NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update For December 2018
January 15 2019 - 2:00AM
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 December
2018
15 January 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 December 2018.
Key Highlights
-- Monthly and annual NAV development:
31 Dec-18
(Returns in $USD) Month YTD
Total return NAV development per Share(1) (1.1%) 4.3%
NAV development per Share (1.1%) 1.2%
-- 31 December 2018 NAV per Share of $17.66 (GBP13.87) decreased $0.20
(GBP0.13) from $17.86 (GBP14.00) NAV per Share at 30 November 2018
-- NBPE's NAV decrease of $9.6 million during the month of December
included:
-- $7.6 million of other unrealised losses, or $0.16 per share,
attributable to losses from public securities, realisation
adjustments and mark-to-market adjustments
-- $2.6 million decrease in NAV attributable to value changes to
other assets and liabilities during the month
-- $1.2 million of accrued cash and PIK interest from the income
investment portfolio, or $0.02 per share
-- $0.6 million of unrealised losses attributable to the receipt of
new valuation information, or $0.01 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 December 2018 was
based on the following information(2) :
-- 20% of the private equity fair value was valued as of 31 December 2018
-- 14% in private direct investments
-- 6% in public securities
-- 2% of the private equity fair value was valued as of 31 October 2018
-- 1% in private direct investments
-- 1% in fund investments
-- 78% of the private equity fair value was valued as of 30 September 2018
-- 74% in private direct investments
-- 4% in fund investments
Portfolio Commentary
During December, NBPE funded $21.2 million to two new direct equity
investments in Hivory, a European telecommunications company, and
Plaskolite, a manufacturer of acrylic sheet products. NBPE also funded
an additional investment of $8.1 million to an existing portfolio of
Italian middle-market companies.
The largest realisation was a result of a secondary sale of legacy fund
interests. NBPE sold 14 legacy fund interests and in total will receive
proceeds of $19.4 million from the sale. At closing, NBPE received
approximately $9.4 million and recorded a receivable at 31 December 2018
for a fund interest which closed in January and for the portion of the
proceeds which are subject to a 12 month deferral. Income investments
distributed $2.6 million during the month, consisting of interest
receipts and principal repayments. NBPE also received $1.6 million from
direct equity investments consisting primarily of dividends and other
returns of capital received from Telxius and QPark.
The most significant valuation change during December was the result of
public valuation declines; NBPE recorded an unrealised loss of $7.4
million in the value of its direct equity investments. Private company
valuations have not yet been updated to December, but there was an
announcement of a pending realisation, with Veritas Capital announcing
the sale of Standard Aero which is expected to close in the first half
of 2019.
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=5yBhpR1SwAnLIFPPRO95Howf4_pHuzutPvrkvc8kxLcQUFTMKkGQLTa4-kFIs-YrcFZiL77-NJddNPg-kG0pYi2-MfZ_qVjL5FlDoEVDVbVD-jYeTWUuSyDgZzC4GtzX
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 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 $315 billion
in client assets as of September 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. 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. While
some valuation data is as of 31 October 2018 and 30 September 2018, the
Manager's analysis and historical experience lead the Manager to believe
that this approximates fair value at 31 December 2018.
Attachments
-- NBPE December Monthly 2018
https://ml-eu.globenewswire.com/Resource/Download/e6e6ced3-9487-4e97-bcd4-fe8636edf66e
-- NBPE Announces Monthly NAV Update for December
https://ml-eu.globenewswire.com/Resource/Download/9b26744d-cb8e-4b92-97b0-310eb11fba0b
(END) Dow Jones Newswires
January 15, 2019 02:00 ET (07:00 GMT)
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