January 2017 Monthly Net Asset Value
20 Febbraio 2017 - 8:00AM
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 January 2017
20 February 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 January 2017.
Key
Highlights
|
Month |
31 Jan 17
LTM |
|
|
|
Total
return NAV development per Share[1] |
1.1% |
13.7% |
NAV
development per Share |
1.1% |
9.8% |
-
Following the $0.25 accrual of the January 2017
declared dividend, the 31 January 2017 NAV per Share of $15.36
decreased $0.07 from $15.43 NAV per Share at December
2016
-
NBPE's NAV decrease of $3.7 million (an increase
of $8.5 million excluding the dividend) during the month
included:
-
$10.3 million increase in NAV attributable to
changes in the value of the investment portfolio
-
$12.6 million of unrealised gains attributable
to the receipt of new valuation information, or $0.26 per
share
-
($3.4) million of other unrealised gains,
or ($0.07) per share, of which ($3.7) million was attributable to
unrealised losses on public securities and $0.3 million was
attributable to mark-to-market gains and realised adjustments
-
$1.1 million of accrued cash and payment in kind
("PIK") interest from the income investment portfolio, or $0.02 per
share
-
($12.2) million, or ($0.25) per Share, from the
accrual for the January 2017 declared dividend
-
($1.8) million decrease in NAV attributable to
changes in other assets and liabilities during the month
Portfolio
Valuation
The value of NBPE's private equity
portfolio as of 31 January 2017 was based on the following
information[2]:
-
39% of the private equity fair value was valued
as of 31 January 2017
-
9% of the private equity fair value was valued
as of 31 December 2016
-
52% of the private equity fair value was valued
as of 30 September 2016
Portfolio
Commentary
During January, NBPE completed a
new income investment in the first and second lien debt of Drive
Medical, a manufacturer of medical mobility and rehabilitation
products. NBPE also funded $0.6 million of follow-on investments to
equity co-investments.
In terms of distributions, NBPE
received $15.4 million from equity co-investments, primarily
consisting of exit proceeds from the previously announced sale of
Deltek. In addition, NBPE received $1.1 million of distributions,
consisting of interest and principal payments, from income
investments. Fund investments distributed $5.0 million to NBPE
during January.
There were two additional
noteworthy events during the month. First, as a result of the
announced acquisition of a majority stake in Evans Network of
Companies, NBPE increased its carrying value of its equity
investment. Proceeds were received in February. Second, on 23
January 2017, NBPE declared its first 2017 dividend of $0.25 per
Share, which represents an annualised yield of 3.3% on NAV and 3.9%
on share price, based on the 17 February 2017 London Stock Exchange
closing share price.
[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 policy.
While some valuation data is as of 31 December 2016 and 30
September 2016, the Manager's analysis and historical experience
lead the Manager to believe that this approximates fair value at 31
January 2017.
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 Segment of the London Stock Exchange. NBPE
has 2017 ZDP shares admitted to trading on the Specialist
Fund Segment of the London Stock Exchange and the Daily Official
List of The Channel Islands Securities Exchange Authority Limited
and 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 more than 1,900
professionals and the company has been named by Pensions &
Investments as a Best Place to Work in Money Management for four
consecutive years. Tenured, stable and long-term in focus, the firm
fosters an investment culture of fundamental research and
independent thinking. It manages $255 billion in client assets as
of December 31, 2016. 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.
Jan 2017 NAV
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
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