NB Private Equity Partners (NBPE) H1 2024 earnings summary

Executive summary

• NAV per share was $27.87 at 30 June 2024, with a 1.0% NAV total return year-to-date June, driven by a 4.3% uplift in private company valuations, partially offset by quoted holdings and FX headwinds.

• Portfolio delivered continued positive performance despite a challenging environment, with $386m in available liquidity as of 30 June 2024.

• $63m invested in new companies (FDH Aero, Benecon, Zeus) and $126m of realisations through June, rising to $158m YTD August, with $25m additional realisations post-period.

• Five-year gross IRR on direct equity investments was 14.6%, with a 2.4x multiple of cost on realisations.

• Portfolio is diversified across sectors, geographies, and private equity managers, with a focus on long-term structural growth trends and ESG integration.

Financial highlights

• Net assets stood at $1.3 billion as of 30 June 2024.

• NAV per share at 30 June 2024: $27.87 (£22.05); at 31 August: $27.44 (£20.88).

• 1.0% NAV total return YTD June; 1.2% YTD August.

• Private investments appreciated 4.3% YTD (ex-FX), offset by a 12.1% decline in quoted holdings.

• Annualised USD NAV returns: 2.3% (1 year), 11.3% (3 years), 10.6% (5 years), 9.5% (10 years).

Outlook and guidance

• Portfolio is well-positioned for future growth, with strong balance sheet and $386m liquidity.

• Management expects continued investment activity in the second half of 2024, with a focus on balance sheet strength and selectivity in new investments.

• Focus remains on co-investing with leading managers and maintaining flexibility in capital deployment.

• The portfolio is positioned for long-term secular growth and lower cyclicality, with optimism around moderating inflation and potential interest rate cuts.