NB Private Equity Partners Limited January 2017 Monthly Net Asset Value
20 February 2017 - 6:00PM
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
NB Private Equity Partners Announces Monthly NAV Update for January 2017
20 February 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 January 2017.
Key Highlights
-- Monthly and annual NAV development:
31 Jan 17
Month LTM
Total return NAV development per Share([1] #_ftn1) 1.1% 13.7%
NAV development per Share 1.1% 9.8%
-- Following the $0.25 accrual of the January 2017 declared dividend, the 31
January 2017 NAV per Share of $15.36 decreased $0.07 from $15.43 NAV per
Share at December 2016
-- NBPE's NAV decrease of $3.7 million (an increase of $8.5 million
excluding the dividend) during the month included:
-- $10.3 million increase in NAV attributable to changes in the value
of the investment portfolio
-- $12.6 million of unrealised gains attributable to the
receipt of new valuation information, or $0.26 per share
-- ($3.4) million of other unrealised gains, or ($0.07) per
share, of which ($3.7) million was attributable to
unrealised losses on public securities and $0.3 million was
attributable to mark-to-market gains and realised
adjustments
-- $1.1 million of accrued cash and payment in kind ("PIK")
interest from the income investment portfolio, or $0.02 per
share
-- ($12.2) million, or ($0.25) per Share, from the accrual for the
January 2017 declared dividend
-- ($1.8) million decrease in NAV attributable to changes in other
assets and liabilities during the month
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 January 2017 was
based on the following information([2] #_ftn2) :
-- 39% of the private equity fair value was valued as of 31 January 2017
-- 26% in private direct investments
-- 11% in public securities
-- 2% in credit-related fund investments
-- 9% of the private equity fair value was valued as of 31 December 2016
-- 9% in private direct investments
-- 52% of the private equity fair value was valued as of 30 September 2016
-- 35% in private direct investments
-- 17% in fund investments
Portfolio Commentary
During January, NBPE completed a new income investment in the first and
second lien debt of Drive Medical, a manufacturer of medical mobility
and rehabilitation products. NBPE also funded $0.6 million of follow-on
investments to equity co-investments.
In terms of distributions, NBPE received $15.4 million from equity
co-investments, primarily consisting of exit proceeds from the
previously announced sale of Deltek. In addition, NBPE received $1.1
million of distributions, consisting of interest and principal payments,
from income investments. Fund investments distributed $5.0 million to
NBPE during January.
There were two additional noteworthy events during the month. First, as
a result of the announced acquisition of a majority stake in Evans
Network of Companies, NBPE increased its carrying value of its equity
investment. Proceeds were received in February. Second, on 23 January
2017, NBPE declared its first 2017 dividend of $0.25 per Share, which
represents an annualised yield of 3.3% on NAV and 3.9% on share price,
based on the 17 February 2017 London Stock Exchange closing share price.
([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 31 December 2016 and 30 September
2016, the Manager's analysis and historical experience lead the Manager
to believe that this approximates fair value at 31 January 2017.
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.
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.
Jan 2017 NAV: http://hugin.info/137843/R/2079891/783142.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
February 20, 2017 02:00 ET (07:00 GMT)
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