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NBPE Announces June Monthly NAV Estimate & 2H 2024 Dividend Payment

17 July 2024

NB Private Equity Partners (NBPE), the $1.3bn¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 June 2024 monthly NAV estimate.

NAV Highlights (30 June 2024)

• NAV per share was $27.39 (£21.67), a decrease of 0.4% in the month
• Q1 2024 private valuations up 2.4% on a constant currency basis; year to date performance offset by quoted holdings and foreign exchange adjustments
• $386 million of available liquidity at 30 June 2024
• 2H 2024 dividend of $0.47 per share, in-line with the previous dividend in February 2024. Annualised dividend yield on 30 June 2024 NAV of 3.4%; annualised share price yield is 4.4% based on the closing share price of £16.70 on 15 July 2024
• 98% of the portfolio valued based on Q1 2024 private valuations or quoted holdings as of 30 June 2024.² Q2 2024 private company valuation information is expected in the coming weeks

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

Portfolio Update to 30 June 2024

NAV performance during the month driven by:

• 0.2% NAV decrease ($2 million) from the receipt of additional private company valuation information
• 0.3% NAV decrease ($4 million) from negative FX movements
• 0.2% NAV increase ($3 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 and changes in the Zero Dividend Preference share (ZDP) liability

Realisations from the portfolio continue in 2024

• $126 million of realisations received year to date, driven by previously announced sales of Cotiviti, Melissa & Doug, FV Hospital and Safefleet as well as partial sales of public stock and continued realisations from the legacy income investment portfolio

$72 million invested through 30 June 2024 in new and follow-on investments

• $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
• $9 million of additional new and follow on investments

Well positioned to take advantage of investment opportunities with significant available liquidity at 30 June 2024

• $386 million of available liquidity

– $210 million undrawn credit line and $176 million of cash / liquid investments

Portfolio Valuation

The fair value of NBPE’s portfolio as of 30 June 2024 was based on the following information:

• 6% of the portfolio was valued as of 30 June 2024

• • 6% in public securities

• 2% of the portfolio was valued as of 31 May 2024

• • 2% in private direct investments

• 92% of the portfolio was valued as of 31 March 2024

• • 91% in private direct investments
  • 1% in private fund investments

2H 2024 Dividend³

NBPE announces the 2H 2024 dividend of $0.47 per share, in-line with the previous dividend in February 2024. The dividend timetable is set forth below

For further information, please contact:

NBPE Investor Relations         +44 (0) 20 3214 9002
Luke Mason                              NBPrivateMarketsIR@nb.com 

Kaso Legg Communications   +44 (0)20 3995 6673

Charles Gorman                        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

Supplementary Information (as at 30 June 2024)

*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 is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 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 www.nb.com for more information. Data as of June 30, 2024.

¹ Based on net asset value.

² One company valued as of 31 May 2024.

³ While the Company declares dividends in US Dollars, Shareholders will receive Sterling dividends at the prevailing rate at the time of currency conversion, unless an election to receive dividends in US Dollars is made on forms which are available on NBPE’s website prior to the currency election date listed below. If an investor has previously elected to receive US Dollars, that election will be used unless changed. Investors may also participate in a dividend re-investment plan (forms for which are available on NBPE’s website) if they wish to increase their shareholdings instead of receiving cash dividends.

Attachment

• June 2024 NBPE FactsheetvF