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Edison Investment Research Limited: NB Private Equity Partners (NBPE): Unique co-investment play at a wide discount

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Edison Investment Research Limited
14-Oct-2020 / 13:08 GMT/BST

 

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. 


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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.

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Milosz Papst, +44 (0) 20 3077 5700

Michal Mordel, +44 (0) 20 3077 5700

investmenttrusts@edisongroup.com

 

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