NBPU Nb Private Equity Partners Limited

NBPE Announces May Monthly NAV Estimate

20 June 2024

NB Private Equity Partners (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

*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

For further information, please contact:

NBPE Investor Relations         +44 (0) 20 3214 9002
Luke Mason                              NBPrivateMarketsIR@nb.com 

Kaso Legg Communications   +44 (0)20 3995 6673

Charles Gorman                        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

Supplementary Information (as at 31 May 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 31 March 2024.

¹ Based on net asset value.

Attachment

• May 2024 NBPE Factsheet vF

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