Portfolio

As of February 28, 2021

NBPE Summary
NBPE $ in millions, except per share 2/28/2021 1/31/2021
Equity Investments $1,068.5 $1,041.5
Income Investments 136.4 136.7

Total Direct Investments $1,204.9 $1,178.2
Legacy Private Equity Funds 19.3 19.1

Total Private Equity Fair Value $1,224.2 $1,197.3
Cash 10.9 10.7
Credit Facility Borrowings (50.0) (40.0)
ZDPs (161.7) (158.2)
Dividend Payable 0 (14.5)
Other Assets / Liabilities (Net) (8.3) (6.2)

Net Asset Value $1,015.2 $989.1
Net Asset Value Per Share $21.71 $21.15
Capital Position 2/28/2021 1/31/2021
Investment Level 121% 121%
Cash + Available Credit Facility 260.9 270.7
Adjusted Unfunded Commitments 96.4 97.1

Adjusted Commitments Coverage Ratio 271% 279%
Sterling NAV & Trading Information (£) 2/28/2021 1/31/2021
NAV Per Share £15.53 £15.40
Closing Share Price £11.90 £11.85

Discount to NAV (23.4%) (23.1%)
Asset Overview
TOP 10 POSITIONS BY FAIR VALUE
Investment Inv. Date Industry Fair Value ($m) % of Value
Petsmart / Chewy (NYSE: CHWY) 2015 Consumer 50.7 4.1

Agiliti 2019 Healthcare 47.1 3.8

MHS 2017 Industrials 39.7 3.2

Action 2020 Consumer 34.9 2.9

USI 2017 Financial Services 34.0 2.8

GFL 2018 Business Services 33.9 2.8

2017 Business Services 33.1 2.7

Autostore 2019 Industrials 33.0 2.7

Beyond Trust 2018 TMT 30.7 2.5

Cotiviti 2018 Healthcare 29.8 2.4

Total 366.9 29.9
Share Information
NBPE’s Class A ordinary shares are admitted to trading on the Premium Segment of the Main Market of the London Stock Exchange
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