NB Private Equity Partners Limited Nb Private Equity Partners Limited : Monthly Nav - April 2017
08 June 2017 - 4:00PM
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 April 2017
8 June 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 30 April 2017.
Key Highlights
-- Monthly and annual NAV development:
30 April 17 30 April 17
Month YTD LTM
Total return NAV development
per Share([1] #_ftn1) 0.2% 1.9% 17.8%
NAV development per Share 0.2% 0.2% 13.9%
-- 30 April 2017 NAV per Share of $15.95 (GBP12.31) increased $0.03
(-GBP0.38) from $15.92 (GBP12.69) NAV per Share at 31 March 2017
-- NBPE's NAV increase of $1.3 million during the month included:
-- $2.0 million increase in NAV attributable to changes in the value
of the investment portfolio
-- $2.5 million increase of unrealised gains attributable to
the receipt of new valuation information, or $0.05 per
share
-- $2.4 million decrease of other unrealised losses, or $0.05
per share, attributable to public securities,
mark-to-market gains and realised adjustments
-- $0.3 million was attributable to positive foreign exchange
adjustments at the portfolio company level, or $0.01 per
share
-- $1.6 million of accrued cash and payment in kind ("PIK")
interest from the income investment portfolio, or $0.03 per
share
-- $0.7 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 30 April 2017 was
based on the following information([2] #_ftn2) :
-- 40% of the private equity fair value was valued as of 30 April 2017
-- 30% in private direct investments
-- 10% in public securities
-- 59% of the private equity fair value was valued as of 31 March 2017
-- 44% in private direct investments
-- 15% in fund investments
-- 1% of the private equity fair value was valued as of 31 December 2016
-- 1% in fund investments
Portfolio Commentary
During April, NBPE funded $31.9 million to new investments, including
$31.1 million to four new direct equity co-investments. NBPE invested in
Accedian, a network technology company; Compliance Solutions Strategies,
a provider of compliance solutions to the financial services sector;
Material Handling Systems, an infrastructure and automation outsourcing
company; and Wind River Environmental, a provider of waste management
services. NBPE also funded $0.7 million to one new credit opportunities
investment and $0.1 million of follow-ons to fund investments. In terms
of distributions, NBPE received $10.5 million during April, largely
driven by the principal repayment of NBPE's second lien investment in
Flexera Software and cash interest received from income investments.
NBPE also received $2.4 million of distributions from fund investments.
Subsequent to this reporting period, on 2 May 2017, NBPE's Class A
Shares were admitted to trading on the Premium Segment of the Main
Market of the London Stock Exchange and on 31 May 2017 the 2017 ZDP
shares were redeemed in full. In addition, it was announced in May that
Patheon would be acquired by Thermo Fisher (subject to certain closing
conditions) and Gardner Denver successfully completed an IPO on the New
York Stock Exchange.
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
Premium Segment of the Main Market of the London Stock Exchange. 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.
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 approximately 1,900 professionals, as of May 1, 2017.
The company was named the #1 firm in Pensions & Investments 2016 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 $267 billion in client assets as of March 31, 2017.
For more information, please visit our website at www.nb.com.
([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 March 2017 and 31 December 2016,
the Manager's analysis and historical experience lead the Manager to
believe that this approximates fair value at 30 April 2017.
April 2017 NAV: http://hugin.info/137843/R/2111436/802788.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
June 08, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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