NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update For March 2019
25 April 2019 - 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 March 2019
25 April 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 March 2019.
Key Highlights
-- Monthly, year to date and LTM NAV development:
(Returns in $USD) Month 31 Mar-19 31 Mar-19
YTD LTM
Total return NAV development per Share(1) (0.5%)
(0.7%) 6.6%
NAV development per Share
(0.5%) (0.9%) 3.4%
-- 31 March 2019 NAV per Share of $17.71 (GBP13.59) decreased $0.09
(GBP0.21) from $17.80 (GBP13.38) re-stated NAV per Share at 28 February
2019
-- NBPE's NAV decrease of $4.2 million during the month of March included:
-- $2.2 million decrease in NAV primarily attributable to management
and other fee accruals offset by a net decrease in the
USD-denominated ZDP liability (netted against changes in the
forward currency contract)
-- $3.8 million, or $0.08 per share, of unrealised negative foreign
exchange adjustments on non-USD investments
-- $1.1 million of other unrealised gains, or $0.02 per share,
attributable to gains from public securities, realisation
adjustments and mark-to-market adjustments
-- $1.1 million of accrued cash and PIK interest from the income
portfolio, or $0.02 per share
-- $0.3 million of unrealised losses attributable to the receipt of
new valuation information, or $0.01 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 March 2019 was
based on the following information(2) :
-- 17% of the private equity fair value was valued as of 31 March 2019
-- 9% in private direct investments
-- 7% in public securities
-- 1% in fund investments
-- 83% of the private equity fair value was valued as of 31 December 2018
-- 80% in private direct investments
-- 3% in fund investments
Portfolio Commentary
During March, NBPE completed one new investment, in HUB International,
an insurance brokerage company. NBPE also completed a follow-on
investment in GFL Environmental, an environmental services company. NBPE
received $10.5 million of distributions, of which $7.4 million was
received from direct equity investments. This consisted primarily of
realisation proceeds from the sale of Assurant (NYSE: AIZ) stock;
additional proceeds are expected in the coming weeks related to this
sale, at which point NBPE will have fully exited its investment. Other
proceeds from direct equity investments consisted of dividends. Income
investments distributed $2.1 million to NBPE during the month, which
consisted of interest and principal receipts. Fund investments
distributed $1.1 million and now account for only 4% of total private
equity fair value.
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=967dJXTsDLzSq4XKFkcnFe4kOEcQjOyRKUOTWqK5klmckY6gXRtcw_Tzd5q8lW9WVB31OqBmSO3jt9UNe4RwAsekvGs0SK7BtvJAf4o_5pmLEdz_7312h46QfV--TQcO
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 23 countries,
Neuberger Berman's team is more than 2,100 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 has built a diverse team of individuals
united in their commitment to delivering compelling investment results
for our clients over the long term. That commitment includes active
consideration of environmental, social and governance factors. The firm
manages $323 billion in client assets as of March 31, 2019. 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, the Manager's analysis
and historical experience lead the Manager to believe that this
approximates fair value at 31 March 2019.
Attachment
-- NBPE March Monthly 2019
https://ml-eu.globenewswire.com/Resource/Download/9bec0b70-f025-4995-80cd-f39517f2e586
(END) Dow Jones Newswires
April 25, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From Apr 2024 to May 2024
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From May 2023 to May 2024