NB Private Equity Partners Limited : Publishes 2017 Annual Financial Report
05 Aprile 2018 - 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
Publishes 2017 Annual Financial Report
5 April
2018
NB Private Equity Partners Limited
("NBPE" or the "Company"), a closed-end private equity investment
company, today releases its Annual Financial Report for 2017. Key
highlights and commentary are below and the complete Annual Report
can be found on the Company's website at
www.nbprivateequitypartners.com.
Key
Highlights
-
31 December 2017 Net Asset Value ("NAV") per
Share of $17.45 (£12.91) increased $1.54 (£0.02) from $15.91
(£12.89) NAV per Share at 31 December 2016
-
NAV per Share total return of 13.2%
-
31 December 2017 NAV per Share of $17.45 is a
3.7% uplift relative to the previously issued 31 December 2017
monthly estimate of $16.82 per Share
-
NAV per Share increase was driven by realised
and unrealised investment gains and portfolio yield income, offset
by dividends paid and expenses
-
NBPE's NAV increase of $74.9 million during 2017
included:
-
$89.4 million of realised gains, or $1.83 per
Share, net of tax expense
-
$29.3 million of unrealised gains, or $0.60 per
Share, net of tax expense
-
$16.5 million of yield income and dividends, or
$0.34 per Share
-
$5.8 million of interest and other financing
costs, or ($0.12) per Share
-
$24.6 million of management fees, operating
expenses, and other expenses, or ($0.50) per Share
-
$5.5 million of losses on foreign exchange
related to ZDPs and investments, or ($0.11) per Share
-
$24.4 million of dividends paid, or ($0.50) per
Share
-
NAV development during 2017 has been as
follows:
NAV Development
(Returns based on USD) |
31 Dec
2017 |
|
|
Total return NAV development per
Share[1] |
13.2% |
NAV development per Share |
9.7% |
|
|
|
|
Portfolio
Commentary
-
Strong cash flow: $252.8
million of realisations received during 2017
-
2017 Realisations: $112.9
million of proceeds received as a result of full sales of Evans,
Deltek, Gabriel Brothers, Patheon, Ortholite, Capsugel and Oticas
Carol, which in aggregate generated a 4.4x multiple (inclusive of
prior distributions)
-
New investments: 20 new
equity investments and 12 new income investments completed in 2017
totalling $309.9 million
-
Direct investment focus:
88% of fair value invested in direct equity and income investments
at 31 December 2017
Portfolio
Valuation
The value of NBPE's private equity
portfolio as at 31 December 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.
Investor
Call
NBPE also announces that an
investor conference call will be held on Monday 16 April 2018 in
order to discuss the Company's recent financial performance and
Company developments.
The conference call will take
place at 13.30 BST / 14.30 CEST / 8.30 EDT and can be accessed by
dialing +1-866-453-9043 (U.S.) or +1-706-643-0379 (International)
with the access code 9182407. Please ask for "the NBPE investor
call."
A playback facility will be
available two hours after the conference call concludes. This
facility can be accessed for the following two weeks by dialing
+1-855-859-2056 (U.S.) or +1-404-537-3406 (International). The code
to access the playback facility is 9182407. A recording of the
investor call will also be available on NBPE's website within
several days after the call.
An updated investor presentation
will be available prior to the call on NBPE's website at
http://www.nbprivateequitypartners.com/.
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 the Premium Segment of the
Main Market of the London Stock Exchange and Euronext Amsterdam.
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 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 20 countries, Neuberger Berman's team is approximately
1,900 professionals. For five consecutive years, the company has
been named to 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 $295 billion in client assets as of December
31, 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
Annual Financial Report for a description of the Manager's
valuation policy. While some valuation data is as of 30 September
2017, the Manager's analysis and historical experience lead the
Manager to believe that this approximates fair value at 31 December
2017.
Annual Report Y/E 31 December
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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