Disclosure – Non-Independent Marketing Communication
This is a non-independent marketing communication commissioned by NB Private Equity Partners. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.
NB Private Equity Partners has announced strong third quarter results and November 2020 NAV, which also includes news of an important development of material realisations totalling $50 million to NBPE in mid-December from the sale of a portfolio company and liquidation of certain fund investments. This means that NBPE in December will be at an estimated 120% investment level, bringing gearing down to the long-term target level of 115%-120%.
November has also seen a significant increase in the value of public companies held in the portfolio, so much so that two (Petsmart / Chewy and GFL) are now in the top ten holdings. FX has been a tailwind to the USD valuation, with USD weakness relative to foreign currencies also contributing to NAV growth. These valuation gains together with the more significant uplift from the Q3 private valuations, mean that the year to date NAV total return (in USD) is 10.3%.
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