NB Private Equity Partners Limited Monthly Nav Update July 2017
September 11 2017 - 1:00AM
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 July 2017
11 September 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 31 July 2017.
Key Highlights
-- Monthly and annual NAV development:
31 Jul-17 31 Jul-17
Month YTD LTM
Total return NAV development
per Share([1] #_ftn1) 0.1% 5.3% 16.1%
NAV development per Share -1.4% 2.1% 12.5%
-- After the associated dividend liability, the 31 July 2017 NAV per Share
of $16.24 (GBP12.29) decreased $0.24 (-GBP0.36) from $16.48 (GBP12.65)
NAV per Share at 30 June 2017
-- NBPE's NAV decrease of $11.7 million during the month included:
-- $12.2 million of dividend declared, or ($0.25) per Share
-- $3.9 million increase of unrealised gains attributable to the
receipt of new valuation information, or $0.08 per share
-- $2.4 million decrease of other unrealised losses, or $0.05 per
share, attributable to public securities, mark-to-market gains and
realised adjustments
-- $0.6 million was attributable to positive foreign exchange
adjustments at the portfolio company level, or $0.01 per share
-- $1.1 million of accrued cash and payment in kind ("PIK") interest
from the income investment portfolio, or $0.02 per share
-- $2.8 million decrease in NAV attributable to value changes to
other assets and liabilities during the month
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 July 2017 was
based on the following information([2] #_ftn2) :
-- 30% of the private equity fair value was valued as of 31 July 2017
-- 17% in private direct investments
-- 10% in public securities
-- 3% in credit-related fund investments
-- 70% of the private equity fair value was valued as of 30 June 2017
-- 60% in private direct investments
-- 10% in fund investments
Portfolio Commentary
During July, NBPE funded one new equity co-investment in Melissa & Doug,
a branded specialty toy company. The manager continues to see strong
deal flow and NBPE has a robust pipeline of investments which we believe
are attractive opportunities and well suited to NBPE's investment
strategy, that are expected to close in the coming months.
In terms of distributions, NBPE received $18.5 million during July, of
which $14.1 million was received as a result of the closing of the
previously announced sale of Capsugel. In addition, $1.9 million was
received from income investments, consisting of principal and interest
proceeds. Fund investments distributed $2.5 million during the month.
On 20 July 2017, NBPE declared its second 2017 semi-annual dividend of
$0.25 per Share, which brings the total dividend for 2017 to $0.50 per
Share.
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 Euronext Amsterdam and the
Premium Segment of the Main Market of the London Stock Exchange. 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 equities, fixed
income, private equity and hedge fund portfolios for institutions and
advisors worldwide. With offices in 19 countries, Neuberger Berman's
team is approximately 1,900 professionals, as of June 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 $271 billion in client assets as of June 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] #_ftnref1) Assumes reinvestment of dividends on the ex-dividend
date and reflects cumulative returns over time period shown.
([2] #_ftnref2) 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 30 June 2017, the Manager's
analysis and historical experience lead the Manager to believe that this
approximates fair value at 31 July 2017.
July 2017 NAV: http://hugin.info/137843/R/2132824/815302.pdf
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
http://www.nbprivateequitypartners.com
(END) Dow Jones Newswires
September 11, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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