NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - June 2020
July 17 2020 - 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 Publishes June 2020 NAV Update
17 July 2020
NB Private Equity Partners Limited ("NBPE" or the "Company"), a
closed-end private equity investment company, today announced an updated
Net Asset Value ("NAV") estimate for the month ended 30 June 2020.
Key Highlights
30 Jun-20 30 Jun-20
(Returns in USD) Month YTD LTM
Total return NAV development
per Share(1) -0.9% -9.4% -8.1%
NAV development per Share -2.6% -12.3% -12.3%
-- After the $0.29 per Share accrual related to the August 2020 dividend
payment, 30 June 2020 NAV per Share of $16.76 (GBP13.56) decreased $0.45
(GBP0.36) per share from $17.21 (GBP13.92) 31 May 2020 NAV per Share
-- NBPE's NAV decreased by $21.4 million driven by:
-- $13.6 million decrease, $0.29 per share, from the accrual of the
dividend declared in June 2020
-- $6.0 million of unrealised losses, $0.13 per share, primarily
attributable to unrealised negative foreign exchange adjustments
on non-USD investments, public valuations and other mark to market
adjustments
-- $2.4 million of losses, $0.05 per share, attributable to
management and other fee accruals, and credit facility interest
and expenses
-- $0.7 million of accrued cash and PIK interest from the income
portfolio, or $0.01 per share
-- $0.1 million of unrealised losses attributable to private
valuation decreases
Portfolio Valuation
The value of NBPE's private equity portfolio as of 30 June 2020 was
based on the following information(2) :
-- 14% of the private equity fair value was valued as of 30 June 2020
-- 8% in public securities
-- 6% in private direct investments
-- 86% of the private equity fair value was valued as of 31 March 2020
-- 85% in private direct investments
-- 1% in fund investments
Portfolio Commentary
During June, NBPE received $20.4 million of realisations from direct
equity investments of which $16.8 million was received from LGC.
Additional proceeds consisted of partial realisations from the sale of
public stock in Ingersoll Rand (NYSE: IR), Avantor (NYSE: AVTR) and
Vertiv (NYSE:VRT). NBPE also received $1.2 million from income
investments of which $0.5 million was received from the sale of its
remaining position in Optiv and the remainder consisted of other
principal and interest receipts. The only cashflow for new investments
during the month consisted of $2.2 million to previously closed
transactions through the NB Alternatives Credit Opportunities Program
and follow ons through the NB Co-investment Program. Finally, Progenity
(NASDAQ: PROG), a genetic testing company, completed an IPO on the
NASDAQ exchange on 19 June 2020.
On 29 June 2020, NBPE declared its second 2020 semi-annual dividend
payment of $0.29 per Ordinary Share, to be paid on 28 August 2020. This
payment represents a yield of 3.5% on 30 June 2020 NAV and 5.1% based on
the 30 June 2020 closing share price of GBP9.28.
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=7PjeIQMkw4e37zRw-toJ8EMQkwGAG-9mD7gaoWks8w_2vIbfILV5TSTlP-lF7xMOwXlfUGy01xEzFAorn6VQPUb0-EW-9lFc-yS_mU6iKpTaxMFFk2buQpIGumMXkxTY
nbpe@kl-communications.com
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, real estate and hedge funds--on behalf of
institutions, advisors and individual investors globally. With offices
in 24 countries, Neuberger Berman's diverse team has 2,300
professionals. For six 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). The firm
was awarded an A+ in every category in the latest 2019 PRI report for
our approach to ESG integration across asset classes. The firm manages
$357 billion in client assets as of June 30, 2020. For more information,
please visit our website at
https://www.globenewswire.com/Tracker?data=7WHic3pIf6xpVNhBA_dcaTwxgRB-j9ViwD-DCA9OSk1dozl_RqQqkNzkhc702kYEDrRIVhRrE5uXDInw-Gly3w==
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. 87% of
underlying valuation data is as of 31 March 2020. Given the current
market / economic environment the Manager notes that while this
valuation data may be stale, it remains the best estimate we are
currently able to provide but may not accurately reflect the fair value
at 30 June 2020.
Attachment
-- NBPE June Monthly 2020 vF
https://ml-eu.globenewswire.com/Resource/Download/227b8063-83c9-4c68-95e7-afb882a12a29
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July 17, 2020 02:00 ET (06:00 GMT)
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