Monthly Performance Update for NB Private Equity Partners
NB Private Equity Partners (NBPE) has shared its estimated net asset value (NAV) as of 30 November 2024, highlighting a total return of 0.7% for the month. The company, valued at approximately $1.3 billion, is a key player in the private equity investment sector and is managed by the well-regarded Neuberger Berman.
NAV Highlights and Financial Performance
This recent NAV estimate showcases several important financial metrics:
- NAV per share stood at $27.51 (£21.64), marking a robust increase of 0.7% over the month.
- Year-to-date NAV total return (TR) reached 1.4%, demonstrating steady growth.
- The company noted a 1.1% increase in valuations from its private companies for Q3 2024 compared to Q2, based on nearly total fair value estimates received.
- In November, NBPE committed $30 million to Mariner Wealth Advisors, underscoring its active investment strategy.
- At the end of November, the company enjoyed $275 million in available liquidity, ensuring it has the resources necessary for continued investments.
Portfolio Developments and Strategic Investments
The portfolio update as of 30 November 2024 reveals that NAV performance was influenced by multiple factors:
- A valuation gain of 0.3% was realized, translating to about $4 million increase based on private company assessments received.
- Conversely, a slight 0.5% decrease in NAV ($6 million) occurred due to negative foreign exchange fluctuations.
- Additionally, NBPE saw a $14 million increase (1.1% NAV increase) due to rising valuations of publicly quoted holdings, which now make up 7% of the overall portfolio.
- Expenses led to a minor 0.2% decrease in NAV, equating to about $3 million.
Realizations and New Investments
Year-to-date, NBPE has successfully realized $168 million from various investments, showcasing its proactive management and strategic asset sales. Significant contributors to this figure include:
- Well-performing entities such as Action and Cotiviti.
- Recent asset sales encompassing Melissa & Doug, FV Hospital, and Safefleet.
In addition to these realizations, four new investments amounting to $104 million were completed in 2024. These investments include:
- $25 million in FDH Aero, a notable parts distributor in the aerospace and defense sphere.
- Investment of $38 million across two U.S. healthcare firms, Benecon and Zeus.
- The $30 million allocation to Mariner Wealth Advisors, underscoring the commitment to the financial services sector.
- Additional new investments worth $11 million further illustrate the diversified investment strategy of NBPE.
Portfolio Valuation Insights
As of the end of November 2024, 9% of NBPE's portfolio was valued based on current market conditions:
- 7% in public securities and 2% in private direct investments.
- 90% of the portfolio had values as of September 2024, consisting mostly of private direct investments at 89%.
This reflects a diligent approach to maintaining a balance between various asset classes, ensuring flexibility and growth potential.
Geographical and Sectoral Spread of Investments
A breakdown of the portfolio by geography highlights a heavy focus on North America at 78%, followed by Europe at 21%, and a minor allocation of 1% towards Asia and the rest of the world. Sector-wise, NBPE's investments span multiple industries, with key allocations seen in:
- Technology, Media & Telecom at 23%.
- Consumer and E-commerce at 20%.
- Industrials at 17%.
About NB Private Equity Partners Limited
NBPE employs a strategy focused on direct private equity investments in collaboration with prominent private equity firms worldwide. The investment management is conducted by NB Alternatives Advisers LLC, enabling operational efficiencies with minimal fees.
About Neuberger Berman
This independent investment management firm, established in 1939, oversees significant assets across diverse investment portfolios globally. With a strong reputation in active management and robust research practices, Neuberger Berman emphasizes commitment to environmental, social, and governance best practices.
Frequently Asked Questions
What is the recent NAV for NBPE as of November 2024?
As of 30 November 2024, the NAV per share was reported at $27.51 (£21.64).
How much liquidity does NBPE have available?
NBPE reported $275 million in available liquidity as of the end of November 2024.
What new investments did NBPE make in 2024?
NBPE invested $25 million in FDH Aero, $38 million in U.S. healthcare businesses, and $30 million in Mariner Wealth Advisors among others in 2024.
What sectors does NBPE primarily invest in?
NBPE has major investments in technology, media & telecom, consumer, and industrials, with the highest allocation in technology at 23%.
Who manages NBPE's investments?
The investments for NBPE are managed by NB Alternatives Advisers LLC, a subsidiary of Neuberger Berman Group LLC.
