October 2016 Monthly Net Asset Value

11/10/2016, 8:01 AM (Source: GlobeNewswire)


10 November 2016

NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today announced an updated Net Asset Value ("NAV") for the month ended 31 October 2016.

Key Highlights

  • Monthly, year to date and LTM NAV development:
  Month 31 Oct 16 YTD 31 Oct 16 LTM
Total return NAV development per Share[1] 2.0% 8.6% 8.2%
NAV development per Share 2.0% 4.8% 4.5%
  • 31 October 2016 NAV per Share of $15.04, $0.29 increase from $14.75 NAV per Share at 30 September 2016
  • NBPE's NAV increase of $14.6 million during the month included:
    • $19.5 million increase in NAV attributable to changes in the value of the investment portfolio
      • $16.9 million of unrealised gains attributable to the receipt of new valuation information, or $0.35 per share
      • $2.1 million of other unrealised and realised gains on investments, or $0.04 per share
      • $1.6 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.03 per share
      • $0.5 million of unrealised gains on public securities, or $0.01 per share
      • ($1.6) million of foreign exchange adjustments at the portfolio company level, or ($0.03) per share
    • $5.0 million decrease in NAV attributable to expenses and other liabilities during the month

Portfolio Valuation

The value of NBPE's private equity portfolio as of 31 October 2016 was based on the following information[2]:

  • 38% of the private equity fair value was valued as of 31 October 2016
    • 23% in private direct investments
    • 13% in public securities
    • 2% in credit-related fund investments
  • 56% of the private equity fair value was valued as of 30 September 2016
    • 44% in private direct investments
    • 12% in fund investments
  • 6% of the private equity fair value was valued as of 30 June 2016
    • 6% in fund investments

Portfolio Commentary

During October, NBPE received $50.3 million of proceeds from income investments, driven by $45.9 million from the exits of second lien debt investments in Converge One, K&N Engineering and Evoqua and an additional $4.4 million of principal and interest proceeds. Equity co-investments distributed $0.8 million and fund investments distributed $2.4 million, consisting primarily of distributions received from a mid-cap buyout fund. Also during the month, Extraction Oil & Gas (NASDAQ: XOG) completed an IPO and NBPE has valued its position based on the 31 October 2016 closing share price of $21.36, making it the largest position in NBPE and bringing total public exposure in NBPE to 13% of net asset value.

In terms of new investments, NBPE funded a $4.3 million follow-on investment to Engineering, an Italian IT firm, and $0.2 million of additional follow-on investments. Fund investments called $1.5 million during October, driven largely by a $1.1 million contribution to a growth equity fund.

For further information, please contact:

NBPE Investor Relations          +1 214 647 9593
Neustria Partners                     +44 20 3021 2580
Nick Henderson                         Nick.Henderson@neustriapartners.com
Robert Bailhache                       Robert.Bailhache@neustriapartners.com
Charles Gorman                        Charles.Gorman@neustriapartners.com

NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange. NBPE has  2017 ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited and 2022 ZDP Shares admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. NBPE holds a diversified portfolio of direct income investments, direct equity investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.


Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is more than 1,900 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of September 30, 2016. For more information, please visit our website at www.nb.com.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

[1] Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown.

[2] Please refer to the valuation methodology section of the monthly report for a description of the Manager's valuation policy. While some valuation data is as of 30 June and 30 September 2016, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 October 2016.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NB Private Equity Partners Limited via Globenewswire

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