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 JURISDICTION
NB Private Equity Partners Announces Monthly NAV Update for September 2017
25 October 2017
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 30 September 2017.
Key Highlights
- Monthly and annual NAV development:
| Month | 30 Sep-17 YTD | 30 Sep-17 LTM | |
| Total return NAV development per Share [1] | 0.9% | 6.8% | 15.2% |
| NAV development per Share | 0.9% | 3.5% | 11.7% |
- 30 September 2017 NAV per Share of $16.47 (£12.29) increased $0.15 (-£0.33) from $16.32 (£12.62) NAV per Share at 31 August 2017
- NBPE's NAV increase of $7.3 million during the month included:
- $4.3 million increase of unrealised gains attributable to the receipt of new valuation information, or $0.09 per share
- $5.5 million increase of other unrealised gains, or $0.11 per share, attributable to public securities, mark-to-market gains and realised adjustments
- $1.0 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.02 per share
- ($3.5) 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 30 September 2017 was based on the following information [2] :
- 32% of the private equity fair value was valued as of 30 September 2017
- 21% in private direct investments
- 8% in public securities
- 3% in credit-related fund investments
- 1% of the private equity fair value was valued as of 31 August 2017
- 1% in private direct investments
- 67% of the private equity fair value was valued as of 30 June 2017
- 57% in private direct investments
- 10% in fund investments
Portfolio Commentary
During September, NBPE participated in two new equity investments including Staples, a provider of office supplies through a business to business platform and North American retail channels, and West Marine, a specialty retailer of boating supplies. In addition, NBPE funded two new income investments in the second lien debt of FirstLight Fiber, a data and internet provider, and the second lien debt of Epic Insurance, an insurance brokerage firm.
NBPE received $19.0 million of distributions from direct equity investments, of which $17.5 million was received from the previously announced sale of Patheon and from the sale of Oticas Carol. The remaining $1.2 million consisted of proceeds received from partial realisations. Distributions from income investments totaled $10.9 million during the month, which consisted primarily of exit proceeds from GCA Services. In addition, fund investments distributed $5.0 million to NBPE. Subsequent to this reporting period, the sale of The Warranty Group to Assurant was announced and is expected to close in the first half of 2018; as of 30 September 2017, the valuation of The Warranty Group was increased, but remains at a discount to the expected sale proceeds, which consist mostly of Assurant public stock.
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 19 countries, Neuberger Berman's team is approximately 1,900 professionals, as of September 30, 2017. The company was named the #1 firm in Pensions & Investments 2016 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 $284 billion in client assets as of September 30, 2017. 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 31 August 2017 and 30 June 2017, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 30 September 2017.
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