NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - October 2020
16 November 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 Publishes October 2020 NAV Update
16 November 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 October 2020.
Key Highlights
31 Oct-20 31 Oct-20
(Returns in USD) Month YTD LTM
Total return NAV development
per Share(1) 4.5% 3.2% 4.9%
NAV development per Share 4.5% 0.0% 1.6%
-- NBPE's NAV increased by $38.6 million in October 2020 driven by:
-- $44.2 million of gains, or $0.94 per share, attributable to
private valuation increases
-- $3.6 million of unrealised losses, or $0.08 per share, primarily
attributable to unrealised negative foreign exchange adjustments
on non-USD investments, public valuations and other mark to market
adjustments
-- $2.8 million of expenses, $0.05 per share, attributable to
management and other fee accruals, and credit facility interest
and expenses
-- $0.8 million of accrued cash and PIK interest from the income
portfolio, or $0.02 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 October 2020 was
based on the following information(2) :
-- 13% of the private equity fair value was valued as of 31 October 2020
-- 7% in public securities
-- 6% in private direct debt investments
-- 43% of the private equity fair value was valued as of 30 September 2020
-- 43% in private direct equity investments
-- 1% of the private equity fair value was valued as of 31 July 2020
-- 1% in private direct equity investments
-- 43% of the private equity fair value was valued as of 30 June 2020
-- 42% in private direct equity investments
-- 1% in fund investments
Manager Commentary
During October, NBPE received $17.1 million of total realisations of
which $14.3 million was from direct equity investments. This was driven
by $7.9 million received from Final Site as a result of a partial sale
of the company. In addition, NBPE received $6.4 million of other partial
direct equity realisations, including $2.0 million from an undisclosed
business services company, $1.6 million from the partial sale of public
stock in Avantor (NYSE: AVTR), and $2.8 million from other partial
realisations. The only new investments during the month were $0.6
million of follow-on investments.
During October, NBPE received updated Q3 2020 private company valuation
information which resulted in an aggregate net valuation increase of
$44.2 million, or 4.7% relative to the prior month's direct equity
portfolio valuation. Including changes in public valuations, FX and
expenses during October, NBPE's NAV per share increased 4.5% during the
month. Approximately 43% of the private company valuation information in
this report remains as of 30 June 2020 which will be updated in the
coming weeks as additional Q3 valuation information is received from
underlying sponsors.
Investor Presentation
NBPE today published a new investor presentation. The updated investor
presentation is attached and also available on NBPE's website at
https://www.globenewswire.com/Tracker?data=mS78NuvXlygv26Wa2VRK7WHXcGDgGRTAtclrUMlSQBU7ZQdtruC8ZXdMFBTNFyygzxaClcxG8kQL1hJn5I-qUVj6efIJA_Ztq4gL9KnwSDK_zbwl6BvBi9hMGk_XhSPd-IvX80EwRLaG9V2Pi1oqpA==
http://www.nbprivateequitypartners.com/.
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=TpQRP8CZhqLcIJvmaWfjvnZqHknQDWJIJljM8tgBVZnz02ava8AsScSkv110bia2U-CjrP9S7H2j6EU0TNPcQ6MxddJNkBtCwDm2gnb7vJjPoU6RspWiNYadhWQIk1rr
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 over 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). In 2020,
the
https://www.globenewswire.com/Tracker?data=g0El2aLlnzHy3ULY3vCD9JUQ3Uo5wsfUCkE-HBBdpYy9uoNsGgLqXvGJHzKuaPlIMZPGfpl-6Yo1MDdZXYmzpMzRJBnx2PQpod094dvIKgc=
PRI named Neuberger Berman a Leader, a designation awarded to fewer than
1% of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+
in every eligible category for our approach to ESG integration across
asset classes. The firm manages $374 billion in client assets as of
September 30, 2020. 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. 43% of
underlying valuation data is as of 30 June 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 October 2020.
Attachments
-- NBPE October Monthly NAV Update vF
https://ml-eu.globenewswire.com/Resource/Download/b1d41c4e-af64-4df9-ba3a-d60257952ce1
-- NBPE Investor Presentation - November 2020vF
https://ml-eu.globenewswire.com/Resource/Download/50d2d765-846a-4f73-b26f-75ea569bbf00
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November 16, 2020 02:00 ET (07:00 GMT)
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