NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - November 2019
December 23 2019 - 2:00AM
UK Regulatory
TIDMNBPE
23 December 2019
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 November 2019.
Key Highlights
--Monthly, year to date and LTM NAV development:
30 Nov-19 30 Nov-19
(Returns in USD) Month YTD LTM
Total return NAV development
per Share(1) 0.5% 9.0% 9.1%
NAV development per Share 0.5% 5.7% 5.8%
-- 30 November 2019 NAV per Share of $18.89 (GBP14.61) increased $0.09
(GBP0.07) from $18.80 (GBP14.54) 31 October 2019 NAV per Share
-- NBPE's NAV increased by $4.1 million, driven by:
-- $6.4 million of unrealised gains, or $0.14 per share, primarily
attributable to private valuation increases
-- $0.8 million of accrued cash and PIK interest from the income
portfolio, or $0.02 per share
-- $3.0 million of losses, or $0.06 per share, attributable to
management and other fee accruals
-- $0.1 million of unrealised losses attributable to unrealised
positive foreign exchange adjustments on non-USD investments
Portfolio Valuation
The value of NBPE's private equity portfolio as of 30 November 2019 was
based on the following information(2) :
-- 15% of the private equity fair value was valued as of 30 November 2019
-- 9% in private direct investments
-- 6% in public securities
-- 1% of the private equity fair value was valued as of 31 October 2019
-- 1% in private direct investments
-- 84% of the private equity fair value was valued as of 30 September 2019
-- 81% in private direct investments
-- 3% in fund investments
Portfolio Commentary
During November, NBPE funded $18.4 million to direct equity investments,
of which $13.2 million was to a new investment in BCA Marketplace, which
is a used vehicle marketplace, and $5.0 million to a new investment in
Bartaco / Barcelona Wine Bar, a US restaurant chain with locations
across twelve states. Direct equity investments distributed $7.3 million
during the month of which $6.4 million was received from a partial
realisation of Agiliti. NBPE also received $0.7 million from interest
and principal receipts from income investments. During November the sale
of LGC, a 2016 equity investment led by KKR, was announced. The sale is
expected to close in the first quarter of 2020, but the investment's
valuation was marked up in the November monthly NAV update to reflect
the expected sale proceeds less a small discount.
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=bZJWKX-oRubVRu_iD1sKcCbVst8fldQMcy4pXp2Rlz7WgU_hjN5WQ_VE5G3COsZyYW2Ix4HILHQG-7mRF7OrdCJGi-G5dvHfgd3-Y0X_04VqCLVjEBBtVN_AIqEbAeB5
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 2,100
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
$339 billion in client assets as of September 30, 2019. For more
information, please visit our website at www.nb.com.
Attachment
-- NBPE November Monthly 2019
https://ml-eu.globenewswire.com/Resource/Download/272a6f8f-13e0-4220-a2f4-7a6e42210426
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