NBPU Nb Private Equity Partners Limited

NBPE Announces Audited 2023 Results and 31 March 2024 Est. NAV

24 April 2024

NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity investment company managed by Neuberger Berman, today releases its 2023 Annual Financial Report and 31 March 2024 Monthly NAV Update.

Audited Annual Results Highlights (31 December 2023)

• NAV per share of $28.07 (£22.02)
• 2.3% NAV TR in the 12 months to 31 December 2023, driven by an increase in private valuations and FX, offset by quoted holdings
• Private portfolio +5.3% in 2023 on a constant currency basis
• Strong portfolio company operating performance:  LTM revenue and EBITDA growth of 11.4% and 15.2%, respectively, during 2023¹
• $171 million of proceeds from realisations received during 2023
• Well positioned to take advantage of investment opportunities - $376 million of cash and undrawn credit line available
• $0.94 per share of dividends paid during 2023

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

Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy at Neuberger Berman commented:

“NBPE ended the year with net assets of $1.3bn, representing a NAV of $28.07 per share, and a NAV per share total return of 2.3% over 2023. Performance was driven by our private investments, with continued strong operating performance, alongside realisation activity with $171 million of proceeds received. NBPE’s exits during 2023 were achieved at a 2.1x¹ gross multiple of capital and 11% uplift to the carrying value three quarters prior to the announced exit.²”

Paul Daggett, Managing Director of Neuberger Berman, continued:
“Overall the portfolio reported a weighted average LTM revenue and EBITDA growth of 11% and 15%, respectively, during 2023. EBITDA growth outpaced revenue growth, a function of the active ownership of the investments, with operational improvements, operational leverage and synergies from M&A being reflected in the bottom line.  The portfolio remains well diversified across our two key themes and we believe is well positioned for a range of economic environments and that it should continue to generate growth over the long term.”

The Company’s 2023 Annual Report and a video from Neuberger Berman to accompany the results are available to view at:  https://www.nbprivateequitypartners.com/

Portfolio Update to 31 March 2024
NAV TR decrease of 1.4% YTD 2024

• 31 March 2024 NAV per share of $27.30 (£21.61), a decrease of 1.4% in March
• YTD NAV driven by declines in quoted holdings and FX headwinds

Realisations from the portfolio in 2024

• $64 million of proceeds received in the first three months of 2024³
  • Receipts from the previously announced sales of Melissa and Doug and FV Hospital, full sale of Safefleet in 2024, sales of public stock (inclusive of the full exit of one public holding), and other partial realisations
• A further $42 million of proceeds from previously announced realisations in process is expected in the coming months

Robust liquidity – well positioned to take advantage of opportunities

• $362 million of available liquidity ($151 million cash and $210 million of credit line)

Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 March 2024 was based on the following information:

• 13% of the portfolio was valued as of 31 March 2024

• • 9% in public securities
  • 4% in private direct investments

• 1% of the portfolio was valued as of 29 February 2024

• • 1% in private direct investments

• 2% of the portfolio was valued as of 31 January 2024

• • 2% in private direct investments

• 84% of the portfolio was valued as of 31 December 2023

• • 83% in private direct investments
  • 1% in private fund investments

For further information, please contact:

NBPE Investor Relations         +44 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 March 2024)

*Undisclosed company due to confidentiality provisions.

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 $474 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. UNPRI named the firm a Leader, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. 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 ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2024.

¹ Returns are presented on a “gross” basis (i.e. they donot reflect the management fees, carried interest, transaction costs and other expenses that may be paid by investors, which may be significant and will lower returns). Past performance is not a guarantee of future returns.

² Represents uplift from valuation versus the valuation three quarters prior to an announced exit. Includes partial realisations. Returns are presented on a “gross” basis (i.e. they do not reflect the management fees, carried interest, transaction costs and other expenses that may be paid by investors, which may be significant and will lower returns). Past performance is not a guarantee of future returns.

³ $33 million attributable to sales which were announced in 2023, but proceeds were received in 2024.

Attachments

• March 2024 NBPE Factsheet vF
• 2023 NBPE Annual Report
• NBPE Investor Presentation - April vFF

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