NBPE: Monthly NAV September 2017
October 25 2017 - 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 JURISDICTION
NB Private Equity Partners
Announces Monthly NAV Update for September 2017
25 October 2017
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 September 2017.
Key
Highlights
|
Month |
30 Sep-17
YTD |
30 Sep-17
LTM |
Total
return NAV development
per Share[1]
|
0.9% |
6.8% |
15.2% |
NAV
development per Share |
0.9% |
3.5% |
11.7% |
Portfolio
Valuation
The value of NBPE's private equity
portfolio as of 30 September 2017 was based on the following
information[2]:
-
32% of the private equity fair value was valued
as of 30 September 2017
-
1% of the private equity fair value was valued
as of 31 August 2017
-
67% of the private equity fair value was valued
as of 30 June 2017
Portfolio
Commentary
During September, NBPE
participated in two new equity investments including Staples, a
provider of office supplies through a business to business platform
and North American retail channels, and West Marine, a specialty
retailer of boating supplies. In addition, NBPE funded two new
income investments in the second lien debt of FirstLight Fiber, a
data and internet provider, and the second lien debt of Epic
Insurance, an insurance brokerage firm.
NBPE received $19.0 million of
distributions from direct equity investments, of which $17.5
million was received from the previously announced sale of Patheon
and from the sale of Oticas Carol. The remaining $1.2 million
consisted of proceeds received from partial realisations.
Distributions from income investments totaled $10.9 million during
the month, which consisted primarily of exit proceeds from GCA
Services. In addition, fund investments distributed $5.0 million to
NBPE. Subsequent to this reporting period, the sale of The Warranty
Group to Assurant was announced and is expected to close in the
first half of 2018; as of 30 September 2017, the valuation of The
Warranty Group was increased, but remains at a discount to the
expected sale proceeds, which consist mostly of Assurant public
stock.
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 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.
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 19 countries, Neuberger Berman's team is approximately
1,900 professionals, as of September 30, 2017. The company was
named the #1 firm in Pensions & Investments 2016 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 $284 billion in client assets as of September
30, 2017. 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 August 2017 and
30 June 2017, the Manager's analysis and historical experience lead
the Manager to believe that this approximates fair value at 30
September 2017.
NBPE: Monthly NAV September
2017
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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