NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - December 2020
January 13 2021 - 2:00AM
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
NBPE Announces December Monthly NAV Update
13 January 2021
NB Private Equity Partners Limited ("NBPE" or the "Company"), a
closed-end private equity investment company, today announces an updated
Net Asset Value ("NAV") estimate for the month ended 31 December 2020.
Key Highlights
--The table below summarises the monthly and YTD NAV performance through
31 December 2020(1) . These full year return data will be updated as
year end valuations from underlying private investments are received in
the coming months.
31 Dec-20
(Returns in USD) Month YTD
Total return NAV development
per Share 0.5% 10.8%
NAV development per Share 0.5% 7.4%
-- 31 December 2020 NAV growth of $5.2 million, or $0.11 per share, relative
to the 30 November 2020 NAV driven by:
-- $9.7 million of unrealised gains, or $0.21 per share, primarily
attributable to public valuations, positive foreign exchange
adjustments on non-USD investments and other mark to market
adjustments
-- $4.3 million of expenses, $0.10 per share, attributable to
management fee and carried interest accruals, ZDP interest and net
loss on ZDP FX, credit facility interest and other expenses
-- $0.6 million, or $0.01 per share, of unrealised losses from
additional private valuation information
-- $0.3 million of accrued cash and PIK interest from the income
portfolio, or $0.01 per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 31 December 2020 was
based on the following information(2) :
-- 18% of the private equity fair value was valued as of 31 December 2020
-- 12% in public securities3
-- 6% in private direct debt investments
-- 82% of the private equity fair value was valued as of 30 September 2020
-- 81% in private direct equity investments
-- 1% in fund investments
Manager Commentary
During the month of December, NBPE experienced significant liquidity
from its portfolio, with approximately $60.9 million of proceeds
received as a result of multiple liquidity events. As previously
announced on 16 December 2020, NBPE received $49.3 million from the
successful exit of ProAmpac consisting of $43.3 million of equity
proceeds and $6.0 million from the exit of NBPE's second lien debt
position. NBPE also re-invested $4.9 million of equity into ProAmpac
which the Manager believes continues to represent an attractive
investment opportunity. NBPE received $6.3 million of additional
distributions from direct equity investments consisting of $5.5 million
from the sale of public stock positions and $0.8 million of other
partial realisations. In addition, NBPE received $4.7 million of
realisations from fund investments consisting primarily of liquidation
proceeds from NB Crossroads Fund XVIII.
As a result of the strong realisation activity during the month, NBPE
paid down $50 million of the credit facility and had $35 million drawn
as of 31 December 2020. 82% of valuations remain based on private
valuation information as of 30 September 2020 and updated Q4 information
is expected over the coming weeks and will be incorporated into future
monthly statements as received. NBPE expects to issue its Annual
Financial Report in April 2021.
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=uChGIbNWIZd6rlmdfEAlwno-be_a0PPkS-A5SarP-ah2y4e5DnOD6PMdZIws22rwWvRfXQibkUIsTwif4hOwjCYce_WBohHLQNgZBxBsfy67IPf4p33KYYFt2bxwnxD3
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 24 countries, Neuberger Berman's diverse team has over 2,300
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). In 2020,
the
https://www.globenewswire.com/Tracker?data=y65xSg_e568M3zQLOyyr4l0cUr9wj04QbKw1-8B1TjGw_yVQBZWRKDq1jcgy3B_DK1Uo7TvdbrINlWQP19H78m84PkDqLfMB21Jr2RLrZiY=
PRI named Neuberger Berman a Leader, a designation awarded to fewer than
1% of investment firms for excellence in Environmental, Social and
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+
in every eligible category for our approach to ESG integration across
asset classes. The firm manages $374 billion in client assets as of
September 30, 2020. 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. 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. GBP NAV total return
for the monthly and YTD periods are -1.8% and 7.5%, respectively; GBP
NAV return for the monthly and YTD periods are -1.8% and 4.2%,
respectively.
(2) Please refer to the valuation methodology section of the monthly
report for a description of the Manager's valuation methodology. 82% of
underlying valuation data is as of 30 September 2020. Given the current
market / economic environment the Manager notes that while this
valuation data may be stale, it remains the best estimate we are
currently able to provide but may not accurately reflect the fair value
at 31 December 2020.
(3) Includes Petsmart / Chewy as value is predominantly impacted by the
public value of Chewy.
Attachment
-- NBPE December Monthly NAV Update vF
https://ml-eu.globenewswire.com/Resource/Download/a1bdbf6b-4e75-463b-9e97-cc7c218675ea
(END) Dow Jones Newswires
January 13, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nb Private Equity Partners (LSE:NBPE)
Historical Stock Chart
From Apr 2023 to Apr 2024