NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - September 2020
15 Ottobre 2020 - 8:00AM
UK Regulatory
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 Publishes September 2020 NAV Update
15 October 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") estimate for the month ended 30 September 2020.
Manager Commentary
During September, NBPE funded $4.6 million to new investments, of which
$4.5 million was to income investments and $0.1 million was a follow on
to an existing equity co-investment. In terms of realisations, NBPE
received $9.8 million from direct equity investments consisting of $6.3
million from an undisclosed business services company, $2.0 million from
Vertiv (NYSE: VRT) as a result of a partial sales of public stock, and
$1.2 million from West Marine. NBPE also received $0.4 million from
income investments, consisting of interest and principal receipts, and
$0.1 million from fund investments.
Another notable portfolio development during September was the IPO of
Vitru, a Brazilian distance learning education company (formerly known
as Uniasselvi), on the NASDAQ stock exchange which now trades under the
ticker symbol "VTRU".
Approximately 85% of the valuation information contained in this monthly
NAV update is based on 30 June 2020 private company valuations. These
valuations will be updated in coming weeks as Q3 valuation information
is received from underlying sponsors.
Key Highlights
30 Sep-20 30 Sep-20
(Returns in USD) Month YTD LTM
Total return NAV development
per Share(1) -0.7% -1.3% 0.5%
NAV development per Share -0.7% -4.3% -2.6%
-- NBPE's NAV decreased by $5.2 million in September 2020 driven by:
-- $4.3 million of unrealised losses, or $0.09 per share, primarily
attributable to unrealised negative foreign exchange adjustments
on non-USD investments, public valuations and other mark to market
adjustments
-- $0.8 million of expenses, $0.02 per share, attributable to
management and other fee accruals, and credit facility interest
and expenses
-- $0.8 million of losses, or $0.02 per share, attributable to
private valuation decreases
-- $0.7 million of accrued cash and PIK interest from the income
portfolio, or $0.01 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 30 September 2020 was
based on the following information(2) :
-- 14% of the private equity fair value was valued as of 30 September 2020
-- 8% in public securities
-- 6% in private direct debt investments
-- 1% of the private equity fair value was valued as of 31 July 2020
-- 1% in private direct equity investments
-- 85% of the private equity fair value was valued as of 30 June 2020
-- 84% in private direct equity investments
-- 1% in fund investments
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803
Charles Gorman
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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 24 countries, Neuberger Berman's diverse team has over 2,300
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). In 2020,
the
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PRI named Neuberger Berman a Leader, a designation awarded to fewer than
1% of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+
in every eligible category for our approach to ESG integration across
asset classes. The firm manages $374 billion in client assets as of
September 30, 2020. 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. 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 methodology. 85% of
underlying valuation data is as of 30 June 2020. Given the current
market / economic environment the Manager notes that while this
valuation data may be stale, it remains the best estimate we are
currently able to provide but may not accurately reflect the fair value
at 30 September 2020.
Attachment
-- NBPE September Monthly NAV Update vF
https://ml-eu.globenewswire.com/Resource/Download/d27e5065-6ea1-42ff-89f1-756a398a0cc5
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October 15, 2020 02:00 ET (06:00 GMT)
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