NB Private Equity Partners

LN: NBPE

Market Cap£648m

Last Close 1485p

NB Private Equity Partners invests in direct private equity investments alongside market-leading private equity firms. NB Alternatives Advisers, an indirect wholly owned subsidiary of Neuberger Berman, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee or carried interest to third-party general partners. NBPE seeks capital appreciation through growth in net asset value while paying a biannual dividend.

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Investment summary

NB Private Equity Partners (NBPE) continues its strong performance driven by exits and valuation uplifts in existing portfolio holdings. In the 12 months ending October 2021, it delivered a NAV total return of 57.8% in US dollar terms, with 5.4pp from the recent IPO of the warehouse automation business AutoStore. The performance was also supported by growth in the remaining portfolio companies. The realisations have left NBPE with increased dry powder, while the investment level remained within the target range. Despite the strong returns and a one-layer fee structure, NBPE trades at a wide discount (21% versus the peer average of 14%).

Content on NB Private Equity Partners
NB Private Equity Partners – Strong NAV contribution from exits
Investment companies | research Update | 29 November 2021
NB Private Equity Partners – Direct co-investments the key return driver
Investment companies | research Review | 22 June 2021
NB Private Equity Partners – Unique co-investment play at a wide discount
Investment companies | research Initiation | 14 October 2020
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Sector
Investment companies
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Share price graph
Price performance
%
1m
3m
12m
Actual (2) (10.3) 6.5
Relative* 4.5 (4.7) 8.5
52-week high/low 1930.0p/1300.0p
*% relative to local index
Key management
Paul Daggett Fund manager

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