NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - February 2020
March 16 2020 - 3:00AM
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 Announces Monthly NAV Update for February
2020
16 March 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") for the month ended 29 February 2020.
Key Highlights
--Monthly, year to date and LTM NAV development:
29 Feb-20 29 Feb-20
(Returns in USD) Month YTD LTM
Total return NAV development
per Share(1) 0.1% 0.1% 7.7%
NAV development per Share 0.1% -1.5% 4.4%
-- 29 February 2020 NAV per Share of $18.59 (GBP14.56) increased $0.01
(GBP0.46) per share from $18.58 (GBP14.10) 31 January 2020 NAV per Share
-- NBPE's NAV increased by $0.2 million, driven by:
-- $9.1 million increase, $0.20 per share, attributable to private
valuation increases (due to new information received which is as
of 31 December 2019)
-- $8.2 million of unrealised losses, $0.17 per share, primarily
attributable to unrealised negative public valuations, foreign
exchange adjustments on non-USD investments, and other mark to
market adjustments
-- $1.5 million of losses, $0.04 per share, attributable to
management and other fee accruals, and credit facility interest
and expenses
-- $0.8 million of accrued cash and PIK interest from the income
portfolio, or $0.02 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 29 February 2020 was
based on the following information(2) :
-- 14% of the private equity fair value was valued as of 29 February 2020
-- 8% in private direct investments
-- 6% in public investments
-- 2% of the private equity fair value was valued as of 31 January 2020
-- 2% in private direct investments
-- 44% of the private equity fair value was valued as of 31 December 2019
-- 42% in private direct investments
-- 2% in fund investments
-- 2% of the private equity fair value was valued as of 30 November 2019
-- 2% in private direct investments
-- 38% of the private equity fair value was valued as of 30 September 2019
-- 37% in private direct investments
-- 1% in fund investments
Portfolio Commentary
During February, NBPE funded $14.1 million to new and follow-on
investments, of which $7.6 million was funded into a direct equity
investment in the consumer sector, and $6.5 million was funded to the NB
Alternatives Credit Opportunities Program. NBPE received $2.5 million of
realisations, including $1.4 million from partial realisations of direct
equity investments, and $1.1 million from income investments consisting
primarily of principal and interest receipts.
Please note that we are still aggregating year end portfolio valuation
information and approximately 44% of the total portfolio and 48% of the
direct equity portfolio's valuation information in this monthly
statement are as of 31 December 2019, with 14% of the valuation
information as of 29th February 2020. It is too early to assess the
specific impact that the Covid-19 (Coronavirus) pandemic will have on
NBPE's diversified portfolio, but we are monitoring the situation as
closely as possible and will report more to you in this regard as soon
as is practically possible.
NBPE paid its first 2020 semi-annual dividend payment of $0.29 per
Ordinary Share on 28 February 2020. In line with its long term dividend
policy of targeting an annualised dividend yield of 3.0% or greater on
NAV, this payment represents a yield of 3.1% on 29 February 2020 NAV.
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=y4FoC14dmsBAV4rYGd28Fp99Ombb2Niy11Tv2GOfWgzSE3Sl_pcQxogtHxwbRBnXy2WKbteuT0fIF0H8fCqp8JXDqsKkBQR8hyUuwFZKOzSljbwJY49OCvxeGU2cVqAw
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 2,200
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
$356 billion in client assets as of December 31, 2019. 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 methodology. While
some valuation data is as of 31 January 2020, 31 December 2019, 30
November 2019, and 30 September 2019, the Manager's analysis and
historical experience lead the Manager to believe that this approximates
fair value at 29 February 2020.
Attachment
-- NBPE February Monthly 2020
https://ml-eu.globenewswire.com/Resource/Download/aed06ee5-7a36-4a33-a117-aaac343b82fc
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