NB Private Equity Partners Announces Quarterly Report and October Monthly NAV Update
17 November 2016
NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today releases its Quarterly Report for the period ended 30 September 2016 as well as its restated Net Asset Value ("NAV") for the period ended 31 October 2016. NBPE also announces that an investor conference call will be held on Tuesday 22 November 2016 in order to discuss the Company's recent financial results and Company developments.
Key Highlights
- 30 September 2016 NAV per Share of $15.05, up from $14.35 per Share at 31 December 2015
- Year to date NAV per Share total return of 8.6%
- NAV per Share change was driven by realised and unrealised investment gains and portfolio yield income, offset by dividends and expenses
- NBPE's NAV increase of $34 million during the first nine months of 2016 included:
- $25.3 million of yield income and dividends, or $0.52 per Share
- $20.6 million of realised gains, or $0.42 per Share, net of tax expense
- $19.5 million of unrealised gains, or $0.40 per Share, net of tax expense
- $12.7 million of FX gains related to ZDPs and investments, or $0.26 per Share
- $4.5 million of financing costs, or ($0.09) per share
- $15.2 million of management fees, operating expenses, performance fee, and other expenses, or ($0.31) per Share
- $24.4 million of dividends paid, or ($0.50) per Share
- 31 October 2016 NAV per Share was $15.01. During October, private equity fair value decreased by $1.6 million as a result of the receipt of additional valuation information
- NAV development during 2016 to date has been as follows:
| 31 October 2016 Month | 31 October 2016 YTD | 31 October 2016 LTM | |
| Total return NAV development per Share [1] | 1.8% | 8.3% | 8.0% |
| NAV development per Share | 1.8% | 4.6% | 4.3% |
Portfolio Commentary
- Strong cash flow: $228.3 million of distributions received during the first nine months of 2016. An additional $53.5 million of distributions were received during the month of October 2016, bringing 2016 YTD distributions to $281.8 million
- New investments: 11 new equity investments and seven new income investments completed in the first nine months of 2016 totalling $89.5 million. One follow-on equity co-investment completed in October
- Direct investment focus: $563.4 million of fair value invested in direct equity and income investments at 31 October 2016
Portfolio Valuation
The value of NBPE's private equity portfolio as at 30 September 2016 was based on the following information [2] :
- 95% of the private equity fair value was valued as of 30 September 2016
- 74% in private direct investments
- 12% in fund investments
- 7% in public securities
- 2% in credit-related fund investments
- 5% of the private equity fair value was valued as of 30 June 2016
- 5% in fund investments
The value of NBPE's private equity portfolio as of 31 October 2016 was based on the following information [3] :
- 39% of the private equity fair value was valued as of 31 October 2016
- 24% in private direct investments
- 13% in public securities
- 2% in credit-related fund investments
- 57% of the private equity fair value was valued as of 30 September 2016
- 44% in private direct investments
- 13% in fund investments
- 4% of the private equity fair value was valued as of 30 June 2016
- 4% in fund investments
Investor Call
NB Private Equity Partners Limited ("NBPE" or the "Company") today announced that an investor conference call will be held on Tuesday 22 November 2016 in order to discuss the Company's recent financial performance and Company developments.
The conference call will take place at 14.00 GMT / 15.00 CET / 9.00 EST and can be accessed by dialing +1-866-919-8155 (U.S.) or +1-706-634-9866 (International) with the access code 21104313. 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 21104313. 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 Euronext Amsterdam and the Specialist Fund Segment of the London Stock Exchange. NBPE has 2017 ZDP shares admitted to trading on the Specialist Fund Segment of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited and 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 income investments, direct equity 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 more than 1,900 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of September 30, 2016. For more information, please visit our website at www.nb.com.
Note: numbers may not sum due to rounding. [1] Total return figures assume the re-investment of dividends based on the net asset value on the ex-dividend date. All returns reflect cumulative returns over the 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 30 June 2016, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 30 September 2016.
[3] 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 30 September 2016 and 30 June 2016, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 October 2016.
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