| Engineering | 2020 | NB Renaissance / Bain Capital | Technology / IT | 25.1 | 2.0% |
| Benecon | 2024 | TA Associates | Healthcare | 25.0 | 2.0% |
| Agiliti (NYSE: AGTI) | 2019 | THL | Healthcare | 25.0 | 2.0% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 23.8 | 1.9% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 22.7 | 1.8% |
| Excelitas | 2022 | AEA Investors | Industrials | 21.9 | 1.7% |
| Solace Systems | 2016 | Bridge Growth Partners | Technology / IT | 21.2 | 1.7% |
| Qpark | 2017 | KKR | Transportation | 20.2 | 1.6% |
| Renaissance Learning | 2018 | Francisco Partners | Technology / IT | 19.5 | 1.5% |
| Exact | 2019 | KKR | Technology / IT | 19.4 | 1.5% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 19.0 | 1.5% |
| Bylight | 2017 | Sagewind Partners | Technology / IT | 18.7 | 1.5% |
| USI | 2017 | KKR | Financial Services | 18.4 | 1.4% |
| Total Top 30 Investments | $929.2 | 72.6% |
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 74% |
| Europe | 25% |
| Asia / Rest of World | 1% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Consumer / E-commerce | 25% |
| Tech, Media & Telecom | 22% |
| Industrials / Industrial Technology | 17% |
| Financial Services | 13% |
| Business Services | 11% |
| Healthcare | 6% |
| Other | 5% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2016 & Earlier | 11% |
| 2017 | 19% |
| 2018 | 14% |
| 2019 | 14% |
| 2020 | 14% |
| 2021 | 16% |
| 2022 | 5% |
| 2023 | 2% |
| 2024 | 5% |
| Total Portfolio | 100% |
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.
