NBPE Announces December Monthly NAV Estimate
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
St Peter Port, Guernsey 28 January 2025
NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 December 2024 monthly NAV estimate.
NAV Highlights (31 December 2024)
- NAV per share was $26.91 (£21.49), a total return of (2.2%) in the month
- Year to date NAV TR of (0.8%) (based on 31 December 2023 final numbers and 31 December 2024 monthly estimate)
- NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
- $283 million of available liquidity at 31 December 2024
| As of 31 December 2024 | 2024 | 3 years | 5 years | 10 years |
| NAV TR (USD)* Annualised | (0.8%) | (6.1%) (2.1%) | 65.0% 10.5% | 160.2% 10.0% |
| MSCI World TR (USD)* Annualised | 19.2% | 22.0% 6.9% | 73.9% 11.7% | 171.9% 10.5% |
| Share price TR (GBP)* Annualised | (1.1%) | (2.3%) (0.8%) | 62.1% 10.1% | 231.2% 12.7% |
| FTSE All-Share TR (GBP)* Annualised | 9.5% | 18.5% 5.8% | 26.5% 4.8% | 81.9% 6.2% |
* All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown, measured against the 31 December audited results at the beginning of the period. 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 31 December 2024
NAV performance during the month driven by:
- 0.8% NAV decrease ($10 million) from the receipt of private company valuation information
- 0.5% NAV decrease ($6 million) from negative FX movements
- 0.7% NAV decrease ($9 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
- 0.2% NAV decrease ($3 million) attributable to expense accruals
Realisations from the portfolio
- $179 million of realisations received in 2024. Driven by full exits of Cotiviti, Safefleet, Melissa & Doug, FV Hospital and Syniti, partial realisations of Action and Qpark as well as full and partial realisations of quoted holdings and income investments
$283 million of total liquidity at 31 December 2024
- $73 million of cash and liquid investments with $210 million of undrawn credit line available
Four new investments completed in 2024; $104 million invested in 2024 in new and follow-on investments
- $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
- $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
- $30 million investment in Mariner Wealth Advisors, a financial services firm
- $11 million of additional new and follow on investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 December 2024 was based on the following information:
- 7% of the portfolio was valued as of 31 December 2024
- 6% in public securities
- 1% in private direct investments
- 1% of the portfolio was valued as of 30 November 2024
- 1% in private direct investments
- 92% of the portfolio was valued as of 30 September 2024
- 91% in private direct investments
- 1% in private funds
For further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
Supplementary Information (as at 31 December 2024)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV | |
| Action | 2020 | 3i | Consumer | 65.6 | 5.2% | |
| Osaic | 2019 | Reverence Capital | Financial Services | 62.7 | 4.9% | |
| Solenis | 2021 | Platinum Equity | Industrials | 61.3 | 4.8% | |
| BeyondTrust | 2018 | Francisco Partners | Technology / IT | 45.6 | 3.6% | |
| Branded Cities Network | 2017 | Shamrock Capital | Communications / Media | 38.3 | 3.0% | |
| Monroe Engineering | 2021 | AEA Investors | Industrials | 38.2 | 3.0% | |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 38.1 | 3.0% | |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 35.5 | 2.8% | |
| True Potential | 2022 | Cinven | Financial Services | 32.1 | 2.5% | |
| Staples | 2017 | Sycamore Partners | Business Services | 31.6 | 2.5% | |
| Kroll | 2020 | Further Global / Stone Point | Financial Services | 31.4 | 2.5% | |
| Marquee Brands | 2014 | Neuberger Berman | Consumer | 31.2 | 2.5% | |
| Mariner | 2024 | Leonard Green & Partners | Financial Services | 30.0 | 2.4% | |
| FDH Aero | 2024 | Audax Group | Industrials | 29.1 | 2.3% | |
| Fortna | 2017 | THL | Industrials | 28.7 | 2.3% | |
| Viant | 2018 | JLL Partners | Healthcare | 27.2 | 2.1% | |
| Stubhub | 2020 | Neuberger Berman | Consumer | 26.5 | 2.1% | |
| Agiliti | 2019 | THL | Healthcare | 25.3 | 2.0% | |
| Benecon | 2024 | TA Associates | Healthcare | 25.1 | 2.0% | |
| Solace Systems | 2016 | Bridge Growth Partners | Technology / IT | 24.4 | 1.9% | |
| Engineering | 2020 | NB Renaissance / Bain Capital | Technology / IT | 24.0 | 1.9% | |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 23.8 | 1.9% | |
| USI | 2017 | KKR | Financial Services | 22.2 | 1.8% | |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 21.9 | 1.7% | |
| Excelitas | 2022 | AEA Investors | Industrials | 21.9 | 1.7% | |
| Qpark | 2017 | KKR | Transportation | 21.3 | 1.7% | |
| AutoStore (OB.AUTO) | 2019 | THL | Industrials | 20.4 | 1.6% | |
| CH Guenther | 2021 | Pritzker Private Capital | Consumer | 20.2 | 1.6% | |
| Renaissance Learning | 2018 | Francisco Partners | Technology / IT | 19.7 | 1.6% | |
| Bylight | 2017 | Sagewind Partners | Technology / IT | 19.5 | 1.5% | |
| Total Top 30 Investments | $942.7 | 74.4% | ||||
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 79% |
| Europe | 20% |
| Asia / Rest of World | 1% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Tech, Media & Telecom | 22% |
| Consumer / E-commerce | 20% |
| Industrials / Industrial Technology | 17% |
| Financial Services | 16% |
| Business Services | 12% |
| Healthcare | 8% |
| Other | 4% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2016 & Earlier | 10% |
| 2017 | 19% |
| 2018 | 15% |
| 2019 | 12% |
| 2020 | 12% |
| 2021 | 17% |
| 2022 | 5% |
| 2023 | 2% |
| 2024 | 8% |
| 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.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 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. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. 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 31 December 2024, unless otherwise noted.
1 Based on net asset value.
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
Latest directors dealings
- 10 hours ago Origin Enterprises (CDI)
- 10 hours ago Origin Enterprises (CDI)
- 11 hours ago SSP Group
- 12 hours ago Latham (James)
- 12 hours ago LSL Property Services