NB Private Equity Partners (NBPE) H2 2024 earnings summary

Executive summary

• NAV total return rose 1.5% in 2024, driven by a 6.9% increase in private company valuations, offset by weaker quoted holdings and FX movements.

• Net asset value per share at $27.53 as of 31 December 2024, with total shareholder return at (1.1%) and a dividend of $0.94 per share, yielding 4.8% on share price.

• $179m in realisations in 2024, with $47m in Q1 2025 and $20m pending, and new investments in healthcare, financial services, and aerospace/defense.

• Four new 2024 investments ($93m) achieved a 1.1x gross multiple and 22% IRR as of year-end.

• Portfolio remains well-diversified and well-positioned despite macroeconomic and geopolitical uncertainty, with 77% in North America and 22% in Europe.

Financial highlights

• NAV per share at $27.53 as of 31 December 2024; 2024 NAV TR of 1.5%; 3-year NAV TR of -4.0%; 5-year NAV TR of 68.8%; 10-year NAV TR of 166.2%.

• LTM revenue and EBITDA growth for private companies: 8.0% and 13.1%, respectively.

• Dividend yield on NAV: 3.4%; on share price: 4.8%.

• $283m in available liquidity at year-end 2024, including $73m cash and $210m undrawn credit facility.

• Ongoing charges ratio: 1.86%; 98% of direct investments incur no management or performance fees to underlying managers.

Outlook and guidance

• Portfolio expected to remain resilient, with active management by leading private equity sponsors and robust liquidity.

• Board increased share buyback reserve to $120m over three years, aiming to return up to $250m to shareholders via dividends and buybacks.

• Direct tariff impact estimated at 14% of portfolio fair value, with only 1% likely to be meaningfully affected.

• Board remains focused on maintaining balance sheet strength and disciplined investment pacing.

• Management remains confident in long-term growth prospects despite market volatility.