NBPE Announces 30 September 2022 Monthly NAV

NBPE Announces 30 September 2022 Monthly NAV

18 October 2022

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 30 September 2022 Monthly Net Asset Value (“NAV”) estimate.

Highlights (30 September 2022)

• NAV per share of $27.24 (£24.40); 2% decline in September 2022
• (11.2%) NAV TR in the nine months to 30 September 2022
• Declines in NAV driven by quoted holdings and negative foreign exchange movements
• $119 million of announced realisations through 30 September 2022
• $281 million of available liquidity after 2022 Zero Dividend Preference Shares (“ZDPs”) fully repaid on 30 September 2022
• Share buyback programme announced

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

Business review (at 30 September 2022)

NAV decreased 2% in September 2022, driven by changes in quoted holdings and negative foreign exchange adjustments

• 1% NAV decrease ($16 million) during the month of September as a result of a decrease in value of quoted holdings (which constitute 11% of portfolio fair value)
• 1% NAV decrease ($10 million) from negative FX movements, primarily attributable to changes in the EUR/USD rate

Realisations from the portfolio continue in 2022

• 2022 year to date announced realisations of $119 milllion¹

– Six full or partial sales announced in 2022 include: the remaining assets of Telxius, the announced full sales of Leaseplan and Omega Environmental Technologies, the partial realisation of MHS Global, the sale of Stratus Technologies and the partial sale of an additional transaction which was signed in June and closed in August 2022²

2022 ZDP fully repaid at maturity and significant available liquidity at 30 September 2022

• 2022 ZDP final capital entitlement of £63.4 million ($76.4 million) repaid on 30 September 2022
• Available liquidity of $275 million undrawn credit line and $6 million of cash
• In addition, $39 million of distributions expected over the coming months from announced realisations

Announcement of Share Buyback Programme

• On 5 October 2022, NBPE announced it had entered into a new share buyback programme with Jefferies
• The programme allows Jefferies, at its discretion, based on criteria set by the board, to repurchase NBPE Class A shares on behalf of NBPE based on multiple factors including the absolute and relative (to peers) discount, as well as broader equity market movements

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 September 2022 was based on the following information:

• 14% of the portfolio was valued as of 30 September 2022

• • 11% in public securities
  • 3% in private direct investments

• 86% of the portfolio was valued as of 30 June 2022

• • 85% in private direct investments
  • 1% in private fund investments

For further information, please contact:

NBPE Investor Relations          +1 214 647 9593

Kaso Legg Communications    +44 (0)20 3995 6673

Charles Gorman                        [email protected]
Luke Dampier
Charlotte Francis

Supplementary Information (as at 30 September 2022)

*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, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 26 countries, Neuberger Berman’s diverse team has over 2,600 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $408 billion in client assets as of September 30, 2022. For more information, please visit our website at www.nb.com.

¹$84 million of cash from realisations received through 30 September 2022, of which $17 million was attributable to a sale announced in 2021, but received in 2022. Including the partial realisation signed in June 2022, NBPE expects total additional net cash from these realisations of $39 million.

²Additional transaction represents an aggregate gross value to NBPE of approximately $33 million, of which NBPE received approximately $12 million in cash and NBPE elected to roll a total of approximately $21 million in value. The transaction closed in August 2022 and NBPE received the cash in October 2022.

Attachment

• 221018 - NBPE - Factsheet September 2022 vF

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