41% growth in NAV in 2021.


Net asset value growth of 41% in 2021. Board declares semi-annual dividend of $0.47 per share, an increase of 14.6%

January 13, 2022

NB Private Equity (NBPE), the $1.5 billion listed private equity investment firm managed by Neuberger Berman, today releases its monthly estimate of net asset value as of December 31, 2021.

Strong points (at 31 December 2021)

  • Net asset value per share of $30.76 (£22.71)
  • Total NAV return of 40.7% in 2021
  • A decrease of 1.9% over the month; performance driven by changes in the valuations of listed companies in the portfolio
  • $76 million in cash proceeds received during the month; total of $389 million in cash received from achievements in 2021
  • Two new investments in December with a total invested or committed of $176 million for ten new investments in 2021
  • Solid liquidity – $416 million of available cash and undrawn credit lines
  • Declaration of a semi-annual dividend of $0.47 per share, a 14.6% increase over the August 2021 dividend, driven by continued strong net asset value growth
  • The Board of Directors announces its intention to redeem the 2022 ZDPs maturing in September 2022
AT 31 December 2021* YTD 3 years 5 years 10 years
NAV TR (USD) 40.7% 88.4% 125.1% 272.4%
MSCI World TR (USD) 22.3% 83.0% 106.8% 249.0%
TR stock price (GBP) 65.0% 109.3% 130.8% 500.1%
FTSE All-Share TR (GBP) 18.3% 27.2% 30.2% 110.7%

*Reflects cumulative returns over the periods indicated and is not annualized.

Activity Report (at 31 December 2021)

NBPE continued to build on its strong performance, with NAV rising to $1.5 billion during the year ($30.76 per share) one 40.7% total return in 2021

  • Performance in December 2021 driven by the evolution of the valuations of listed companies, which represent 19% of the fair value of the portfolio
  • 74% of the portfolio is valued based on private company valuation information as of September 30, 2021
  • The Manager expects to receive updated private company valuations as of December 31, 2021 in the coming weeks and will incorporate new information in future monthly NAV updates as received.

Achievements of the portfolio at a record level for the year with continuous momentum; 14 full and partial achievements in 2021 to an aggregate 83% increase in book value as of December 31, 2020 and a 3.3x multiple of cost

  • $401 million in total achievements announced in 2021
  • $76 million in cash proceeds received in December 2021
    • $57 million received from previously announced full or partial exits from Telxius, Finalsite, CSS and an undisclosed company
    • $10 million received from additional partial sales of public shares
    • $9 million of other partial achievements in the portfolio
  • $389 million in revenue received in 2021; 31% of the opening value of the portfolio
    • An additional $12 million expected in the coming months attributable to a previously announced partial exit in 2021
  • The estimate of the net asset value as of December 31, 2021 incorporates the majority of the increase in valuation associated with these announced achievements

Continued focus to invest in companies expected at benefit from long-term growth trends

  • $176 million invested or committed in ten companies in 2021, and a continued strong pipeline of new investments
  • Two new investments closed in December 2021:
    • $18 million investment in Addison Group, a professional services provider specializing in recruitment and consulting services
    • $15 million investment in Monroe Engineering, a distributor of standard and custom critical products

Robust liquidity

  • $416 million in available liquidity ($116 million cash, $300 million unused line of credit)
    • Adjusted unfunded commitments of $71 million and coverage of adjusted commitments of 583%

Strong growth in NAV 14.6% increase in dividend

  • Semi-annual dividend of $0.47 per share1, a 14.6% increase over the August 2021 dividend
  • The increase brings the annualized dividend yield on net asset value to 3.1%, in line with the Company’s declared dividend policy; annualized share price return is 3.6% based on closing share price of 1,885p on 11 January 2022
Distribution amount: $0.47 per share
Ex-dividend date: January 20, 2022
Dividend record date: January 21, 2022
Last day for currency election: January 28, 2022
Last day for the election of the dividend reinvestment plan: February 04, 2022
Payment date: February 28, 2022

advice the intention of repay 2022 ZDPs at maturity

  • The Board intends that NBPE will repay the 2022 ZDPs in full on their due date, September 30, 2022; at the current GBP/USD exchange rate of $1.37, the final capital entitlement is approximately $87 million
  • The Company has significant cash available to fully repay the 2022 ZDPs
  • The credit facility and the remaining 2024 ZDPs give the Company the continued ability to maintain an investment level above 100%
  • The repayment of the 2022 ZDPs simplifies the company’s capital structure with no further short-term maturities – the remaining class of ZDP shares matures in October 2024 and the $300 million credit facility has borrowing availability up to in December 2029

Portfolio valuation

The value of NBPE’s portfolio as of December 31, 2021 is based on the following information:

  • 24% of the fair value of the portfolio is valued as of December 31, 2021
    • 19% in public securities
    • 5% in direct private investments
  • 2% of the fair value of the portfolio has been valued as of October 31, 2021
    • 2% in direct private investments
  • 74% of the fair value of the portfolio is valued as of September 30, 2021
    • 73% in direct private investments
    • 1% in fund investments

For more information, please contact:

NBPE Investor Relations +1 214 647 9593

Kaso Legg Communications +44 (0)20 3995 6673

Charles Gorman [email protected]
Will Sanderson

On NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside leading global private equity firms. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly-owned subsidiary of Neuberger Berman Group LLC, is responsible for the sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fees / no deferred interest payable to third-party GPs, providing better fee efficiency than other listed private equity firms. NBPE seeks capital appreciation through growth in net asset value over time while paying a semi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies, including equities, fixed income, quantitative and multi-asset classes, private equity, real estate and hedge funds, on behalf of institutions, advisors and individual investors in the whole world. With offices in 25 countries, Neuberger Berman’s diverse team includes more than 2,400 professionals. For seven consecutive years, the company has been named first or second in the Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 or more employees). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to less than 1% of investment companies for excellence in environmental, social and governance (ESG) practices. The PRI also gave Neuberger Berman an A+ in each qualifying category for our approach to ESG integration across all asset classes. The company manages $437 billion in client assets as of September 30, 2021. For more information, please visit our website at www.nb.com.

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.

NBPE is established as a Guernsey-domiciled closed-end investment company. NBPE has received the necessary consent from the Guernsey Financial Services Commission. The value of investments may fluctuate. Past results are not indicative of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to consult expert legal, financial, tax and other professional advice before making any investment decision. Statements contained herein that are not historical facts are based on the current expectations, estimates, projections, opinions and beliefs of the NBPE Investment Manager. Such statements involve known and unknown risks, uncertainties and other factors, and should not be unduly relied upon. In addition, this document contains “forward-looking statements”. Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such objectives or forward-looking statements.

1 While the Company declares dividends in US dollars, shareholders will receive dividends in pounds sterling at the rate prevailing at the time of currency conversion, unless an election to receive dividends in US dollars is made on forms available on the NBPE 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 can also participate in a Dividend Reinvestment Plan (forms of which are available on the NBPE website) if they wish to increase their holdings instead of receiving cash dividends.

  • NBPE December 2021 Factsheet vF

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