November 2016 Monthly Net Asset Value

12/15/2016, 8:00 AM (Source: GlobeNewswire)

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15 December 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 30 November 2016.

Key Highlights

  • Monthly, year to date and LTM NAV development:
  Month 30 Nov 16 YTD 30 Nov 16 LTM
       
Total return NAV development per Share[1] 2.1% 10.6% 10.3%
NAV development per Share 2.1% 6.8% 6.5%
  • 30 November 2016 NAV per Share of $15.32 $0.31 increase from $15.01 NAV per Share at 31 October 2016
     
  • NBPE's NAV increase of $15.1 million during the month included:
     
    • $18.6 million increase in NAV attributable to changes in the value of the investment portfolio
      • $11.9 million of unrealised gains attributable to the receipt of new valuation information, or $0.24 per share
      • $5.5 million of unrealised gains, or $0.11 per share, of which $6.0 million was attributable to unrealised gains on public securities, ($0.9) million was attributable to foreign exchange adjustments at the portfolio company level and $0.4 million was attributable to mark-to-market adjustments
      • $1.2 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.02 per Share
         
    • $3.5 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 30 November 2016 was based on the following information[2]:

  • 41% of the private equity fair value was valued as of 30 November 2016
    • 26% 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
    • 43% in private direct investments
    • 13% in fund investments
       
  • 3% of the private equity fair value was valued as of 30 June 2016
    • 3% in fund investments

Portfolio Commentary

During November, NBPE participated in five new investments including the second lien debt and equity of ProAmpac, a packaging company, as well as equity co-investments in Lasko Products, a manufacturer of portable fans and ceramic heaters, Emerson Network Power, a provider of data center infrastructure, and Final Site, a learning management platform for schools. In addition, NBPE completed a follow-on investment in Marquee Brands.

In terms of distributions, NBPE received $3.3 million from equity co-investments, driven by exit proceeds from the sale of Seventh Generation, and $3.8 million from income investments, consisting of interest and principal payments. Fund investments also distributed $1.2 million to NBPE.

Subsequent to this reporting period, it was announced that Deltek, an equity co-investment alongside Thoma Bravo, has been sold to Roper Technologies, Inc. NBPE has valued its investment in Deltek in the November monthly NAV update to reflect the proceeds expected from the sale.

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   

ABOUT NB PRIVATE EQUITY PARTNERS LIMITED
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 applications have been made for 2022 ZDP Shares to be 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.

ABOUT NEUBERGER BERMAN
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 four 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.



[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 September and 30 June 2016, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 30 November 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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