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14 March 2023
NB Private Equity Partners (“NBPE”), the $1.3bn, FTSE 250, listed private equity investment company managed by NB Alternatives Advisers, LLC (the “Investment Manager”), the private equity group of Neuberger Berman, today provides an update given the news regarding Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”).
NBPE has no direct exposure to SVB or Signature. The lender of NBPE’s credit facility is Mass Mutual and NBPE’s cash is held through accounts at Bank of America Merrill Lynch. In addition, as a direct co-investor, NBPE does not have exposure to underlying fund subscription line credit facilities.
Our Investment Manager has been actively engaged in assessing the exposure of NBPE’s portfolio investments to SVB and Signature. While our review of the portfolio is ongoing, based on our analysis of a meaningful majority1 of the Top 30 companies in the portfolio2, we have found the exposure to SVB and Signature to not be material to NBPE.
The announcements from the FDIC that all deposits of SVB and Signature are guaranteed, as well as the liquidity being made available through the Federal Reserve’s Bank Term Funding Program, should be positive developments to support the regular functioning of the US banking system and therefore beneficial to NBPE’s portfolio investments.
Our Investment Manager will continue to closely monitor the evolving situation. NBPE will update the market as appropriate.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman firstname.lastname@example.org
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger Berman
|This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.|
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 26 countries, Neuberger Berman’s diverse team has over 2,600 professionals. For eight consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Neuberger Berman is a PRI Leader, a designation, since last assessed, that was awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. In the 2021 PRI Assessment, the firm obtained the highest possible scoring for its overarching approach to ESG investment and stewardship, and integration across asset classes. The firm manages $427 billion in client assets as of December 31, 2022. For more information, please visit our website at www.nb.com.
1 Measured by fair value.
2 The top 30 companies represented 66.4% of fair value as of 31 January 2023.