NB Private Equity Partners Limited Nbpe Provides Update On Silicon Valley Bank And Signature Bank
14 March 2023 - 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
14 March 2023
NB Private Equity Partners ("NBPE"), the $1.3bn, FTSE 250,
listed private equity investment company managed by NB Alternatives
Advisers, LLC (the "Investment Manager"), the private equity group
of Neuberger Berman, today provides an update given the news
regarding Silicon Valley Bank ("SVB") and Signature Bank
("Signature").
NBPE has no direct exposure to SVB or Signature. The lender of
NBPE's credit facility is Mass Mutual and NBPE's cash is held
through accounts at Bank of America Merrill Lynch. In addition, as
a direct co-investor, NBPE does not have exposure to underlying
fund subscription line credit facilities.
Our Investment Manager has been actively engaged in assessing
the exposure of NBPE's portfolio investments to SVB and Signature.
While our review of the portfolio is ongoing, based on our analysis
of a meaningful majority(1) of the Top 30 companies in the
portfolio(2) , we have found the exposure to SVB and Signature to
not be material to NBPE.
The announcements from the FDIC that all deposits of SVB and
Signature are guaranteed, as well as the liquidity being made
available through the Federal Reserve's Bank Term Funding Program,
should be positive developments to support the regular functioning
of the US banking system and therefore beneficial to NBPE's
portfolio investments.
Our Investment Manager will continue to closely monitor the
evolving situation. NBPE will update the market as appropriate.
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=eCvOBhhsA5bR0pwkOvDtDebuIj1juogXmAL7wdVKYahrDGoP-0e_kAd3Osp46gl06jhkRmtk1MpbPFUEbAon4xFEJHYpNAfXBY3I7a4V_0-5rMGGBiJo_tgK50OswTsj
nbpe@kl-communications.com
Luke Dampier
Charlotte Francis
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
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.
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 26 countries, Neuberger Berman's diverse team has
over 2,600 professionals. For eight 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). Neuberger Berman is a PRI Leader, a
designation, since last assessed, that was awarded to fewer than 1%
of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. In the 2021 PRI Assessment, the firm
obtained the highest possible scoring for its overarching approach
to ESG investment and stewardship, and integration across asset
classes. The firm manages $427 billion in client assets as of
December 31, 2022. For more information, please visit our website
at www.nb.com.
(1) Measured by fair value.
(2) The top 30 companies represented 66.4% of fair value as of
31 January 2023.
(END) Dow Jones Newswires
March 14, 2023 03:00 ET (07:00 GMT)
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