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NB Private Equity Partners Announces Monthly NAV Update for February 2019
19 March 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 28 February 2019.
Key Highlights
Monthly, year to date and LTM NAV development: (Returns in $USD) Month 28 Feb-19
YTD 28 Feb-19
LTM
Total return NAV development
per Share[1]
(0.3%) 0.6% 5.3%
NAV development per Share (0.3%) (1.0%) 2.0%
28 February 2019 NAV per Share of $17.48 (£13.14) decreased $0.06 (£0.19) from $17.54 (£13.33) NAV per Share at 31 January 2019 NBPE's NAV decrease of $3.0 million during the month of February included: $3.6 million of unrealised losses attributable to the receipt of new valuation information, or $0.07 per share $2.9 million decrease in NAV attributable to value changes to other assets and liabilities during the month $2.5 million of other unrealised gains, or $0.05 per share, attributable to gains from public securities, realisation adjustments and mark-to-market adjustments $1.0 million of accrued cash and PIK interest from the income portfolio, or $0.02 per share Portfolio Valuation The value of NBPE's private equity portfolio as of 28 February 2019 was based on the following information[2]:
16% of the private equity fair value was valued as of 28 February 2019 9% in private direct investment 7% in public securities 2% of the private equity fair value was valued as of 31 January 2019 2% in fund investments 25% of the private equity fair value was valued as of 31 December 2018 25% in private direct investments 57% of the private equity fair value was valued as of 30 September 2018 54% in private direct investments 3% in fund investments The Investment Manager is continuing to receive year end valuation information and notably approximately 73% of the private investments in the direct equity portfolio remain valued based on information as of 30 September 2018. Additional 31 December 2018 valuation information is expected over the coming weeks. Portfolio Commentary
During February, NBPE funded one follow-on investment to Compliance Solutions Strategies, a provider of compliance solutions to the financial sector. In terms of distributions, NBPE received $0.7 million from income investments, consisting of interest receipts and principal repayments.
On 28 February 2019, NBPE paid the first 2019 semi-annual dividend of $0.28 per share, which represents an annualised yield of 3.8% on the share price and 3.2% on NAV. NBPE repurchased 10,000 Class A shares during the month of February at a discount of 19.9%. The shares bought back will be canceled.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803
Charles Gorman
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 22 countries, Neuberger Berman's team is more than 2,000 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 fosters an investment culture of fundamental research and independent thinking. It manages $304 billion in client assets as of December 31, 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] Pease 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 January 2019, 31 December 2018 and 30 September 2018, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 28 February 2019.
Attachment
NBPE February Monthly 2019 MENAFN1903201900703653ID1098273793
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