NB Private Equity Partners Limited Nb Private Equity: Q3 2019 Quarterly Report And Re-stated October Nav
December 13 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 Quarterly Report and Re-stated
October NAV
13 December 2019
NB Private Equity Partners Limited ("NBPE" or the "Company"), a
closed-end private equity investment company, today releases its 30
September 2019 Quarterly Report and Re-stated October Net Asset Value
("NAV"). Key highlights and commentary are below and the complete report
can be found on the Company's website at
https://www.globenewswire.com/Tracker?data=EtsgSjnHH88yihE9FYSH44uQYD5Nc_ZUjmiVCLUN4OxEtS0hScbrEhcM6SWHUWtDd20DAu9iYj32YQnQ6vC99xBAP55yrE6bqSyk7ncKgir45nVKHF2BEJADpc1YsxE-
www.nbprivateequitypartners.com.
Key Highlights
--Year to date NAV development:
30 Sep-19 31 Oct-19
(Returns in $USD) YTD Re-stated YTD
Total return NAV development
per Share(1) 8.3% 8.5%
NAV development per Share 5.0% 5.2%
-- Within the Quarterly Report, 30 September 2019 NAV per Share of $18.77
(GBP15.23) increased $0.90 (GBP1.20) from $17.87 (GBP14.03) NAV per Share
at 31 December 2018
-- 30 September 2019 NAV per Share increased $0.33 per Share, or 1.8%
from the originally published 30 September 2019 monthly NAV
estimate
-- 30 September 2019 LTM total return was 6.0%
-- Including the new private valuation information contained in the
Quarterly Report, 31 October 2019 NAV per Share (re-stated) was $18.80,
which is an increase of $0.30 or 1.2%, from the originally published 31
October 2019 monthly NAV estimate of $18.58
-- 31 October 2019 year to date total return was 8.5%, based on the
re-stated October NAV
-- 31 October 2019 LTM total return was 7.4%
-- Year to date, through 30 September 2019, the NAV per Share increase of
$9.5 million was driven by:
-- $69.9 million of unrealised & realised net gains primarily
attributable to the receipt of new valuation information, or $1.46
per share
-- $53.1 million returned to shareholders of which $27.3 million, or
$0.57 was paid through a dividend, and $25.8 million was returned
via share buybacks, resulting in NAV per share accretion of $0.18
-- $10.2 million of accrued cash and PIK interest from the income
portfolio, or $0.21 per share
-- $10.6 million, or $0.22 per share, of unrealised positive foreign
exchange adjustments on non-USD investments
-- $28.2 million decrease in NAV primarily attributable to financing
costs, management fee, carried interest accrual and other fee
accruals
Portfolio Valuation
The value of NBPE's private equity portfolio as of 30 September 2019 was
based on the following information(2) :
-- 100% of the private equity fair value was valued as of 30 September 2019
-- 94% in private direct investments
-- 6% in public securities
Portfolio Commentary through 31 October 2019
-- Performance: Total return NAV gain of 8.5% through 31 October 2019 driven
by direct equity investments
-- Exit Activity: Six full realisations in 2019 year to date from Berlin
Packaging, Assurant (formerly The Warranty Group), Fairmount Minerals,
Standard Aero, Hilsinger and Aruhi. These investments generated $85.7
million of total distributions (inclusive of prior distributions), a 2.5x
gross multiple of invested capital and a 24% gross IRR in aggregate. Year
to date, NBPE has received total realisations of $162.9 million across
the portfolio
-- New Investments: $67.7 million invested in five new direct equity
investments year to date and follow-ons of $17.3 million
-- Dividend: $0.29 per Share dividend declared on 17 July 2019. This
dividend represents an annualised yield of 3.1% on the re-stated 31
October NAV and 4.0% on the 31 October 2019 closing share price of
GBP11.18
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=jL85YMKhbyYuD-NxYdNU6C2mY1LtJxNYMDrSXhCwUmIZE-KpGR3LlTNo4X6hCimxkm1I0BQjIPANH_DscytsS9LUWUMGba6A4x843hf364BZeemXbJwNCEPHECFs2uRK
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
https://www.globenewswire.com/Tracker?data=EtsgSjnHH88yihE9FYSH46osYLeTlSyuKzEZzHcVHHNjzrYS0WRS3Czby69sgf2gbX86uQfWmKtE3jnQ9Lsuwg==
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 report for
a description of the Manager's valuation methodology.
Attachment
-- NBPE Q3 2019 Quarterly Report
https://ml-eu.globenewswire.com/Resource/Download/ff819fc5-331a-4cf5-aaa6-404c49113e99
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