NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - December 2019
16 January 2020 - 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 December
2019
16 January 2020
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 December 2019.
Key Highlights
--Monthly, year to date development:
31 Dec-19
(Returns in USD) Month YTD
Total return NAV development
per Share(1) -0.1% 8.9%
NAV development per Share -0.1% 5.6%
-- 31 December 2019 NAV per Share of $18.87 (GBP14.25) decreased $0.02
(GBP0.35) from $18.89 (GBP14.60) 30 November 2019 NAV per Share
-- NBPE's NAV decreased by $0.9 million, driven by:
-- $9.6 million of unrealised gains, $0.21 per share, attributable to
unrealised positive foreign exchange adjustments on non-USD
investments, public valuations and other mark to market
adjustments
-- $0.9 million of accrued cash and PIK interest from the income
portfolio, or $0.02 per share
-- $3.7 million of unrealised losses, $0.08 per share, primarily
attributable to private valuation decreases
-- $7.7 million of losses, $0.17 per share, attributable to
management and other fee accruals, credit facility interest and
expenses and one-time charges associated with the closing of
NBPE's new credit facility
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 December 2019 was
based on the following information(2) :
-- 17% of the private equity fair value was valued as of 31 December 2019
-- 10% in private direct investments
-- 6% in public securities
-- 1% in fund investments
-- 3% of the private equity fair value was valued as of 30 November 2019
-- 2% in private direct investments
-- 1% in fund investments
-- 80% of the private equity fair value was valued as of 30 September 2019
-- 79% in private direct investments
-- 1% in fund investments
Portfolio Commentary
During December, NBPE funded $2.4 million of follow-ons to direct equity
investments consisting of $1.9 million to Marquee Brands and $0.5
million to other equity investments. In addition, NBPE funded $1.9
million to the NB Alternatives Credit Opportunities Program. In
aggregate, NBPE received $8.0 million of realisations during the month,
including $3.9 million received from direct equity investments, driven
primarily by partial realisations from Cortefiel, Telxius, and
Solarwinds (NYSE: SWI). Legacy funds distributed $3.2 million in total,
of which $2.6 million was received from Bertram Capital II. Income
investments distributed $0.9 million, consisting of principal and
interest receipts.
As announced on 24 December 2019, NBPE entered into a new $200 million
credit facility ($250 million inclusive of a $50 million accordion) with
MassMutual, concurrent with the termination of its JP Morgan credit
facility. The MassMutual facility lowers NBPE's borrowing costs and
increases balance sheet flexibility and security.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3995 6673
Charles Gorman
https://www.globenewswire.com/Tracker?data=kKMKijMmYePXSyCuZT3Ia3WSiLXvxtFNkaaDH4hGc-_Ikttf2jSTqP9GgihphxrjCW1PgnV-b02sj42Cymgn7RNcFOrPa8LWblhQn2LPRIrkRxXp1FoB7ssM7h2qbF2G
nbpe@kl-communications.com
About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market
leading private equity firms globally. NB Alternatives Advisers LLC (the
"Investment Manager"), an indirect wholly owned subsidiary of Neuberger
Berman Group LLC, is responsible for sourcing, execution and management
of NBPE. The vast majority of direct investments are made with no
management fee / no carried interest payable to third-party GPs,
offering greater fee efficiency than other listed private equity
companies. NBPE seeks capital appreciation through growth in net asset
value over time while paying a bi-annual dividend.
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, real estate and hedge funds--on behalf of
institutions, advisors and individual investors globally. With offices
in 23 countries, Neuberger Berman's diverse team has 2,200
professionals. For six 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). The firm
was awarded an A+ in every category in the latest 2019 PRI report for
our approach to ESG integration across asset classes. The firm manages
$356 billion in client assets as of December 31, 2019. For more
information, please visit our website at www.nb.com.
(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 30 November 2019 and 30 September 2019, the
Manager's analysis and historical experience lead the Manager to believe
that this approximates fair value at 31 December 2019.
Attachment
-- NBPE December Monthly 2019
https://ml-eu.globenewswire.com/Resource/Download/011305a8-3e83-4f77-8825-58c0e8577566
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