NB Private Equity Partners Limited October 2016 Monthly Net Asset Value
10 November 2016 - 6:01PM
UK Regulatory
TIDMNBPE
THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE
UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
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] #_ftn1) 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] #_ftn2) :
-- 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
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 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.
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
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] #_ftnref1) Assumes reinvestment of dividends on the ex-dividend
date and reflects cumulative returns over time period shown.
([2] #_ftnref2) 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.
October 2016 Monthly NAV: http://hugin.info/137843/R/2055844/769967.pdf
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
http://www.nbprivateequitypartners.com
(END) Dow Jones Newswires
November 10, 2016 02:01 ET (07:01 GMT)
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