NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update For June 2019
16 Julio 2019 - 1:01AM
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 June 2019
16 July 2019
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 30 June 2019.
Key Highlights
-- Monthly, year to date and LTM NAV development:
30 Jun-19 30 Jun-19
(Returns in $USD) Month YTD LTM
Total return NAV development
per Share 1.6% 6.4% 7.1%
NAV development per Share 1.6% 4.8% 3.8%
-- 30 June 2019 NAV per Share of $18.72 (GBP14.71) increased $0.29
(GBP0.09) from $18.43 (GBP14.62) 31 May 2019 NAV per Share
-- NBPE's NAV increased by $9.0 million, driven by:
-- $7.1 million of unrealised gains attributable to the receipt of
new valuation information, or $0.15 per share
-- $6.1 million of other unrealised gains, or $0.13 per share,
primarily attributable to unrealised gains from public securities
-- $5.9 million decrease in NAV primarily attributable to management
and other fee accruals and increases in the USD denominated ZDP
liability
-- $4.3 million, or $0.09 per share, of unrealised positive foreign
exchange adjustments on non-USD investments
-- $3.5 million of cash used for share buybacks
-- $1.0 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 30 June 2019 was
based on the following information:
-- 16% of the private equity fair value was valued as of 30 June 2019
-- 9% in private direct investments
-- 7% in public securities
-- 1% of the private equity fair value was valued as of 31 May 2019
-- 1% in fund investments
-- 83% of the private equity fair value was valued as of 31 March 2019
-- 80% in private direct investments
-- 3% in fund investments
([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 31 May 2019 and 31 March 2019, the
Manager's analysis and historical experience lead the Manager to believe
that this approximates fair value at 30 June 2019.
Portfolio Commentary
Approximately 83% of the private company valuation information in this
monthly NAV estimate is as of 31 March 2019; 30 June 2019 valuation
information is expected over the coming weeks and will be incorporated
into NBPE's semi-annual report.
During June, NBPE received $5.5 million from direct equity investments,
which consisted primarily of a distribution from Qpark. The remaining
direct equity proceeds consisted of partial realisations and an escrow
release from the sale of Standard Aero. Income investments distributed
$4.2 million, of which $3.6 million was received from the NB Credit
Opportunities Program as a result of several realisations. The remaining
proceeds consisted of interest and principal receipts from other debt
securities.
Another notable portfolio event during the month was the IPO of Chewy
(NYSE: CHWY), a subsidiary of Petsmart; the valuation of Petsmart was
based on updated valuation information following the IPO. Also during
June, NBPE repurchased 250,000 shares at a weighted average discount to
NAV of 25%, which was accretive to NAV per Share by $0.04.
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=mCiH0dDvKDfW44pScLhuMYYblqCil6sfg138KuiZ7mRk1Wr-nG6kD_U9fOhKOzOXwd1sT7T05VRKl-k6ev23k6PWSUbuyLFo8Qn3QESZEgITO0RB-Y9i5IaiqGBDK6CP
nbpe@kl-communications.com
About NB Private Equity Partners Limited
NBPE is a closed-end private equity investment company with class A
ordinary shares admitted to trading on the Premium Segment of the Main
Market of the London Stock Exchange. NBPE has 2022 and 2024 ZDP Shares
admitted to trading on the Specialist Fund Segment of the Main Market of
the London Stock Exchange. NBPE holds a diversified portfolio of direct
equity investments, direct income investments and fund investments
selected by the NB Alternatives group of Neuberger Berman, diversified
across private equity asset class, geography, industry, vintage year,
and sponsor.
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 and hedge funds--on behalf of institutions,
advisors and individual investors globally. With offices in 23 countries,
Neuberger Berman's team is more than 2,100 professionals. For five
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). Tenured, stable and
long-term in focus, the firm has built a diverse team of individuals
united in their commitment to delivering compelling investment results
for our clients over the long term. That commitment includes active
consideration of environmental, social and governance factors. The firm
manages $323 billion in client assets as of March 31, 2019. 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.
Attachment
-- NBPE June Monthly 2019
https://ml-eu.globenewswire.com/Resource/Download/49b2ea60-1aaa-4891-9695-e76da2e671be
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