Interim Financial Report 30 June 2017
04 Settembre 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 30 June 2017 Interim Financial Report
4 September
2017
NB Private Equity Partners Limited
("NBPE" or the "Company"), a closed-end private equity investment
company, today releases its Interim Financial Report for the period
ended 30 June 2017. Key highlights and commentary are below and the
complete Interim Financial Report can be found on the Company's
website at www.nbprivateequitypartners.com.
Key
Highlights
-
30 June 2017 Net Asset Value ("NAV") per Share
of $16.48 (£12.65) increased $0.57 (-£0.24) from $15.91 (£12.89)
NAV per Share at 31 December 2016
-
NAV per Share total return of 5.2%
-
NAV per Share was driven by realised investment
gains and portfolio yield income, offset by dividends paid and
expenses
-
NBPE's NAV increase of $27.8 million during the
six months of 2017 included:
-
$46.4 million of realised gains, or $0.95 per
Share, net of tax expense
-
$0.9 million of unrealised gains, or $0.02 per
Share, net of tax expense
-
$7.8 million of yield income and dividends, or
$0.16 per Share
-
$2.9 million of financing costs, or ($0.06) per
Share
-
$12.6 million of management fees, operating
expenses, and other expenses, or ($0.26) per Share
-
$0.2 million of FX gains related to ZDPs and
investments, or $0.00 per Share
-
$12.2 million of dividends paid, or ($0.25) per
Share
-
NAV development during 2017 to date has been as
follows:
|
Month |
30 June
2017 YTD |
30 June
2017 LTM |
|
|
|
|
Total
return NAV development per Share[1] |
3.3% |
5.2% |
16.6% |
NAV
development per Share |
3.3% |
3.6% |
12.8% |
|
|
|
|
|
|
|
|
Portfolio
Commentary
-
Strong cash flow: $126.4
million of distributions received during the six months of
2017
-
New investments: Nine new
equity investments and six new income investments completed in the
first six months of 2017 totalling $109.9 million; total
contributions of $123.6 million, including follow-on
investments
-
Direct investment focus:
84% of fair value invested in direct equity and income investments
at 30 June 2017
Portfolio Valuation
The value of NBPE's private equity
portfolio as at 30 June 2017 was based on the following
information[2]:
Outlook
NBPE continues to benefit from the
full resources of the Manager's integrated private equity platform
for superior deal flow, due diligence and execution capabilities.
The Manager believes that while many segments of the market remain
competitive, there are a number of near-term opportunities that may
be attractive investments for the portfolio and that the current
investment pipeline remains strong.
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 statement is
made pursuant to article 5:25e of the Dutch Financial Supervision
Act (Wet op het financieel toezicht) which requirement stems from
the EU Transparency Directive. Pursuant to
article 5:25e and article 5:25m of the Dutch Financial Supervision
Act this Interim Management Statement has been made generally
available by means of a press release and by publication on NBPE's
website (www.nbprivateequitypartners.com) and
has been filed with the Netherlands Authority for the Financial
Markets (Autoriteit Financiële Markten).
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] 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
Quarterly Report for a description of the Manager's valuation
policy. While some valuation data is as of 31 December 2016, the
Manager's analysis and historical experience lead the Manager to
believe that this approximates fair value at 31 March 2017.
Interim Financial Report 30 June
2017
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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