In QuotedData’s morning briefing 19 February 2025:
- Brown Advisory US Smaller Companies (BASC) announced a 5.3% uplift in NAV to 1,550.0p over the six months ended 31 December 2024, while its share price increased 9.2% to 1,400.0p – closing its discount to NAV to 9.7%. The performance lagged its benchmark – the Sterling-adjusted Russell 2000 Total Return Index, which rose by 10.7% over the period. The company said that its underperformance was in large part due to its portfolio’s focus on quality, while more speculative situations led a US small-cap rally over large-cap.
- Partners Group Private Equity (PEY) has changed the basis of its investment management fee from the higher of NAV or gross assets (minus any temporary investments and unfunded commitments) to purely NAV (minus any temporary investments and unfunded commitments to direct investments). The change took effect from 1 January 2025. The quarterly management fee rate of 0.375% remains unchanged and will continue to be accrued monthly and paid quarterly in arrears. The group’s incentive fee arrangement has also been amended. The incentive fee will remain at a rate of 15%, tested and paid on a semi-annual basis with monthly accruals, but will incorporate a high-water mark (HWM), whereby a performance fee will only be paid when the company’s NAV exceeds the level where a performance fee was previously paid (with the initial HWM being the company’s NAV as at 31 December 2024), and also an annual cap (of 4.99% of the lower of market capitalisation or NAV). This new arrangement is calculated on the whole portfolio performance after accounting for all costs and of applying to all existing and new investments. The previous incentive fee was based on the realised gain (after deducting specific purchase and sale costs, but before accounting for any management fee) for each of PEY’s investments, on a “deal-by-deal” basis in respect of which PEY achieves an IRR of at least 8%, without reference to the overall NAV performance of the company.
- NB Private Equity Partners (NBPE) has announced a share buyback programme of up to $120m over the next three years.
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