NB Private Equity Partners

Direct co-investments the key return driver

22 June 2021

NB Private Equity Partners (NBPE) delivered a 12-month NAV total return to end-May 2021 of 52.3% in US$ terms, strongly supported by its exit activity. This includes 10 deals announced in 2021 with an estimated uplift of US$160m (15% of end-2020 NAV), most of which is reflected in the current NAV. NBPE received c US$139m from all its realisations in 2021 until 15 June and expects a further c US$116m once all the above deals have closed. The remaining portfolio also performed well, benefiting from long-term secular trends. The portfolio is currently valued as at end-March 2021 (except for public stocks). Despite the strong returns and a one-layer fee structure, NBPE trades at one of the widest discounts among peers. MORE »

Unique co-investment play at a wide discount

14 October 2020

In recent years, NB Private Equity Partners (NBPE) has largely become a play on direct co-investments (currently 87% of the portfolio, largely in North America). This positioning provides access to investments alongside top general partners (GPs) with a single-layer fee structure while at the same time allowing NBPE to be selective in terms of investments, with its direct co-investment portfolio achieving three- and five-year gross IRRs to end-August 2020 of 12.0% and 13.6% pa in US dollar terms, respectively. It also allows NBPE to keep a lower level of unfunded commitments, which are currently fully covered by available liquidity (184% adjusted coverage). MORE »