NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update For January 2019
14 February 2019 - 6:00PM
UK Regulatory
TIDMNBPE
NB Private Equity Partners Announces Monthly NAV Update for January 2019
14 February 2019
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 2019.
Key Highlights
-- Monthly and LTM NAV development:
31 Jan-19
(Returns in $USD) Month LTM
Total return NAV development
per Share(1) 0.9% 4.7%
NAV development per
Share (0.7%) 1.4%
-- Before accruing for the first semi-annual dividend for the year, NAV per
Share was $17.82, up from $17.66 at 31 December 2018. After accruing
$0.28 per Share for the dividend, 31 January 2019 NAV per Share of $17.54
(GBP13.33) decreased $0.12 (GBP0.54) from $17.66 (GBP13.87) NAV per Share
at 31 December 2018
-- NBPE's NAV decrease of $8.2 million during the month of January included:
-- $13.6 million decrease, or $0.28 per Share, from the accrual for
the January 2019 declared dividend
-- $11.1 million of other unrealised gains, or $0.23 per share,
attributable to gains from public securities, realisation
adjustments and mark-to-market adjustments
-- $1.2 million of accrued cash and PIK interest from the income
investment portfolio, or $0.02 per share
-- $5.9 million decrease in NAV attributable to value changes to
other assets and liabilities during the month
-- $1.0 million of unrealised losses attributable to the receipt of
new valuation information, or $0.02 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 January 2019 was
based on the following information(2) :
-- 18% of the private equity fair value was valued as of 31 January 2019
-- 11% in private direct investments
-- 7% in public securities
-- 15% of the private equity fair value was valued as of 31 December 2018
-- 14% in private direct investments
-- 1% in fund investments
-- 1% of the private equity fair value was valued as of 31 October 2018
-- 1% in private direct investments
-- 66% of the private equity fair value was valued as of 30 September 2018
-- 62% in private direct investments
-- 4% in fund investments
Portfolio Commentary
During January, NBPE completed one new direct equity investment in
Agiliti, a provider of healthcare technology management and services.
NBPE also funded an additional investment in GFL Environmental, an
environmental services company. In terms of distributions, NBPE received
$7.8 million from direct equity investments, consisting primarily of
proceeds received as a result of the exit of Berlin Packaging. Income
investments distributed $4.4 million, which consisted of $3.6 million of
principal repayment and interest received from the exit of Epic
Insurance, and $0.8 million in other principal and interest receipts.
Prior to the accrual of the declared dividend, the increase in NAV per
Share was driven by changes in public positions, which increased by
$10.1 million during the month. On 8 January 2019, NBPE declared the
first 2019 semi-annual dividend of $0.28 per Share, which yields
approximately 3.2% based on NAV and 3.9% based on the closing share
price of GBP10.90 as of 31 January 2019. In addition, during January
2019, the Company began repurchasing shares under the new share buyback
agreement with Jefferies International Limited. During the month, NBPE
repurchased 137,296 shares at a weighted average discount to NAV of 21%.
The shares bought back will be canceled.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803
Charles Gorman
https://www.globenewswire.com/Tracker?data=aG5JJfwBAUYRC1wWX2BAy67VCn9MlWXZMpngG_IV5941GLvU23wcRWrCTwKN76wBC6eTNjlsOeKiCfQKMxjtzDmw83PCOl93MsdwAp7RjOdEzefyCnslRHbHuSUFHFnG
nbpe@kl-communications.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 the Premium Segment of the Main
Market of the London Stock Exchange. NBPE has 2022 and 2024 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.
LEI number: 213800UJH93NH8IOFQ77
ABOUT NEUBERGER BERMAN
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 22 countries,
Neuberger Berman's team is more than 2,000 professionals. For five
consecutive years, the company has been named first or second in
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 $304 billion
in client assets as of December 31, 2018. 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. 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 methodology. While
some valuation data is as of 31 December 2018, 31 October 2018 and 30
September 2018, the Manager's analysis and historical experience lead
the Manager to believe that this approximates fair value at 31 January
2019.
Attachment
-- NBPE January Monthly 2019
https://ml-eu.globenewswire.com/Resource/Download/026975bb-e5a6-4e33-8767-748a6f4c6a75
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