NB Private Equity Partners Limited: Interim Results

NB Private Equity Partners Limited (NBPE), a listed private equity investment company managed by Neuberger Berman, recently announced its interim results for the six months ended 31 March 2024. The company's NAV per share stood at $27.30, with a 12-month total return of 2.3%. This article delves into the key aspects of NBPE's interim results, highlighting the performance of its public and private holdings, the impact of currency fluctuations, realisations, and dividend payouts.




1. **Performance of Public and Private Holdings:**
NBPE's NAV growth over the past year has been driven by both public and private holdings. The value of quoted holdings, which now constitute 7% of the portfolio's fair value, contributed a 0.5% NAV increase of $7 million during the month. Meanwhile, private company valuations experienced a 1.4% quarterly uplift, offsetting negative FX adjustments of 0.2%.


2. **Currency Fluctuations:**
Currency fluctuations played a role in NBPE's NAV performance, with positive FX movements contributing a 0.1% NAV increase of $1 million during the month. However, negative FX adjustments of 0.2% offset some of the gains from private company valuations.


3. **Realisations and Liquidity:**
Realisations from NBPE's portfolio continue to impact its NAV and liquidity position. The company received $5 million during the month and expects a further $6 million in the coming months from the announced realisation of Syniti. Year-to-date, NBPE has received $158 million from realisations, driven by sales of Action, Cotiviti, Melissa & Doug, FV Hospital, Safefleet, and partial sales of public stock. As of 31 August 2024, NBPE had $390 million of total liquidity, with $180 million in cash and liquid investments and a $210 million undrawn credit line.


4. **Dividend Policy and Payouts:**
NBPE's dividend policy and payouts have contributed to shareholder value over the past year. The company paid a semi-annual dividend of $0.47 on 30 August 2024, bringing total dividends paid to shareholders since 2013 to approximately $360 million. The annualised dividend yield at 31 August 2024 NAV was 3.4%, with an annualised share price yield of 4.5% based on the closing share price of £15.92.




In conclusion, NBPE's interim results reflect a strong performance driven by both public and private holdings, with currency fluctuations and realisations playing a role in the company's NAV growth. The company's dividend policy and payouts have also contributed to shareholder value, with an attractive annualised dividend yield. As NBPE continues to invest in new and follow-on investments, maintain its liquidity position, and realise assets, it is well-positioned to deliver value to its shareholders.