NBPE: Monthly NAV Update for January 2018

2/15/2018, 8:00 AM (Source: GlobeNewswire)


NB Private Equity Partners Announces Monthly NAV Update for January 2018

15 February 2018

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 January 2018.

Key Highlights

  • Monthly and annual NAV development:

(Returns based on USD)
Month 31 Jan-18
Total return NAV development
per Share[1]

0.4% 11.6%
NAV development per Share (1.1%) 6.5%
  • After accruing for the January 2018 declared dividend, 31 January 2018 NAV per Share of $16.63 (£11.72) decreased $0.19 (-£0.73) from $16.82 (£12.45) NAV per Share at 31 December 2017
  • NBPE's NAV decrease of $9.3 million during the month included:
    • $12.2 million decrease, or $0.25 per share, from the accrual for the January 2018 declared dividend
    • $0.3 million of unrealised gains attributable to the receipt of new valuation information, or $0.00 per share
    • $3.8 million of other unrealised gains, or $0.08 per share, attributable to public securities, mark-to-market gains and realised adjustments
    • $1.4 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.03 per share
    • $2.6 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 January 2018 was based on the following information[2]:

  • 8% of the private equity fair value was valued as of 31 January 2018
    • 6% in public securities
    • 2% in credit-related fund investments
  • 1% of the private equity fair value was valued as of 31 December 2017
    • 1% in private direct investments
  • 4% of the private equity fair value was valued as of 30 November 2017
    • 4% in private direct investments
  • 10% of the private equity fair value was valued as of 31 October 2017
    • 10% in private direct investments
  • 77% of the private equity fair value was valued as of 30 September 2017
    • 69% in private direct investments
    • 8% in fund investment

Portfolio Commentary

NBPE did not complete any new investments during January.

NBPE received $8.7 million in distributions during the month. $5.8 million was received from a partial realisation of NBPE's investment in Aruhi (TYO:9984) as a result of the company's initial public offering on the Tokyo Stock Exchange in December 2017. NBPE also received $1.5 million from income investments, consisting of principal and interest payments. Fund investments distributed $1.4 million to NBPE during January.

On 22 January 2018, NBPE declared the first 2018 dividend of $0.25 per Share. On an annualised basis, this dividend payment yields approximately 3.0% on NAV and 3.6% on share price.

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 the Premium Segment of the Main Market of the London Stock Exchange and Euronext Amsterdam. NBPE has 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.

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies-including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds-on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman's team is approximately 1,900 professionals. For five consecutive years, the company has been named to Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $295 billion in client assets as of December 31, 2017. For more information, please visit our website at www.nb.com.

LEI: 213800UJH93NH8IOFQ77

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 31 December 2017, 30 November 2017, 31 October 2017 and 30 September 2017, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 January 2018.

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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