Monthly NAV Update for June 2018
July 23 2018 - 2:00AM
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 2018
23 July 2018
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 2018.
Key
Highlights
- Monthly and annual NAV
development:
(Returns in $USD) |
Month |
30 Jun-18
YTD |
30 Jun-18
LTM |
Total
return NAV development
per Share[1]
|
(0.6%) |
0.7% |
8.3% |
NAV
development per Share |
(0.6%) |
(0.7%) |
5.1% |
- 30 June 2018 NAV per Share of
$17.32 (£13.12) decreased $0.10 (£0.02) from $17.42 (£13.10) NAV
per Share at 31 May 2018
- NBPE's NAV decrease of $5.0
million during the month of June included:
-
$3.8 million decrease in NAV attributable to
value changes to other assets and liabilities during the
month
-
$2.7 million of other unrealised losses, or
$0.06 per share, attributable to losses from public securities,
realisations adjustments and mark-to-market losses
-
$1.3 million of accrued cash and PIK interest
from the income investment portfolio, or $0.03 per share
-
$0.2 million of unrealised gains attributable to
the receipt of new valuation information, or $0.00 per share
Portfolio
Valuation
The value of NBPE's private equity
portfolio as of 30 June 2018 was based on the following
information[2]:
Portfolio
Commentary
During June, NBPE funded $55.8 million to new direct equity
investments in Bomgar, a cyber security company, Clearent, a credit
card payment processing company, Medplast, a medical device
manufacturer, Milani, a cosmetics company, Uniasselvi, a
post-secondary education company in Brazil, Renaissance Learning,
an educational software company, and an undisclosed healthcare
company. NBPE also funded a new investment to a portfolio of
Italian middle-market companies.
In terms of distributions, NBPE received $20.7
million from direct equity investments, consisting primarily of
partial realisation proceeds from Material Handling Services, and
cash proceeds received from Warranty Group (in addition to stock
consideration in Assurant, NYSE: AIZ) and cash proceeds from
Vencore (in addition to shares of the merged company, Perspecta,
NYSE: PSRP). NBPE also received additional cash proceeds in
connection with the final sale of shares in Black Knight Financial
Services (NYSE: BKI).
Fund investments distributed $9.3 million, of
which $7.3 million in aggregate was received from Bertram Capital
Fund I and Fund II.
For further
information, please contact:
NBPE Investor
Relations +1
214 647 9593
Neustria
Partners
+44 20 3021 2580
Nick
Henderson
Nick.Henderson@neustriapartners.com
Robert Bailhache
Robert.Bailhache@neustriapartners.com
Charles Gorman
Charles.Gorman@neustriapartners.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 and Euronext Amsterdam.
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 20 countries, Neuberger Berman's team is more than 2,000
professionals. For four 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 fosters
an investment culture of fundamental research and independent
thinking. It manages $304 billion in client assets as of June 30,
2018. 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 and the States of Guernsey Policy
Council. NBPE is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Markets Supervision Act (Wet op het financial toezicht).
All investments are subject to risk. Past performance is no
guarantee of future returns. 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 policy.
While some valuation data is as of 31 March 2018, the
Manager's analysis and historical experience lead the Manager to
believe that this approximates fair value at 30 June 2018.
Monthly NAV - June 2018
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: NB Private Equity Partners Limited via
Globenewswire
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