NB Private Equity: Monthly NAV Update - September 2020
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NB Private Equity Partners Publishes September 2020 NAV Update
15 October 2020
NB Private Equity Partners Limited (“NBPE” or the “Company”), a closed-end private equity investment company, today announced an updated Net Asset Value (“NAV”) estimate for the month ended 30 September 2020.
Manager Commentary
During September, NBPE funded $4.6 million to new investments, of which $4.5 million was to income investments and $0.1 million was a follow on to an existing equity co-investment. In terms of realisations, NBPE received $9.8 million from direct equity investments consisting of $6.3 million from an undisclosed business services company, $2.0 million from Vertiv (NYSE: VRT) as a result of a partial sales of public stock, and $1.2 million from West Marine. NBPE also received $0.4 million from income investments, consisting of interest and principal receipts, and $0.1 million from fund investments.
Another notable portfolio development during September was the IPO of Vitru, a Brazilian distance learning education company (formerly known as Uniasselvi), on the NASDAQ stock exchange which now trades under the ticker symbol “VTRU”.
Approximately 85% of the valuation information contained in this monthly NAV update is based on 30 June 2020 private company valuations. These valuations will be updated in coming weeks as Q3 valuation information is received from underlying sponsors.
Key Highlights
| (Returns in USD) | Month | 30 Sep-20 YTD | 30 Sep-20 LTM | ||||
| Total return NAV development per Share1 | -0.7% | -1.3% | 0.5% | ||||
| NAV development per Share | -0.7% | -4.3% | -2.6% | ||||
- NBPE’s NAV decreased by $5.2 million in September 2020 driven by:
- $4.3 million of unrealised losses, or $0.09 per share, primarily attributable to unrealised negative foreign exchange adjustments on non-USD investments, public valuations and other mark to market adjustments
- $0.8 million of expenses, $0.02 per share, attributable to management and other fee accruals, and credit facility interest and expenses
- $0.8 million of losses, or $0.02 per share, attributable to private valuation decreases
- $0.7 million of accrued cash and PIK interest from the income portfolio, or $0.01 per share
Portfolio Valuation
The value of NBPE’s private equity portfolio as of 30 September 2020 was based on the following information2:
- 14% of the private equity fair value was valued as of 30 September 2020
- 8% in public securities
- 6% in private direct debt investments
- 1% of the private equity fair value was valued as of 31 July 2020
- 1% in private direct equity investments
- 85% of the private equity fair value was valued as of 30 June 2020
- 84% in private direct equity investments
- 1% in fund investments
For further information, please contact:
NBPE Investor Relations
Kaso Legg Communications +44 (0)20 3603 2803
Charles Gorman
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 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For six 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). In 2020, the named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $374 billion in client assets as of September 30, 2020. For more information, please visit our website at .
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.
1 Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown.
2 Please refer to the valuation methodology section of the monthly report for a description of the Manager’s valuation methodology. 85% of underlying valuation data is as of 30 June 2020. Given the current market / economic environment the Manager notes that while this valuation data may be stale, it remains the best estimate we are currently able to provide but may not accurately reflect the fair value at 30 September 2020.
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