NB Private Equity Partners Ltd on Wednesday said it was optimistic for the future as central banks have begun to start lowering interest rates, with inflation moderating.
NB Private Equity is a Guernsey-based private equity investment company managed by Neuberger Berman Group LLC, a New York-headquartered investment management firm.
The company said net asset value per share declined 0.7% to $27.87 as at June 30, from $28.07 a year ago.
NAV total return declined to about 1.0% for the first half of 2024 compared to 4.7% a year ago.
NB Private Equity maintained an interim dividend of 47 US cents per share.
Looking ahead, the company said: ‘While the current macro and geopolitical environment remains uncertain, there is cause for optimism with inflation moderating and central banks beginning to lower interest rates. This potential shift in monetary policy could provide a boost to economic activity and investor sentiment. We have already seen this to some extent, with the Russell 2000 index multiples rebounding and now exceeding 2019 levels. However, private equity valuations have not experienced the same increase, as private equity funds maintain a long-term perspective on price multiples, similar to their approach in 2022 and 2023.’
NB Private Equity shares were 0.1% lower at 1,585.02 pence each on Wednesday morning in London.
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