NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - October 2019
20 Noviembre 2019 - 01:00AM
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 October 2019
20 November 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 31 October 2019.
Key Highlights
--Monthly, year to date and LTM NAV development:
31 Oct-19 31 Oct-19
(Returns in $USD) Month YTD LTM
Total return NAV development
per Share([1]) 0.8% 7.2% 6.2%
NAV development per Share 0.8% 4.0% 2.9%
-- 31 October 2019 NAV per Share of $18.58 (GBP14.36) increased $0.14 (but
decreased GBP0.61) from $18.44 (GBP14.97) 30 September 2019 NAV per Share
-- NBPE's NAV increased by $3.6 million, driven by:
-- $5.2 million of unrealised gains, or $0.11 per share, primarily
attributable to private valuation increases
-- $5.8 million of unrealised gains, or $0.12 per share, attributable
to unrealised positive foreign exchange adjustments on non-USD
investments, offset by $3.8 million of unrealised net foreign
exchange losses on ZDP liability
-- $2.2 million of losses was attributable to management and other
fee accruals
-- $2.2 million of cash used to repurchase shares
-- $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 2019 was
based on the following information(2) :
-- 14% of the private equity fair value was valued as of 31 October 2019
-- 8% in private direct investments
-- 6% in public securities
-- 15% of the private equity fair value was valued as of 30 September 2019
-- 14% in private direct investments
-- 1% in fund investments
-- 4% of the private equity fair value was valued as of 31 July 2019
-- 4% in private direct investments
-- 67% of the private equity fair value was valued as of 30 June 2019
-- 65% in private direct investments
-- 2% in fund investments
Portfolio Commentary
During October, NBPE funded $8.0 million to direct equity investments,
of which $7.8 million was to additional investments in previously
announced transactions in Advisor Group and AutoStore. NBPE also
invested a net additional amount of $2.3 million into an existing credit
opportunities investment. Income realisations during the month consisted
of approximately $0.3 million of interest and principal receipts.
Approximately 15% of the portfolio is valued based on Q3 2019 private
valuation information; additional valuation information is expected in
the coming weeks.
During October, NBPE repurchased 150,000 of its class A shares at an
aggregate cost of $2.2 million, at a weighted average 25.0% discount to
NAV.
([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 30 September 2019, 31 July 2019, and 30
June 2019, the Manager's analysis and historical experience lead the
Manager to believe that this approximates fair value at 31 October 2019.
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=4vjrM4XVJ9NB9PTtliJ1sXxn9JXnrRc6KSeGFrKtqZkA-OJTGJ_jEeCOerQbvqjdQKVXD02HZectP-mV3jUgAsy24vJokgca4DTYr0hjS2NRqqf61hUK-GQsJ4eVAkoa
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 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 $339 billion in client assets as of September 30, 2019. For more
information, please visit our website at www.nb.com.
Attachment
-- NBPE October Monthly 2019
https://ml-eu.globenewswire.com/Resource/Download/c103c348-6cba-4fff-9bd2-b4e5dee705aa
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