26 June 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 May 2018.
Key Highlights
- Monthly and annual NAV development:
| (Returns in $USD) | Month | 31 May-18 YTD | 31 May-18 LTM |
| Total return NAV development per Share [1] | 1.0% | 1.3% | 11.9% |
| NAV development per Share | 1.0% | (0.2%) | 8.6% |
- 31 May 2018 NAV per Share of $17.42 (£13.10) increased $0.18 (£0.58) from $17.24 (£12.52) NAV per Share at 30 April 2018
- NBPE's NAV increase of $9.1 million during the month of May included:
- $3.5 million of unrealised gains attributable to the receipt of new valuation information, or $0.07 per share
- $4.9 million of other unrealised gains, or $0.10 per share, attributable to gains from public securities and realisations adjustments, which were slightly offset by mark-to-market losses
- $1.4 million of accrued cash and PIK interest from the income investment portfolio, or $0.03 per share
- $0.7 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 May 2018 was based on the following information [2] :
- 26% of the private equity fair value was valued as of 31 May 2018
- 16% in private direct investments
- 8% in public securities
- 2% in credit-related fund investments
- 74% of the private equity fair value was valued as of 31 March 2018
- 68% in private direct investments
- 6% in fund investments
Portfolio Commentary During May, NBPE funded $9.6 million to two new equity investments, in CH Guenther, a supplier of baking mixes and food products, and SafeFleet, a provider of safety products for fleet operators.
In terms of distributions, NBPE received $8.3 million from direct equity investments, consisting primarily of proceeds from a partial realisation of Staples, the partial sale of public stock in Gardner Denver (NYSE: GDI), and the final sale of the remaining public shares in Black Knight Financial Services (NYSE: BKI). Income investments distributed $1.4 million, consisting of principal and interest payments. Fund investments distributed $3.9 million during May, of which $3.0 million was received from Bertram Growth Capital II.
Also during May, NBPE completed the successful issuance of its 2024 ZDPs, at a GRY of 4.25% and at the maximum offering size of £50 million.
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 and 2024 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.
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 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 four 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). 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 .
[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 March 2018, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 May 2018.
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