Monthly NAV Update for March 2018
20 Aprile 2018 - 8:00AM
NB Private Equity Partners
Announces Monthly NAV Update for March 2018
20 April 2018
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 March 2018.
Key
Highlights
- Monthly and annual NAV
development:
(Returns based on USD) |
Month |
31 Mar-18
YTD |
31 Mar-18
LTM |
Total
return NAV development
per Share[1]
|
(0.0%) |
(0.4%) |
10.9% |
NAV
development per Share |
(0.0%) |
(1.8%) |
7.6% |
- 31 March 2018 NAV per Share of
$17.13 (£12.23) decreased $0.01 (-£0.23) from $17.14 (£12.46) NAV
per Share at 28 February 2018
- NBPE's NAV decrease of $0.2
million during the month of March included:
-
$0.2 million of unrealised losses attributable
to the receipt of new valuation information, or $0.00 per
share
-
$0.5 million of other unrealised gains, or $0.01
per share, attributable to public securities, mark-to-market gains
and realised adjustments
-
$1.5 million of accrued cash and PIK interest
from the income investment portfolio, or $0.03 per share
-
$2.0 million decrease in NAV attributable to
value changes to other assets and liabilities during the
month
Portfolio
Valuation
The value of NBPE's private equity
portfolio as of 31 March 2018 was based on the following
information[2]:
-
25% of the private equity fair value was valued
as of 31 March 2018
-
1% of the private equity fair value was valued
as of 28 February 2018
-
74% of the private equity fair value was valued
as of 31 December 2017
Portfolio
Commentary
During March, NBPE funded
follow-ons to two direct equity investments in MHS and Digital
River. NBPE also invested $2.8 million to new investments through
the NB Alternatives Credit Opportunities Program.
NBPE received $49.2 million of
realisations, of which $25.3 million was received as a result of
the full sales of an undisclosed financial services company and
ProMach. NBPE also received $7.7 million as a result of partial
sales of the public stock of Black Knight Financial Services (NYSE:
BKI) and Evoqua (NASDAQ: AQUA), dividends and other distributions.
Income investments distributed $10.4 million, of which $5.9 million
was received from the full exit of the debt of Taylor Precision
Products and the remaining proceeds consisted of principal and
interest. Fund investments distributed $5.7 million to NBPE during
the month.
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 more than 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 $299 billion in client assets as of March 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 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
monthly report for a description of the Manager's valuation policy.
While some valuation data is as of 28 February 2018 and
31 December 2017, the Manager's analysis and historical experience
lead the Manager to believe that this approximates fair value at 31
March 2018.
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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