NB Private Equity Partners Limited : Monthly Net Asset Value(s)

1/19/2017, 8:00 AM (Source: GlobeNewswire)

19 January 2017

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 December 2016.

Key Highlights

  • Monthly and annual NAV development:
  Month 31 Dec 16 Year Ended
     
Total return NAV development per Share[1] 0.7% 11.4%
NAV development per Share 0.7% 7.5%
  • 31 December 2016 NAV per Share of $15.43  increased $0.11 from $15.32 NAV per Share at 30 November 2016
     
  • NBPE's NAV increase of $5.4 million during the month included:
     
    • $9.0 million increase in NAV attributable to changes in the value of the investment portfolio
      • $8.7 million increase of unrealised gains attributable to the receipt of new valuation information, or $0.18 per share
      • ($0.2) million decrease of other unrealised gains, or ($0.00) per share, of which ($2.1) million was attributable to unrealised losses on public securities and $1.9 million was attributable to mark-to-market gains and realised adjustments
      • ($1.2) million was attributable to negative foreign exchange adjustments at the portfolio company level, or ($0.02) per share
      • $1.7 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.03 per share
    • $3.6 million decrease in NAV attributable to value changes to other assets and liabilities during the month

Portfolio Valuation

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

  • 39% of the private equity fair value was valued as of 31 December 2016
    • 25% in private direct investments
    • 12% in public securities
    • 2% in credit-related fund investments
       
  • 61% of the private equity fair value was valued as of 30 September 2016
    • 44% in private direct investments
    • 17% in fund investments
    
    
 

Portfolio Commentary

During December, NBPE completed one new investment in Velocidi, a marketing intelligence company, and one follow-on investment in a financial services company.

Distribution activity was strong during the month, with NBPE receiving total distributions of $41.5 million. This was driven by $30.6 million in distributions from income investments, of which $27.4 million was received as a result of five exits. The remaining distributions consisted of interest and principal payments. NBPE received $6.7 million from direct equity investments during the month, consisting primarily of proceeds received from the sale of Revspring. NBPE also received final exit proceeds from secondary sales of public shares of Commscope and partial exit proceeds from the sale of public shares of Fairmount Minerals and Univar. Fund investments distributed $4.2 million to NBPE during December. Two notable portfolio events that are not included in December's distribution activity are the equity proceeds from the previously announced sale of Deltek, and the announced sale of Capsugel to Lonza, which is expected to close in the coming months. As a result, NBPE increased its carrying value of the investment during the month.

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 Segment of the London Stock Exchange. NBPE has  2017 ZDP shares admitted to trading on the Specialist Fund Segment 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 equity investments, direct income 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 has been 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 December 31, 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 2016, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 December 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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