NB Private Markets Access Fund Opens Repurchase Offer for Shareholders

The fund plans to repurchase up to 5% of its net assets, creating liquidity for its investors.

November 29, 2024

NB Private Markets Access Fund to Offer Share Buyback

NB Private Markets Access Fund LLC, managed by Neuberger Berman, has launched a tender offer for shareholders, providing an opportunity to liquidate up to 5% of the fund's net assets. The offer is scheduled to run until December 27, 2024, with shares repurchased at their net asset value (NAV) as of December 31, 2024.

The fund operates as a closed-end, non-diversified investment company under the Investment Company Act of 1940, offering three classes of shares: Institutional Class, Class A-1, and Class A-2. As of October 31, 2024, the NAVs stood at $13.03 for Institutional Class shares and $12.83 for the A-class shares. Shareholders participating in the repurchase will incur a 2% early repurchase fee for shares held less than one year, though this may be waived by the board of managers in specific circumstances.

Terms and Conditions

The fund's tender offer follows a structured timeline. Shareholders will receive 95% of the repurchase value within 65 days of the offer's closure, with the remaining balance payable after the fund's audit, anticipated in May 2025. Participants can withdraw or modify their tenders until the deadline, enhancing flexibility for investors.

Payments for the repurchase will come from the fund's cash reserves, liquidation of holdings, or borrowings if necessary. Proceeds will be distributed entirely in cash, simplifying the process for shareholders. However, participants are encouraged to consult tax professionals as repurchase transactions may have tax consequences based on individual circumstances.

Strategic and Market Implications

NB Private Markets Access Fund LLC's tender offer is part of its ongoing strategy to provide controlled liquidity for investors. Given that the fund's shares are not publicly traded, these buybacks represent a critical mechanism for shareholder liquidity. The board maintains discretion to extend or amend the offer, ensuring flexibility in response to shareholder demand or market conditions.

While the repurchase of shares reduces the overall asset base, the fund anticipates mitigating these effects through new share subscriptions, expected to sustain its investment operations and asset allocation goals. By aligning periodic repurchase offers with its long-term investment strategy, the fund balances investor liquidity needs with stable management practices.

About the Fund

NB Private Markets Access Fund LLC is headquartered at 1290 Avenue of the Americas, New York, NY, and is advised by Neuberger Berman Investment Advisers LLC. As of the most recent reporting period, the fund managed over 103.5 million shares across its three classes, with a total NAV exceeding $1.33 billion.

Shareholders seeking more information about the tender offer or assistance with the submission process are encouraged to contact the fund's Tender Offer Administrator at UMB Fund Services, Inc., or their financial advisors. The fund remains committed to providing transparency and flexibility to its investors.