This section provides information for shareholders about the Company’s investment objective and policy, Company meetings, managing shares, information on ZDPs and other useful information.
Investment Objective and Policy
The Company’s investment objective is to produce attractive returns by investing mainly in the direct equity of private equity-backed companies while managing investment risk through diversification across asset class, vintage year, geography, industry and sponsor. The vast majority of direct investments are made with no management fee/no carried interest payable to third-party private equity sponsors, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value (NAV) over time while returning capital by paying a semi-annual dividend.
In order to achieve its investment objective, the Company intends to maintain a diversified portfolio of private equity related assets composed predominantly of direct private equity investments, but which may also include private debt investments and private equity fund investments.
In addition, the Company may make other opportunistic investments from time to time, provided that such investments will account for no more than 10% of the Company’s gross assets at the time the opportunistic investment is made without approval from a majority of the Board and, in any event, no more than 20% of the Company’s gross assets at the time the opportunistic investment is made.
The Company’s investments are made across different levels of the capital structure of investee entities. There are no restrictions on the type or form of investments or securities which the Company may hold. The Company may make its investments in primary or secondary markets and either directly or indirectly through intermediary holding vehicles or collective investment vehicles (including co-investment vehicles or other funds) managed by either an affiliate of the Investment Manager or third-party managers.
Diversification and investment guidelines
The Company intends to maintain portfolio diversification across some or all of the following metrics: private equity asset class, investment type, vintage year, geography, industry and sponsor.
Diversification is dynamic and varies according to where the most attractive opportunities arise. However, no single exposure to an investee entity will account for more than 20% of the Company’s gross assets (as at the time of making such investment).
Cash and short-term investments
In addition to the investments referred to above, the Company may also hold cash and may temporarily invest such cash in cash equivalents, money market instruments, government securities, asset-backed securities and other investment grade securities, pending investment in private equity related assets or opportunistic investments. The Company may also utilise (either directly or via investment in a collective investment vehicle) the services of an affiliate of the Investment Manager or a third party to manage this excess cash. If a third party or an affiliate of the Investment Manager is so appointed, the Company may pay a market rate for those services.
The Company will not invest more than 10 per cent., in aggregate, of its total assets in other UK-listed closed-ended investment funds.
Managing your shares
Contact information for the Company’s registrar – Link Asset Services
E-communications for shareholders
NBPE would like to encourage shareholders to receive shareholder documents electronically, via our website or email notification instead of hard copy format. This is a faster and more environmentally friendly way of receiving shareholder documents.
The online Share Portal from our registrar, Link Asset Services, provides all of the information required regarding your shares. Through the Share Portal, shareholders can access details of their holdings in NBPE online. They can also make changes to address details and dividend payment preferences online.
Shareholders who wish to receive future communications via electronic means can register this preference through the Share Portal here.
Information about ZDPs
Information about the 2024 ZDP share class
|Key facts – (ZDP shares)||2024|
|Maturity||20 Oct 24|
|GRY at issue||4.25%|
London EC2V 6ET
Tel: +44 (0) 20 7710 7600