NBPE Announces 31 January 2023 Monthly NAV +2.6%

27 Febuary 2023

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 31 January 2023 Monthly Net Asset Value (“NAV”) estimate.

Highlights (as of 31 January 2023)

• NAV per share of $28.19 (£22.90), a total return of 2.6% in the month¹
• Performance driven by increase in quoted holdings, Q4 2022 private company valuations and positive FX adjustments
• 50% of the 31 January 2023 valuation information as of 31 December 2022 or 31 January 2023
• First 2023 semi-annual declared dividend of $0.47 per share
• $300 million of available liquidity, and a further $27 million of proceeds expected in the coming months

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

Business review (as of 31 January 2023)

NAV performance during the month driven by:

• 2.2% NAV increase ($29 million) from the value of quoted holdings (which constitute 14% of portfolio fair value)
• 0.4% NAV increase ($5 million) from positive FX movements, primarily attributable to changes in the EUR/USD rate in January 2023
• Excluding FX, 0.4% NAV increase ($5 million) from the receipt of fourth quarter private company valuation information (33% of portfolio valued based of Q4 2022 valuation information)
• 1.7% NAV decrease ($22 million) attributable to the declared dividend in January
• 0.3% NAV decrease ($3 million) attributable to changes in the Zero Dividend Preference share (ZDP) liability and expense accruals

$300 million of available liquidity

• $5 million of cash and $295 million of undrawn credit facility
• A further $27 million of proceeds from previously announced realisations expected in the coming months

$0.47 dividend declared

• In line with August 2022 dividend
• Annualised dividend yield on 31 January 2023 NAV of 3.3%; annualised share price yield is 4.8%²
• Payment date of 28 February 2023

Portfolio Valuation

The fair value of NBPE’s portfolio as of 31 January 2023 was based on the following information:

• 17% of the portfolio was valued as of 31 January 2023

• • 14% in public securities
  • 3% in private direct investments

• 33% of the portfolio was valued as of 31 December 2022

• • 33% in private direct investments

• 50% of the portfolio was valued as of 30 September 2022

• • 49% in private direct investments
  • 1% in private fund investments

For further information, please contact:

NBPE Investor Relations         

Kaso Legg Communications    +44 (0)20 3995 6673

Charles Gorman                       

Luke Dampier

Charlotte Francis

Supplementary Information (as of 31 January 2023)

*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 $427 billion in client assets as of December 31, 2022. For more information, please visit our website at

¹ After adding back the declared dividend of $0.47.

² Based on share price on 24 February 2023

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