NB Private Equity Partners Announces Monthly NAV Update for May 2016
09 Giugno 2016 - 8:01AM
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 May 2016
9 June 2016
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 May 2016.
Key
Highlights
|
Month |
31 May 16 YTD |
31 May 16 LTM |
|
|
|
|
Total
return NAV development per Share[1] |
0.6% |
1.1% |
1.5% |
NAV
development per Share[2] |
0.6% |
(1.5%) |
(3.0%) |
-
31 May 2016 NAV per Share of $14.15, $0.08
increase from $14.07 NAV per Share at 30 April 2016.
-
0.6% increase in NAV during the month to $690.6
million, (30 April: $686.8 million). Unrealised gains from accrued
cash and payment-in-kind ("PIK") interest, public securities and
the receipt of new valuation information, were offset by expenses
and losses from foreign exchange.
-
NBPE's NAV increase of $3.8 million during the
month included:
-
$2.8 million of unrealised gains on public
securities, or $0.06 per share
-
$2.3 million of accrued cash and PIK interest
from the income investment portfolio, or $0.05 per share
-
$1.3 million of unrealised gains attributable to
the receipt of new valuation information, or $0.03 per share
-
$0.2 million of unrealised losses on credit
related fund investments ($0.00) per share
-
$1.0 million of net losses from other realised
gains, investment income, and expenses, or ($0.02) per share
Portfolio
Valuation
The value of NBPE's private equity
portfolio as of 31 May 2016 was based on the following
information[3]:
-
43% of the private equity fair value was valued
as of 31 May 2016
-
1% of the private equity fair value was valued
as of 30 April 2016
-
56% of the private equity fair value was valued
as of 31 March 2016
Portfolio
Commentary
During May, NBPE completed one new equity co-investment, funding
$1.1 million to an investment in an Italian Information Technology
firm. NBPE also funded an additional $3.0 million of follow-on
equity during the month. With respect to income investments, NBPE
funded $2.2 million, the majority of which was follow-ons to
existing small business loan programs.
In terms of distributions, NBPE
received $2.5 million in partial exit proceeds from the sale of
public shares in NXP Semiconductor and CommScope. NBPE also
received $13.4 million of principal and interest from income
investments, $10.1 million of which was the result of a partial
sale of two income investments. Fund investments distributed $2.7
million to NBPE during May, driven primarily by special situations
funds and mid-cap buyout funds.
[1] Assumes reinvestment of dividends on the ex-dividend date
and reflects cumulative returns over time period shown.
[2] Including dividends of $0.25 cents paid on 07/08/15 and
$0.25 cents paid on 29/02/16 the NAV development per share is 0.6%
in the past month, 0.4% YTD and 0.4% LTM.
3 Please refer to the valuation methodology section of the
monthly report for a description of our valuation policy. While
some valuation data is as of 30 April and 31March 2016, our
analysis and historical experience lead us to believe that this
approximates fair value at 31 May 2016.
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
Specialist Fund Market of the London Stock Exchange. NBPE has ZDP
shares admitted to trading on the Specialist Fund Market of the
London Stock Exchange and the Daily Official List of The Channel
Islands Securities Exchange Authority Limited. NBPE holds a
diversified portfolio of direct income investments, direct equity
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 more than 2,100 professionals and the company was
named by Pensions & Investments as a 2013, 2014 and 2015 Best
Place to Work in Money Management. Tenured, stable and long-term in
focus, the firm fosters an investment culture of fundamental
research and independent thinking. It manages $243 billion in
client assets as of 31 March 2016. For more information, please
visit the Investment Manager's 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.
May 2016 NAV Announcement
May 2016 NAV
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
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