NBPE Announces 31 October 2022 Monthly NAV| MENAFN.COM

Saturday, 26 November 2022 12:27 GMT

NBPE Announces 31 October 2022 Monthly NAV


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NBPE Announces 31 October 2022 Monthly NAV

24 November 2022

NB Private Equity Partners (NBPE), the $1.3bn, FTSE 250, listed private equity investment company managed by Neuberger Berman, today releases its 31 October 2022 Monthly Net Asset Value (“NAV”) estimate.

Highlights (31 October 2022)

  • NAV per share of $27.96 (£24.28); 2.6% increase in October 2022, driven by positive movements in public valuations and FX
  • Excluding the impact of FX, based on information received to date, third quarter private company valuations declined by 0.2% on a constant currency basis
  • Year to date, private company valuations are up by 2.9%, on a constant currency basis
  • (8.8%) NAV TR in the 10 months to 31 October 2022; YTD performance driven by negative movement in quoted holdings and foreign exchange movements on non US Dollar assets
  • 81% of portfolio valued as of 30 September 2022 or 31 October 2022
  • $130 million of announced realisations in 10 months to 31 October 2022
  • $300 million of available liquidity – well positioned to take advantage of investment opportunities
As of 31 October 2022 YTD 1 Year 3 years 5 years 10 years
NAV TR (USD) (8.8%) (5.2%) 62.9% 93.3% 237.7%
MSCI World TR (USD) (19.7%) (18.1%) 21.2% 39.7% 148.3%
Share price TR (GBP) (9.9%) (2.6%) 61.6% 94.1% 415.0%
FTSE All-Share TR (GBP) (5.0%) (2.8%) 7.1% 12.7% 83.2%

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

Business review (at 31 October 2022)

NAV increase during the month comprises:

  • 2.8% NAV increase ($35 million) as a result of an increase in the value of quoted holdings (which constitute 13% of portfolio fair value)
  • 0.4% NAV increase ($5 million) from positive FX movements, primarily attributable to changes in the EUR/USD rate
  • 0.2% NAV decrease ($2 million) from the receipt of third quarter private company valuation information

$130 million of announced realisations from the portfolio in 2022 1

  • Six full or partial sales announced in 2022 include: the remaining assets of Telxius, the announced full sales of Leaseplan and Omega Environmental Technologies, the partial realisation of MHS Global, the sale of Stratus Technologies and the partial sale of an additional transaction which was signed in June and closed in August 20222

$41 million invested in two transactions in 2022

  • $26 million invested in True Potential, a wealth management technology platform
  • $15 million re-invested in an undisclosed investment

$300 million of available liquidity

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

Portfolio Valuation

The fair value of NBPE's portfolio as of 31 October 2022 was based on the following information:

  • 16% of the portfolio was valued as of 31 October 2022
    • 13% in public securities
    • 3% in private direct investments
  • 65% of the portfolio was valued as of 30 September 2022
    • 64% in private direct investments
    • 1% in private fund investments
  • 19% of the portfolio was valued as of 30 June 2022
    • 19% in private direct investments

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