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).Den vollständigen Artikel lesen ...