THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO |
NBPE Announces April Monthly NAV Estimate
NAV Highlights (
- NAV per share was
$27.33 (£21.83), an increase of 0.1% in the month - Performance driven by increase in private valuations which were up 1.5%, offset by quoted holdings and negative foreign exchange adjustments
$45 million invested through30 April 2024 in new investments and follow-ons$358 million of available liquidity at30 April 2024 - 66% of the portfolio valued based on Q1 2024 private valuations or quoted holdings as of
30 April 2024
As of | YTD | 1 Year | 3 years | 5 years | 10 years |
NAV TR (USD)* Annualised | (1.0%) | 0.0% | 21.5% 6.7% | 72.1% 11.5% | 189.9% 11.2% |
MSCI World TR (USD)* Annualised | 5.0% | 19.0% | 19.6% 6.1% | 68.5% 11.0% | 146.6% 9.4% |
Share price TR (GBP)* Annualised | (0.1%) | 9.6% | 33.9% 10.2% | 84.5% 13.0% | 297.2% 14.8% |
FTSE All-Share TR (GBP)* Annualised | 6.1% | 7.5% | 23.9% 7.8% | 30.1% 5.0% | 75.8% 5.0% |
*Reflects cumulative returns over the time periods shown and are not annualised.
Portfolio Update to
NAV performance during the month driven by:
- 1.5% NAV increase (
$19 million ) from the receipt of additional private company valuation information - 1.0% NAV decrease (
$13 million ) from the value of quoted holdings (which now constitute 8% of portfolio fair value) - 0.3% NAV decrease (
$4 million ) from negative FX movements - 0.2% NAV decrease (
$2 million ) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability
Realisations from the portfolio continue in 2024
$70 million of realisations received year to date, consisting of the previously announced sales ofFV Hospital and Melissa & Doug as well as realisations from legacy income investments, which now represent 6% of the overall portfolio (3% pro forma for Cotiviti realisation)$41 million of additional realisations from the closing of Cotiviti was received inMay 2024
$25 million invested into a new investment in aU.S. healthcare business,Benecon , a leading developer and manager of self-funded medical benefit programmes, for small and mid-sized businesses$13 million invested into aU.S. healthcare business, Zeus, a leader in the design and manufacturing of mission-critical components for medical devices used in minimally invasive life-saving procedures$7 million of additional new and follow on investments
Well positioned to take advantage of investment opportunities with significant available liquidity at
$358 million of available liquidity
–
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 April 2024 was based on the following information:
- 12% of the portfolio was valued as of
30 April 2024
- 8% in public securities
- 4% in private direct investments
- 54% of the portfolio was valued as of
31 March 2024
- 53% in private direct investments
- 1% in private fund investments
- 1% of the portfolio was valued as of
29 February 2024
- 1% in private direct investments
- 2% of the portfolio was valued as of
31 January 2024
- 2% in private direct investments
- 31% of the portfolio was valued as of
31 December 2023
- 31% in private direct investments
For further information, please contact:
NBPE Investor Relations +44 20 3214 9002
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman nbpe@kl-communications.com
Supplementary Information (as at
Company | Vintage | Lead Sponsor | Sector | Fair Value ($m) | % of FV |
Action | 2020 | 3i | Consumer | 85.4 | 6.6% |
Osaic | 2019 | Financial Services | 56.5 | 4.4% | |
Solenis | 2021 | Industrials | 54.1 | 4.2% | |
Cotiviti | 2018 | Healthcare | 40.5 | 3.1% | |
BeyondTrust | 2018 | Technology / IT | 39.6 | 3.1% | |
Branded Cities Network | 2017 | Communications / Media | 39.4 | 3.1% | |
Business Services Company* | 2017 | Not Disclosed | Business Services | 34.8 | 2.7% |
2019 | Business Services | 32.4 | 2.5% | ||
Monroe Engineering | 2021 | Industrials | 31.9 | 2.5% | |
True Potential | 2022 | Cinven | Financial Services | 31.7 | 2.5% |
Kroll | 2020 | Further Global / | Financial Services | 31.4 | 2.4% |
Marquee Brands | 2014 | Consumer | 30.4 | 2.4% | |
Staples | 2017 | Business Services | 30.2 | 2.3% | |
AutoStore (OB.AUTO) | 2019 | THL | Industrials | 30.1 | 2.3% |
Fortna | 2017 | THL | Industrials | 28.7 | 2.2% |
Viant | 2018 | Healthcare | 27.1 | 2.1% | |
2020 | Consumer | 26.4 | 2.0% | ||
2019 | THL | Healthcare | 25.4 | 2.0% | |
2024 | Healthcare | 25.0 | 1.9% | ||
Engineering | 2020 | NB Renaissance / | Technology / IT | 24.7 | 1.9% |
2021 | Business Services | 23.9 | 1.8% | ||
GFL (NYSE: GFL) | 2018 | Business Services | 23.0 | 1.8% | |
2021 | Technology / IT | 22.7 | 1.8% | ||
Excelitas | 2022 | Industrials | 21.9 | 1.7% | |
Solace Systems | 2016 | Technology / IT | 21.2 | 1.6% | |
Qpark | 2017 | KKR | Transportation | 19.9 | 1.5% |
Renaissance Learning | 2018 | Technology / IT | 19.5 | 1.5% | |
Exact | 2019 | KKR | Technology / IT | 19.1 | 1.5% |
Bylight | 2017 | Technology / IT | 18.4 | 1.4% | |
USI | 2017 | KKR | Financial Services | 18.4 | 1.4% |
Total Top 30 Investments | | 72.4% |
Geography | % of Portfolio |
75% | |
24% | |
1% | |
Total Portfolio | 100% |
Industry | % of Portfolio |
Consumer / E-commerce | 23% |
Tech, Media & Telecom | 22% |
Industrials / Industrial Technology | 17% |
Financial Services | 12% |
Business Services | 11% |
Healthcare | 9% |
Other | 5% |
Energy | 1% |
Total Portfolio | 100% |
Vintage Year | % of Portfolio |
2016 & Earlier | 12% |
2017 | 19% |
2018 | 17% |
2019 | 14% |
2020 | 13% |
2021 | 15% |
2022 | 5% |
2023 | 2% |
2024 | 3% |
Total Portfolio | 100% |
About
NBPE invests in direct private equity investments alongside market leading private equity firms globally.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
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 |
Attachment
April 2024 NBPE Factsheet v3
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