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NB Private Equity on a roll

NB Private Equity on a roll – NB Private Equity Partners has published results for 2020. It was a good year for the trust, with NAV growth of 21.4% (in US dollar terms). The chairman also says that there was a high level of portfolio realisations at meaningful valuation uplifts and resilient aggregate underlying portfolio company performance. Some highlights:

NAV Performance

  • Significant growth in NAV per Share and strong total return performance during 2020
    • USD Total Return NAV Growth of 21.4%1
    • NAV per Share of $22.49 as of 31 December 2020, up $3.38 per share from 31 December 2019
    • $0.58 per share of dividends paid

Portfolio Positioning and Performance

  • Direct equity investments generated a gross IRR of 23.1% during 2020 (total portfolio gross IRR was 21.3%)
  • Robust underlying portfolio company growth: 31 December 2020 LTM revenue and EBITDA growth of 6.2% and 6.1%, respectively2
    • Revenue growth led by financial services, industrials and healthcare
    • EBITDA growth led by financial services, healthcare and technology, media and telecommunications

Portfolio Realisations & Uplift

  • Record level of distributions from direct equity: approximately $165 million of realisations from direct equity investments consisting of $121 million from five full/final exits and $44 million of partial realisations
    • NBPE’s five full/final exits generated a 2.9x gross multiple of capital and robust uplift of 30% relative to carrying value three quarters prior3
  • Total portfolio generated $199 million of realisations, or 18% of opening portfolio value

New Investment Activity

  • $132 million of invested capital during 2020
    • $73 million invested in six new direct equity investments
    • $53 million invested through NB Programs
    • $6 million of follow-ons to existing investments

The statement says that the “strong portfolio momentum has continued into 2021 with seven full or partial exits in process, all of which have been announced but not all of which have yet closed. In aggregate, these seven investments alone are expected to result in a NAV uplift of approximately $140 million relative to 31 December 2020 valuations. The 31 March 2021 monthly NAV estimate will be published later this week and will incorporate a proportion of this uplift for these investments, with the remaining uplift included when appropriate under NBPE’s valuation policy. In addition to these seven pending events, NBPE’s portfolio remains well-positioned where further exits and uplift events are possible during 2021.”

NBPE : NB Private Equity on a roll

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