NB Private Equity Partners Limited Nb Private Equity: Update On Covid-19
20 March 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 Update on COVID-19
20 March 2020
NB Private Equity Partners Limited ("NBPE" or the "Company") today
announces an update on its response to the Covid-19 ("Coronavirus")
crisis. With rapidly changing dynamics in public health, financial
conditions / markets, and evolving government responses to this crisis,
this update provides further guidance on the Company's financial
position, current portfolio, operations, and further steps which are in
process.
The Company's liquidity position remains comfortable with no near term
maturities. The Company entered into a new 10 year credit facility with
MassMutual in late December 2019. This new facility provides up to $200
million of borrowing capacity (of which $90 million is currently drawn),
with the option of an additional $50 million accordion, which provides
the Company with a significant source of available liquidity. Even in
light of this, the Company's priority is to preserve cash reserves and
liquidity to meet all of its obligations given the highly uncertain
financial and economic conditions.
The Neuberger Berman Private Equity division (the "Investment Manager"
or the "Manager") is also working closely with the Company's underlying
lead private equity sponsors on the Company's underlying investments to
monitor and assess what the impact of Coronavirus has been and what it
could be going forward. In addition, the Manager is working to
understand what action plans are potentially available for underlying
portfolio companies. While early in the process, the Investment Manager
is working diligently to understand the specific effects on underlying
companies and will report more in due course. Initial assessments are
that information is varying company by company, given the early stage of
the Coronavirus pandemic. While it is difficult to gain a clear
perspective at this stage, it appears for many companies in the United
States and Europe there was relatively little impact through February
2020. However, this changed significantly in March 2020 when many
companies did begin to see material impacts as a result of the
Coronavirus. The degree of these impacts will vary greatly sector by
sector as well as company by company depending on the specific impact
each faces and this is likely to become clearer over time. We will
report further on the portfolio as soon as we have better visibility
into potential earnings and valuations impact.
In terms of the underlying investment portfolio, as of 29 February 2020,
the industry exposures are as follows:
Industry % of Fair Value
Technology 18%
Industrials 18%
Consumer 17%
Healthcare 16%
Business Services 11%
Financial Services 8%
Communications / Media 6%
Energy 2%
Other / Diversified 4%
The Manager is highly focused on the continuity of investment and
business operations. In this regard, the investment team of the
Investment Manager has implemented business continuity plans and
operations remain fully functioning. Representatives of the Investment
Manager are in close contact with the board of directors and other
advisors.
William Maltby, Chairman, noted: "We are watching this very carefully
and our plan is to be extremely cautious committing to new investment
opportunities until there is better clarity on the situation. The board
remains confident in the Company's ability to operate effectively even
in these stressful times and expects to provide a more comprehensive
update in the near term."
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=HvyhkQkjVP81NKX9yND7PdWHcw0-peJW0ZUVWza8jkn2xqZDmAgM58p2omJ7PVrP8bFnDqB1ziP99GK3U3yKwXpOe3u40m4mYbl2JDdDWpUOPuREDajiLOdGcaj6j_YR
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.
(END) Dow Jones Newswires
March 20, 2020 03:00 ET (07:00 GMT)
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