REG-NBPE Announces Audited 2024 Results and 31 March 2025 Est. NAV

NB Private Equity PartnersAnnouncement

Mon 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250428:nGNE3bv47v&default-theme=true


THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED
STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS



St Peter Port, Guernsey   28 April 2025

NB Private Equity Partners (NBPE), the $1.3bn FTSE 250 listed private equity
investment company managed by Neuberger Berman, today releases its 2024 Annual
Financial Report and 31 March 2025 Monthly NAV Update.

Audited Annual Results Highlights (31 December 2024)
* NAV per share of $27.53 (£21.98)
* 1.5% NAV TR in the 12 months to 31 December 2024, driven by an increase in
private valuations, offset by quoted holdings and FX
* Private portfolio value increased 6.9% in 2024 on a constant currency basis
* Strong portfolio company operating performance: LTM revenue and EBITDA
growth of 8.0% and 13.1%, respectively, during 2024(1)
* $179 million of proceeds from realisations received during 2024
* Well positioned to take advantage of investment opportunities - $283 million
of cash and undrawn credit line available
* $0.94 per share of dividends paid during 2024
 As of 31 December 2024               2024    3 years        5 years      10 years      
 NAV TR (USD)* Annualised             1.5%    (4.0%) (1.3%)  68.8% 11.0%  166.2% 10.3%  
 MSCI World TR (USD)* Annualised      19.2%   22.0% 6.9%     73.9% 11.7%  171.9% 10.5%  
                                                                                        
 Share price TR (GBP)* Annualised     (1.1%)  (2.3%) (0.8%)  62.1% 10.1%  231.2% 12.7%  
 FTSE All-Share TR (GBP)* Annualised  9.5%    18.5% 5.8%     26.5% 4.8%   81.9% 6.2%    

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

Peter Von Lehe, Managing Director and Head of Investment Solutions & Strategy
at Neuberger Berman commented:

“NBPE ended 2024 with net assets of $1.3 billion, reflecting a NAV per share
of $27.53 and a total NAV return of 1.5% for the year. This performance was
driven by the strong operating performance of our private investment
portfolio, which grew in value by 6.9% on a constant currency basis. However,
these gains were partially offset by the impact of foreign exchange
fluctuations and public holdings. Despite a more challenging environment for
private equity exits, NBPE delivered solid realisations in 2024, generating
$179 million in proceeds – equivalent to 14% of the portfolio's opening fair
value.

NBPE ended the year in a strong financial position with $283 million of
available liquidity and an investment level of 102%, which is at the lower end
of the long-term target investment level range of 100-110%.”

Paul Daggett, Managing Director of Neuberger Berman, continued:

“Overall, the underlying portfolio of private companies continued to perform
well, reporting a weighted average LTM revenue and EBITDA growth(1) of 8.0%
and 13.1%, respectively. It is encouraging to see that the four new
investments made in 2024 are off to a good start, being valued at a 1.1x gross
multiple of capital and generating a 22% IRR on a combined basis as of 31
December 2024.

Despite recent market volatility and uncertainty, we remain confident that
NBPE is well-positioned to perform across a range of economic scenarios. The
portfolio remains well-diversified across our two key themes, and we believe
it is well-positioned to continue to deliver growth over the long term.”

The Company’s 2024 Annual Report and a video from Neuberger Berman to
accompany the results are available to view at:
https://www.nbprivateequitypartners.com/

Portfolio Update to 31 March 2025

NAV TR increase of 0.4% YTD 2025
* 31 March 2025 NAV per share of $27.17 (£21.05)
* YTD NAV driven by positive FX adjustments, offset by declines in quoted
holdings
* 31 March 2025 monthly NAV estimate does not include any Q1 2025 private
company valuations
Realisations from the portfolio in 2025
* $47 million of proceeds received in the first three months of 2025 *
Realisations to date driven by full exits of USI and Kyobo Life Insurance,
partial realisations of Tendam, Qpark, Clearent, and Osaic, as well as full
and partial realisations of certain quoted holdings and income investments
 
* A further ~$20 million of proceeds is expected in the coming months from
pending transactions
Robust liquidity – well positioned to take advantage of opportunities
* $283 million of available liquidity ($73 million cash/liquid investments and
$210 million of credit line)
2025 Share Buybacks
* Through 25 April 2025, NBPE has repurchased approximately 624k shares for
$12.3 million at a weighted average discount of 29%, resulting in a NAV
accretion of approximately $0.10 per share
Portfolio Valuation
The fair value of NBPE’s portfolio as of 31 March 2025 was based on the
following information:
* 6% of the portfolio was valued as of 31 March 2025 * 6% in public
securities
 
 * 94% of the portfolio was valued as of 31 December 2024 * 93% in private
direct investments
* 1% in private fund investments
For further information, please contact:

NBPE Investor Relations        +44 20 3214 9002
Luke Mason        NBPrivateMarketsIR@nb.com  

Kaso Legg Communications        +44 (0)20 3882 6644
Charles Gorman        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

Supplementary Information (as at 31 March 2025)

