NB Private Equity Partners Limited Nb Private Equity: Q1 2019 Quarterly Report And Re-stated April Nav
June 06 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 Publishes Q1 2019 Quarterly Report and
Re-stated April NAV
6 June 2019
NB Private Equity Partners Limited ("NBPE" or the "Company"), a
closed-end private equity investment company, today releases its 31
March 2019 Quarterly Report and Re-stated April NAV. Key highlights and
commentary are below and the complete Quarterly Report can be found on
the Company's website at
https://www.globenewswire.com/Tracker?data=uaHT0A6XEqEBrNRyqfk-WavFmbIsNNLL8mTaXiEg5QKP4WDHFpXcgN9YWviSlZbqFk41LU_VbXrFdh1MbqjSjA4lORMg4p4kfsAeUql2lvPDRP4vHf4CPDFjlp59c1Uy
www.nbprivateequitypartners.com.
Key Highlights
-- Year to date NAV development:
31 Mar-19 30 Apr-19
(Returns in $USD) YTD Re-stated YTD
Total return NAV development
per Share(1) 4.5% 5.6%
NAV development per Share 2.9% 3.9%
-- Including the new private valuation information contained in the First
Quarter Report, 30 April 2019 NAV per Share (re-stated) is $18.57, which
is an increase of $0.64 or 3.6%, from the originally published 30 April
2019 monthly NAV estimate of $17.93
-- 30 April 2019 year to date total return is 5.6%, based on the
re-stated April NAV
-- 30 April 2019 LTM total return is 11.1%
-- Within the First Quarter Report, 31 March 2019 Net Asset Value ("NAV")
per Share of $18.39 (GBP14.11) increased $0.52 (GBP0.08) from $17.87
(GBP14.03) NAV per Share at 31 December 2018
-- 31 March 2019 NAV per Share increased $0.68 per Share, or 3.8%
from the originally published 31 March 2019 monthly NAV estimate
-- 31 March 2019 LTM total return is 10.7%
-- Year to date, through 31 March 2019, the NAV per Share increase of $22.7
million was driven by:
-- $46.8 million of unrealised & realised net gains primarily
attributable to the receipt of new valuation information, or $0.96
per share
-- $15.7 million returned to shareholders of which $13.6 million, or
$0.28 was paid through a dividend, and $2.1 million was returned
via share buybacks, resulting in NAV per share accretion of $0.01
-- $10.5 million decrease in NAV primarily attributable to financing
costs, management fee, carried interest accrual and other fee
accruals
-- $3.6 million of accrued cash and PIK interest from the income
portfolio, or $0.07 per share
-- $1.4 million, or $0.03 per share, of unrealised negative foreign
exchange adjustments on non-USD investments
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 March 2019 was
based on the following information(2) :
-- 100% of the private equity fair value was valued as of 31 March 2019
-- 93% in private direct investments
-- 7% in public securities
Portfolio Commentary through 30 April 2019
-- Performance: Total return NAV gain of 5.6% through 30 April 2019 driven
by direct equity investments
-- Exit Activity: Proceeds received from the exit of Berlin Packaging, final
sale of Assurant stock, and the full sale of Standard Aero equity, which
in aggregate over their lives generated a 2.3x gross multiple of invested
capital and 21% gross IRR. NBPE also exited three income investments;
Epic Insurance, Digital River and Standard Aero, which in aggregate
generated a 1.3x multiple of invested capital and 14.6% IRR
-- New Investments: $25.1 million invested in two new direct equity
investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803
Charles Gorman nbpe@kl-communications.com
https://www.globenewswire.com/Tracker?data=BWaEHnJe7sIet0VDKuw5GGVXPZDdKdf-Kn95pbogN0fN8siKqJlA1rm5xeLdOr9V-JcnS_wsGIgI3JrFonUopf7kZ1_my6zZrU9IYC7qSLPMsNo3Ttw_iO9fTQ-1Zsn9
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
https://www.globenewswire.com/Tracker?data=uaHT0A6XEqEBrNRyqfk-WYUexbCIaWnf_zk7UQa5znl4YfLl23C_LMCl2wE8a-QHyf6wdiBjty56FjX9awi7Qw==
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.
Attachment
-- NBPE Q1 2019 Report
https://ml-eu.globenewswire.com/Resource/Download/2820e4ba-56dd-4946-b355-9e2b6ca7f78b
(END) Dow Jones Newswires
June 06, 2019 02:00 ET (06:00 GMT)
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