NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - July 2020
20 August 2020 - 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 Publishes July 2020 NAV Update
20 August 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") estimate for the month ended 31 July 2020.
Manager Commentary
-- 31 July 2020 NAV per Share of $17.83 increased $1.07 or 6.4% from the
previously issued 30 June 2020 monthly NAV estimate of $16.76
-- Within the direct equity portfolio, there were 56 direct equity
investments updated with Q2 2020 valuation information; the net increase
in value of these investments was $33.7 million as a result of the new
valuation information
-- In addition, during July, public investments increased by $10.2 million
or 10.5% in aggregate
-- During July, NBPE realised its largest direct equity portfolio company,
Engineering, which generated total proceeds of $33.4 million; $13.3
million of this was received in July and the remaining $20.1 million was
received in early August. Also in July, NBPE re-invested $10.8 million in
Engineering alongside NB Renaissance and Bain Capital
-- As of 31 July 2020, on a pro forma basis including Engineering cash
received in August, the investment level is now 128%; pro forma cash plus
available credit facility is $220.1 million, and the adjusted commitment
coverage ratio is 185% on a pro forma basis
-- Based on the annualised dividend of $0.29 per share declared on 29 June
2020 and to be paid on 28 August 2020, NBPE's dividend yield is 4.9%
based on the 19 August 2020 closing share price of GBP8.94 and 3.3% based
on the 31 July 2020 monthly NAV of $17.83
Key Highlights
31 Jul-20 31 Jul-20
(Returns in USD) Month YTD LTM
Total return NAV development
per Share(1) 6.4% -3.6% -1.2%
NAV development per Share 6.4% -6.7% -4.3%
-- NBPE's NAV increased by $50.4 million in July 2020 driven by:
-- $34.0 million of unrealised gains, or $0.73 per share,
attributable to private valuation increases based on the receipt
of 30 June 2020 private valuation information
-- $22.1 million of unrealised gains, or $0.47 per share, primarily
attributable to unrealised positive foreign exchange adjustments
on non-USD investments, public valuations and other mark to market
adjustments
-- $6.4 million of losses, $0.14 per share, attributable to
management and other fee accruals, and credit facility interest
and expenses
-- $0.7 million of accrued cash and PIK interest from the income
portfolio, or $0.01 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 July 2020 was
based on the following information(2) :
-- 15% of the private equity fair value was valued as of 31 July 2020
-- 8% in public securities
-- 7% in private direct debt investments
-- 61% of the private equity fair value was valued as of 30 June 2020
-- 60% in private direct equity investments
-- 1% in fund investments
-- 24% of the private equity fair value was valued as of 31 March 2020
-- 23% in private direct equity investments
-- 1% in fund investments
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=j4yt0LYuygj7xouAbWQz-NEsWgqAmjfhBs8zpIxRIrGQGcVTxmiNs7I4VSPnOjVjR92jg1Eo1XIc9Y68pkZt3qhpq3zbc3ydaAX7VvaPjgL9vEYHbnG1pvRNdPbQXIu5
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 24 countries, Neuberger Berman's diverse team has 2,300
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
$357 billion in client assets as of June 30, 2020. For more information,
please visit our website at
https://www.globenewswire.com/Tracker?data=RJEFitYhNd5CGm2MrFt-jDhx6BlU1netJDkiacIi821vzRexow27OUXT8-fZ1NW33hoB1z8HqHyvTYn5679KzQ==
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. 24% of
underlying valuation data is as of 31 March 2020. Given the current
market / economic environment the Manager notes that while this
valuation data may be stale, it remains the best estimate we are
currently able to provide but may not accurately reflect the fair value
at 31 July 2020.
Attachment
-- NBPE July Monthly 2020 vF
https://ml-eu.globenewswire.com/Resource/Download/45715a68-0c12-4371-b4ce-7fc44fe64ab2
(END) Dow Jones Newswires
August 20, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 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