NB Private Equity Partners (NBPE) has announced its audited results for the year ended 31 December 2024, during which it delivered an NAV total return of 1.5%. NAV per share stood at US$27.53 (£21.98) at the year-end, supported by decent operating performance from portfolio companies, with average revenue and EBITDA growth of 8.0% and 13.1% respectively over the last twelve months. However, foreign exchange movements and volatility in public holdings were headwinds.
During 2024, NBPE’s private portfolio value increased by 6.9% on a constant currency basis. The company generated US$179m of realisation proceeds during the year, equivalent to 14% of the portfolio’s opening fair value, and paid dividends totalling US$0.94 per share. Net assets attributable to shareholders were US$1.3bn at year-end.
Peter von Lehe, managing director at Neuberger Berman, said NBPE had maintained a strong position despite market challenges: “This performance was driven by the private investment portfolio’s resilience, although partially offset by weaker public holdings and foreign exchange movements. Despite fewer private equity exits industry-wide, NBPE generated meaningful realisations and ended the year with US$283m of available liquidity.”
Paul Daggett, also of Neuberger Berman, added that recent new investments are off to a good start, achieving a gross multiple of 1.1x capital and a combined IRR of 22% as of year-end. He emphasised that the portfolio remains well-diversified across NBPE’s two key investment themes and well-positioned to perform across different economic scenarios.
Positive momentum into 2025
The company has made a steady start to 2025, reporting a 0.4% NAV total return year-to-date to 31 March 2025, with a NAV per share of US$27.17 (£21.05). The slight decline reflects positive foreign exchange movements, offset by weakness in quoted holdings. It is noted that the March NAV does not yet incorporate first quarter private company revaluations.
NBPE has received $47m of realisation proceeds during the first three months of 2025 from exits and partial realisations across USI, Kyobo Life Insurance, Tendam, Qpark, Clearent, and Osaic, alongside quoted and income investments. A further ~US$20m of pending proceeds is expected shortly.
The company also remains active in capital management, having repurchased around 624k shares for US$12.3m through to 25 April 2025 at an average discount of 29%, resulting in estimated NAV accretion of US$0.10 per share.
Liquidity remains robust
NBPE finished the first quarter of 2025 with US$283m of available liquidity (US$73m in cash and liquid investments and US$210m in undrawn credit facilities), providing strong flexibility to pursue new investment opportunities or manage further buybacks.
Long-term performance
While 2024’s NAV return was more muted compared to public markets, NBPE’s long-term performance remains strong. Over the past 10 years, the company has delivered a 166.2% NAV total return and a 231.2% share price total return.
