NBPE Nb Private Equity Partners Limited

 
TIDMNBPE 
 
   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 2020 
 
   21 February 2020 
 
   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 2020. 
 
   Key Highlights 
 
 
   -- 31 January 2020 NAV per Share was $18.58 (GBP14.10) following the accrual 
      of the $0.29 per share dividend declared on 15 January 2020, which 
      accounted for the decrease of $0.29 (GBP0.15) per share from the 31 
      December 2019 NAV per share of $18.87 (GBP14.25). 
 
   -- Over 70% of the total portfolio and 79% of the direct equity portfolio's 
      valuation information remains as of 30 September 2019. This information 
      will be updated during February and March 2020 as underlying company 
      valuation information is received. 
 
   -- On a LTM basis, the NAV per share total return and NAV per share returns 
      were 7.7% and 4.4%, respectively, when compared to the 31 January 2019 
      re-stated NAV per share of $17.79. When compared to the originally issued 
      31 January 2019 estimated NAV per share of $17.54, LTM NAV per share 
      total return and NAV per share returns would be 9.2% and 5.9%, 
      respectively. 
 
   -- NBPE's NAV decreased by $13.5 million, driven by: 
 
          -- $13.6 million decrease, $0.29 per share, from the accrual of the 
             dividend declared in January 2020 
 
          -- $5.9 million of unrealised gains, $0.13 per share, attributable to 
             private valuation increases 
 
          -- $4.2 million of unrealised losses, $0.09 per share, primarily 
             attributable to unrealised negative foreign exchange adjustments 
             on non-USD investments, public valuations and other mark to market 
             adjustments 
 
          -- $2.5 million of losses, $0.05 per share, attributable to 
             management and other fee accruals, and credit facility interest 
             and expenses 
 
          -- $0.9 million of accrued cash and PIK interest from the income 
             portfolio, or $0.02 per share 
 
 
 
   Portfolio Valuation 
 
   The value of NBPE's private equity portfolio as of 31 January 2020 was 
based on the following information(1) : 
 
 
   -- 15% of the private equity fair value was valued as of 31 January 2020 
 
          -- 9% in private direct investments 
 
          -- 6% in public investments 
 
   -- 12% of the private equity fair value was valued as of 31 December 2019 
 
          -- 11% in private direct investments 
 
          -- 1% in fund investments 
 
   -- 2% of the private equity fair value was valued as of 30 November 2019 
 
          -- 2% in private direct investments 
 
   -- 71% of the private equity fair value was valued as of 30 September 2019 
 
          -- 69% in private direct investments 
 
          -- 2% in fund investments 
 
 
   Portfolio Commentary 
 
   During January, NBPE funded $23.1 million to direct equity investments 
consisting of $22.3 million to Action, a European retailer, and $0.8 
million to other direct equity investments. NBPE received $7.2 million 
of realisation proceeds from the full exit of Galco, consisting of $5.3 
million from the exit of NBPE's senior subordinated debt security and 
$1.9 million attributable to equity. The remaining distributions 
consisted of $0.5 million from equity investments as a result of partial 
realisations and $0.5 million from income investments. Over 70% of the 
total portfolio and 79% of the direct equity portfolio's valuation 
information remains as of 30 September 2019. This information will be 
updated during February and March 2020 as underlying company valuation 
information is received. 
 
   NBPE declared its first 2020 semi-annual dividend payment of $0.29 per 
Ordinary Share on 15 January 2020, to be paid on 28 February 2020. In 
line with its long term dividend policy of targeting an annualised 
dividend yield of 3.0% or greater on NAV, this payment represents a 
yield of 3.1% on 31 January 2020 NAV. 
 
   For further information, please contact: 
 
   NBPE Investor Relations                     +1 214 647 9593 
 
   Kaso Legg Communications              +44 (0)20 3995 6673 
 
   Charles Gorman 
https://www.globenewswire.com/Tracker?data=fvw6Qd6hlASGMuvoebaQKlleLRX-YPqMKQtzzLu9-tXhKDxAXRq2LExHT9CyYgA-bkR0F2qoxfxLyCY_pK_jguiQE7UZriiEO_Tj9b-HhHXGVVdsbAM1hqUdafNg5My3 
nbpe@kl-communications.com 
 
   About NB Private Equity Partners Limited 
 
   NBPE invests in direct private equity investments alongside market 
leading private equity firms globally. NB Alternatives Advisers LLC (the 
"Investment Manager"), an indirect wholly owned subsidiary of Neuberger 
Berman Group LLC, is responsible for sourcing, execution and management 
of NBPE. The vast majority of direct investments are made with no 
management fee / no carried interest payable to third-party GPs, 
offering greater fee efficiency than other listed private equity 
companies. NBPE seeks capital appreciation through growth in net asset 
value over time while paying a bi-annual dividend. 
 
   LEI number: 213800UJH93NH8IOFQ77 
 
   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, real estate and hedge funds--on behalf of 
institutions, advisors and individual investors globally. With offices 
in 23 countries, Neuberger Berman's diverse team has 2,200 
professionals. For six consecutive years, the company has been named 
first or second in Pensions & Investments Best Places to Work in Money 
Management survey (among those with 1,000 employees or more). The firm 
was awarded an A+ in every category in the latest 2019 PRI report for 
our approach to ESG integration across asset classes. The firm manages 
$356 billion in client assets as of December 31, 2019. For more 
information, please visit our website at www.nb.com. 
 
   (1) Please refer to the valuation methodology section of the monthly 
report for a description of the Manager's valuation methodology. While 
some valuation data is as of 31 December 2019, 30 November 2019, and 30 
September 2019, the Manager's analysis and historical experience lead 
the Manager to believe that this approximates fair value at 31 January 
2020. 
 
   Attachment 
 
 
   -- NBPE January Monthly 2020 
      https://ml-eu.globenewswire.com/Resource/Download/eecc8d4b-ee76-4fe7-9426-d5ac1d5daf84 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

February 21, 2020 02:00 ET (07:00 GMT)

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