Portfolio

As of January 31, 2020

NBPE Summary
NBPE $ in millions, except per share 1/31/2020 12/31/2019
Equity Investments 954.1 934.2
Income Investments 101.9 104.5

Total Direct Investments $1,056.1 $1,038.6
Legacy Private Equity Funds 35.5 35.5

Total Private Equity Fair Value $1,091.5 $1,074.1
Cash 14.6 9.5
Credit Facility Borrowings (70.0) (47.0)
ZDPs (145.9) (146.2)
Dividend Payable (13.6) 0.0
Other Assets / Liabilities (Net) (6.7) (7.1)

Net Asset Value $869.9 $883.4
Net Asset Value Per Share $18.58 $18.87
Capital Position 1/31/2020 12/31/2019
Investment Level 126% 122%
Cash + Available Credit Facility 194.6 212.5
Adjusted Unfunded Commitments 76.8 77.1

Adjusted Commitments Coverage Ratio 252% 276%
Sterling NAV & Trading Information (£) 1/31/2020 12/31/2019
NAV Per Share £14.10 £14.25
Closing Share Price £12.10 £12.09

Discount to NAV (14.2%) (15.2%)
Asset Overview
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TOP 10 POSITIONS BY FAIR VALUE
Investment Inv. Date Industry Fair Value ($m) % of Value
MHS 2017 Industrials 37.4 3.4

Engineering 2016 TMT 32.6 3.0

USI 2017 Financial Services 32.0 2.9

ProAmpac 2017 Industrials 31.1 2.8

Marquee Brands 2014 Consumer 29.9 2.7

LGC 2016 Healthcare 29.1 2.7

2017 Business Services 27.6 2.5

Staples 2017 Business Services 27.3 2.5

Cotiviti 2018 Healthcare 26.0 2.4

Agiliti 2019 Healthcare 23.2 2.1

Total 296.2 27.0
INVESTOR RELATIONS
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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