NB Private Equity Partners Limited Releases July Monthly NAV Estimate
NB Private Equity Partners (NBPE), a private equity investment company listed on the FTSE 250 with a valuation of $1.3 billion and managed by Neuberger Berman, has shared its monthly net asset value (NAV) estimate as of July 31, 2024.
NAV Highlights
The reported NAV per share stands at $27.41 (£21.34), indicating a total return of 1.8% for the month. This performance is mainly driven by the valuations of private companies in the second quarter of 2024, which saw a 1.4% increase when adjusted for constant currency.
Year-to-date Performance
So far this year, private company valuations have increased by 4.4% on a constant currency basis. However, this growth has been somewhat offset by changes in the value of publicly traded holdings and challenges from foreign exchange fluctuations.
Liquidity and Proceeds
In July, the company generated $27 million in proceeds, primarily from a partial realization in Action. This brings the total proceeds for 2024 to $153 million. As of July 31, 2024, NBPE reported $407 million in available liquidity, which includes a $210 million undrawn credit line and $197 million in cash and liquid investments.
Dividend Information
The biannual dividend for the second half of 2024 is set at $0.47 per share. This dividend is reflected in the NAV as of July 31, 2024, with payment scheduled for August 30, 2024. Consequently, the annualized dividend yield is calculated at 3.4%, compared to an annualized yield of 4.4% based on the closing share price of £16.12 on August 27, 2024.
Portfolio Updates
Several key elements influenced the NAV performance in July:
- An increase of 1.8% in NAV ($23 million) due to private company valuation updates.
- A 0.2% rise in NAV ($2 million) attributed to favorable currency exchange rate movements.
- A 0.1% increase in NAV ($1 million) from the appreciation of quoted holdings.
- A 0.3% decrease in NAV ($4 million) resulting from expense accruals and changes in the Zero Dividend Preference share (ZDP) liability.
Realisations and Investments
Throughout 2024, the portfolio has continued to realize investments, with $27 million received in July from various liquidity events, particularly in Action. To date, a total of $153 million has been realized, driven by several companies including Action, Cotiviti, and Melissa & Doug.
Moreover, NBPE has made $73 million in new and follow-on investments during 2024. This includes significant contributions to FDH Aero, a prominent parts distributor in the aerospace and defense sector, as well as investments in healthcare companies Benecon and Zeus.
Portfolio Valuation and Breakdown
As of July 31, 2024, the portfolio valuation provides several insights:
- 7% of the portfolio was valued based on public securities as of July 31, 2024.
- 65% was valued based on private direct investments as of June 30, 2024.
- Valuation percentages for previous months reflect the ongoing evaluation of asset values.
Geographic and Industry Distribution
The portfolio is primarily divided between two regions, with 76% in North America and 23% in Europe, while only 1% is allocated to the Asia/rest of the world segment. Regarding industry distribution, the largest sectors by investment are:
- Tech, Media & Telecom - 23%
- Consumer/E-commerce - 20%
- Industrials/Industrial Technology - 18%
- Financial Services - 14%
- Business Services - 12%
- Healthcare - 8%
- Other - 4%
- Energy - 1%
Additional Information
NB Private Equity Partners Limited (LSE:NBPE) specializes in direct private equity investments alongside leading firms in global markets. The fund aims to enhance value through strong net asset growth while distributing biannual dividends with a competitive fee structure.
For any inquiries, please reach out to:
NBPE Investor Relations
+44 (0) 20 3214 9002
Luke Mason
Kaso Legg Communications
+44 (0)20 3995 6673
Charles Gorman
Frequently Asked Questions
What is the NAV per share for NBPE as of July 31, 2024?
The NAV per share is reported at $27.41 (£21.34).
How much liquidity does NBPE have currently?
As of July 31, 2024, NBPE has $407 million available in liquidity.
What dividend is declared for the second half of 2024?
NBPE has declared a dividend of $0.47 per share.
What are the major sectors of investment for NBPE?
Key sectors include Tech, Media & Telecom, Consumer/E-commerce, and Industrials.
What is the main strategy of NBPE?
NBPE focuses on accumulating capital appreciation through direct private equity investments while prioritizing bi-annual dividend payments.