 Company Name                Vintage  Lead Sponsor                   Sector                  Fair Value ($m)  % of FV  
 Action                      2020     3i                             Consumer                76.8             6.1%     
 Osaic                       2019     Reverence Capital              Financial Services      63.5             5.0%     
 Solenis                     2021     Platinum Equity                Industrials             60.5             4.8%     
 BeyondTrust                 2018     Francisco Partners             Technology / IT         50.1             4.0%     
 Monroe Engineering          2021     AEA Investors                  Industrials             42.6             3.4%     
 Business Services Company*  2017     Not Disclosed                  Business Services       40.1             3.2%     
 Branded Cities Network      2017     Shamrock Capital               Communications / Media  38.9             3.1%     
 GFL (NYSE: GFL)             2018     BC Partners                    Business Services       38.5             3.0%     
 Mariner                     2024     Leonard Green & Partners       Financial Services      33.7             2.7%     
 True Potential              2022     Cinven                         Financial Services      33.5             2.6%     
 FDH Aero                    2024     Audax Group                    Industrials             32.9             2.6%     
 Marquee Brands              2014     Neuberger Berman               Consumer                31.8             2.5%     
 Staples                     2017     Sycamore Partners              Business Services       29.7             2.3%     
 Auctane                     2021     Thoma Bravo                    Technology / IT         28.7             2.3%     
 Fortna                      2017     THL                            Industrials             28.7             2.3%     
 Viant                       2018     JLL Partners                   Healthcare              27.1             2.1%     
 Stubhub                     2020     Neuberger Berman               Consumer                26.4             2.1%     
 Benecon                     2024     TA Associates                  Healthcare              25.5             2.0%     
 Agiliti                     2019     THL                            Healthcare              25.3             2.0%     
 Engineering                 2020     NB Renaissance / Bain Capital  Technology / IT         25.0             2.0%     
 Solace Systems              2016     Bridge Growth Partners         Technology / IT         24.5             1.9%     
 Addison Group               2021     Trilantic Capital Partners     Business Services       23.8             1.9%     
 Kroll                       2020     Further Global / Stone Point   Financial Services      23.7             1.9%     
 Exact                       2019     KKR                            Technology / IT         22.2             1.8%     
 CH Guenther                 2021     Pritzker Private Capital       Consumer                22.0             1.7%     
 Excelitas                   2022     AEA Investors                  Industrials             21.9             1.7%     
 Bylight                     2017     Sagewind Partners              Technology / IT         19.9             1.6%     
 Real Page                   2021     Thoma Bravo                    Technology / IT         18.5             1.5%     
 AutoStore (OB.AUTO)         2019     THL                            Industrials             18.2             1.4%     
 Constellation Automotive    2019     TDR Capital                    Business Services       18.2             1.4%     
 Total Top 30 Investments                                                                    $972.3           76.9%    

*Undisclosed company due to confidentiality provisions.

 Geography                            % of Portfolio  
 North America                        77%             
 Europe                               22%             
 Asia / Rest of World                 1%              
 Total Portfolio                      100%            
                                                      
 Industry                             % of Portfolio  
 Tech, Media & Telecom                23%             
 Consumer / E-commerce                21%             
 Industrials / Industrial Technology  18%             
 Financial Services                   13%             
 Business Services                    12%             
 Healthcare                           8%              
 Other                                4%              
 Energy                               1%              
 Total Portfolio                      100%            
                                                      
 Vintage Year                         % of Portfolio  
 2016 & Earlier                       10%             
 2017                                 16%             
 2018                                 14%             
 2019                                 14%             
 2020                                 13%             
 2021                                 18%             
 2022                                 5%              
 2023                                 2%              
 2024                                 8%              
 Total Portfolio                      100%            

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

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager
founded in 1939 with over 2,800 employees in 26 countries. The firm manages
$515 billion of equities, fixed income, private equity, real estate and hedge
fund portfolios for global institutions, advisors and individuals. Neuberger
Berman's investment philosophy is founded on active management, fundamental
research and engaged ownership. Neuberger Berman has been named by Pensions &
Investments as the #1 or #2 Best Place to Work in Money Management for each of
the last eleven years (firms with more than 1,000 employees). Visit www.nb.com
for more information. Data as of March 31, 2025.



This press release appears as a matter of record only and does not constitute
an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey.
NBPE has received the necessary consent of the Guernsey Financial Services
Commission. The value of investments may fluctuate. Results achieved in the
past are no guarantee of future results. This document is not intended to
constitute legal, tax or accounting advice or investment recommendations.
Prospective investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decision. Statements
contained in this document that are not historical facts are based on current
expectations, estimates, projections, opinions and beliefs of NBPE's
investment manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be placed
thereon. Additionally, 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 targets or
forward-looking statements.

Attachments
*     March 2025 NBPE Factsheet vF
(https://ml-eu.globenewswire.com/Resource/Download/71fe9c44-9851-4e43-aadd-404b92ff8119)
  
*     NBPE_AR_vF
(https://ml-eu.globenewswire.com/Resource/Download/96fb7fc9-7f45-4e6c-86da-5d3fe045fe30)
  
*     NBPE Investor Presentation - April vF
(https://ml-eu.globenewswire.com/Resource/Download/9267120e-9598-4641-b7bf-c7b3af3f27a6)