Edison Investment Research Limited: NB Private Equity Partners (NBPE): Unique co-investment play at a wide discount
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).
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Edison Investment Research Limited Edison Investment Research Limited: NB Private Equity Partners (NBPE): Unique co-investment play at a wide discount
London, UK, 14 October 2020 NB Private Equity Partners (NBPE): Unique co-investment play at a wide discount 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).
NBPE's shares trade at a relatively wide discount of 25% (compared to the peer average of c 21%), which translates into an attractive dividend yield of 4.5%. NBPE was able to maintain its dividend policy in the current challenging environment.
All reports published by Edison are available to download free of charge from its website About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Milosz Papst, +44 (0) 20 3077 5700 Michal Mordel, +44 (0) 20 3077 5700
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1140903 14-Oct-2020