NBPE Announces October Monthly NAV Estimate
26 November 2024
NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 October 2024 monthly NAV estimate.
NAV Highlights (31 October 2024)
- NAV per share was $27.31 (£21.24), a total return of (0.2%) in the month
- Year to date NAV TR of 0.7%
- 0.7% uplift from Q3 2024 private company valuations relative to Q2 2024, based on valuation information received to date (~72% of fair value); additional Q3 2024 valuations expected in the coming weeks
- $103 million invested in new and follow on investments year to date, including $30 million investment in Mariner Wealth Advisors which funded in November
- ZDPs fully repaid on 30 October 2024, further simplifying NBPE’s capital structure
- $299 million of available liquidity at 31 October 20242
| As of 31 October 2024 | YTD | 1 Year | 3 years | 5 years | 10 years |
| NAV TR (USD)* Annualised | 0.7% | 4.4% | (0.9%) (0.3%) | 70.2% 11.2% | 172.2% 10.5% |
| MSCI World TR (USD)* Annualised | 16.9% | 34.3% | 22.1% 6.9% | 80.7% 12.6% | 168.0% 10.4% |
| Share price TR (GBP)* Annualised | (2.5%) | 3.6% | 4.3% 1.4% | 73.0% 11.6% | 234.3% 12.8% |
| FTSE All-Share TR (GBP)* Annualised | 8.1% | 16.3% | 19.7% 6.2% | 31.9% 5.7% | 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. 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 October 2024
NAV performance during the month driven by:
- 0.7% NAV increase ($9 million) from the receipt of private company valuation information
- 0.2% NAV decrease ($3 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)
- 0.1% NAV decrease ($2 million) attributable to expense accruals
Realisations from the portfolio continue in 2024
- $161 million of realisations received year to date, driven by Action, Cotiviti and previously announced sales of Melissa & Doug, FV Hospital and Safefleet as well as sales of public stock and continued realisations from the legacy income investment portfolio
$299 million of total liquidity at 31 October 20243
- $89 million of cash and liquid investments with $210 million of undrawn credit line available
$103 million invested in 2024 in new and follow-on investments, including $30 million investment in Mariner Wealth Advisors which funded in November
- $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 November in Mariner Wealth Advisors, a financial services firm
- $10 million of additional new and follow on investments
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 October 2024 was based on the following information:
- 6% of the portfolio was valued as of 31 October 2024
- 6% in public securities
- 72% of the portfolio was valued as of 30 September 2024
- 71% in private direct investments
- 1% in private funds
- 22% of the portfolio was valued as of 30 June 2024
- 22% in private direct investments
- 22% in private direct investments
For further information, please contact:
NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason
Kaso Legg Communications +44 (0)20 3882 6644
Charles Gorman
Luke Dampier
Charlotte Francis
Supplementary Information (as at 31 October 2024)
| Company Name | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
| Action | 2020 | 3i | Consumer | 69.9 | 5.5% |
| Osaic | 2019 | Reverence Capital | Financial Services | 62.6 | 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 | 40.1 | 3.2% |
| Monroe Engineering | 2021 | AEA Investors | Industrials | 38.3 | 3.0% |
| Business Services Company* | 2017 | Not Disclosed | Business Services | 37.1 | 2.9% |
| True Potential | 2022 | Cinven | Financial Services | 34.2 | 2.7% |
| GFL (NYSE: GFL) | 2018 | BC Partners | Business Services | 32.6 | 2.6% |
| 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 | 30.8 | 2.4% |
| 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% |
| Benecon | 2024 | TA Associates | Healthcare | 25.5 | 2.0% |
| Qpark | 2017 | KKR | Transportation | 25.5 | 2.0% |
| FDH Aero | 2024 | Audax Group | Industrials | 25.3 | 2.0% |
| Agiliti | 2019 | THL | Healthcare | 25.3 | 2.0% |
| Engineering | 2020 | NB Renaissance / Bain Capital | Technology / IT | 25.1 | 2.0% |
| Solace Systems | 2016 | Bridge Growth Partners | Technology / IT | 24.4 | 1.9% |
| Constellation Automotive | 2019 | TDR Capital | Business Services | 24.0 | 1.9% |
| Addison Group | 2021 | Trilantic Capital Partners | Business Services | 23.8 | 1.9% |
| Excelitas | 2022 | AEA Investors | Industrials | 22.8 | 1.8% |
| USI | 2017 | KKR | Financial Services | 22.2 | 1.8% |
| Auctane | 2021 | Thoma Bravo | Technology / IT | 21.9 | 1.7% |
| Exact | 2019 | KKR | Technology / IT | 20.3 | 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 | 19.6 | 1.5% |
| Total Top 30 Investments | $943.7 | 74.4% |
*Undisclosed company due to confidentiality provisions.
| Geography | % of Portfolio |
| North America | 77% |
| Europe | 22% |
| Asia / Rest of World | 1% |
| Total Portfolio | 100% |
| Industry | % of Portfolio |
| Tech, Media & Telecom | 23% |
| Consumer / E-commerce | 20% |
| Industrials / Industrial Technology | 17% |
| Financial Services | 13% |
| Business Services | 12% |
| Healthcare | 9% |
| Other | 5% |
| Energy | 1% |
| Total Portfolio | 100% |
| Vintage Year | % of Portfolio |
| 2016 & Earlier | 11% |
| 2017 | 19% |
| 2018 | 15% |
| 2019 | 14% |
| 2020 | 12% |
| 2021 | 17% |
| 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.
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 $509 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 PRI identified the firm as part of the Leader’s Group, 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 for more information. Data as of 30 September 2024.
1 Based on net asset value.
2 Available liquidity adjusted for Treasury Bill payable which settled in November.
3 Available liquidity and cash balance adjusted for Treasury Bill payable which settled in November.
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