NB Private Equity Partners Limited Nb Private Equity Partners Limited Announces Monthly Net Asset Value Update For August 2017
28 September 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 August 2017
28 September 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 August 2017.
Key Highlights
-- Monthly and annual NAV development:
31 Aug-17 31 Aug-17
Month YTD LTM
Total return NAV development
per Share([1] #_ftn1) 0.5% 5.8% 16.0%
NAV development per Share 0.5% 2.6% 12.4%
-- 31 August 2017 NAV per Share of $16.32 (GBP12.62) increased $0.08
(GBP0.33) from $16.24 (GBP12.29) NAV per Share at 31 July 2017
-- NBPE's NAV increase of $3.9 million during the month included:
-- $2.2 million increase of unrealised gains attributable to the
receipt of new valuation information, or $0.05 per share
-- $3.0 million increase of other unrealised gains, or $0.06 per
share, attributable to public securities, mark-to-market gains and
realised adjustments
-- ($0.3) million was attributable to negative foreign exchange
adjustments at the portfolio company level, or ($0.01) per share
-- $1.2 million of accrued cash and payment in kind ("PIK") interest
from the income investment portfolio, or $0.02 per share
-- ($2.2) 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 August 2017 was
based on the following information([2] #_ftn2) :
-- 30% of the private equity fair value was valued as of 31 August 2017
-- 17% in private direct investments
-- 10% in public securities
-- 3% in credit-related fund investments
-- 1% of the private equity fair value was valued as of 31 July 2017
-- 1% in private direct investments
-- 69% of the private equity fair value was valued as of 30 June 2017
-- 59% in private direct investments
-- 10% in fund investments
Portfolio Commentary
During August, NBPE funded new investments in the debt and equity of OB
Hospitalist, a healthcare service provider. NBPE also funded its
previously announced investment in ByLight, a provider of IT cyber
solutions.
In terms of distributions, NBPE received $26.8 million from equity
co-investments, of which $24.6 million was received as a result of the
sale of Ortholite and Patheon; additional Patheon proceeds were received
subsequent to this reporting period. In addition, NBPE received $2.3
million of distributions from partial equity co-investment realisations,
including $1.7 million from Black Knight Financial Services (NYSE: BKFS)
and The Warranty Group. Income investments distributed $1.9 million of
principal and interest to NBPE during August.
On 31 August 2017, NBPE paid the second 2017 semi-annual dividend of
$0.25 (GBP0.19) per Share, for a total 2017 dividend payment of $0.50
(GBP0.39) per Share.
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 approximately 1,900 professionals, as of June 30, 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 $271 billion in client assets as of June 30, 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 July 2017 and 30 June 2017, the
Manager's analysis and historical experience lead the Manager to believe
that this approximates fair value at 31 August 2017.
NBPE August Monthly Update:
http://hugin.info/137843/R/2137475/818081.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
September 28, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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