10 July 2014
NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today announced an updated Net Asset Value ("NAV").
Key Highlights
| 31 May 2014 | 30 June 2014 | % Change in NAV | |
| Unaudited estimated NAV per share | $13.30 | $13.53 | 1.7% |
| Unaudited Total Return per share* | $13.93 | $14.16 | 1.7% |
| Year to Date | Last Twelve Months | |
| NAV per share % change | 5.6% | 11.4% |
| Total Return per share % change* | 7.3% | 15.0% |
* Including cumulative dividends
Following the completion of three new direct yielding investments during June, NBPE's annualized dividend is fully covered by the cash income generated from the direct yielding portfolio on a run rate basis.
NBPE's NAV increased by $11.5 million during June, including:
- $10.0 million of unrealized gains attributable to the receipt of new valuation information or recent valuation event
- $2.1 million of unrealized gains on public securities
- $1.9 million of accrued cash and PIK interest from the direct yielding portfolio
- $0.6 million of positive foreign exchange adjustments
- $0.3 million of unrealized gains on credit-related fund investments
- $3.5 million of net losses from other realized gains, investment income, and expenses
There were no shares repurchased during the month of June.
Portfolio Valuation
The value of NBPE's private equity portfolio as presented in the June 2014 monthly report was based on the following information:
- 51% of the private equity fair value was valued as of 30 June 2014
- 37% in private direct/co-investments based on 30 June 2014 valuation information
- 10% in public securities
- 4% in credit-related fund investments
- 2% of the private equity fair value was valued as of 31 May 2014
- 1% in fund investments based on 31 May 2014 valuation information
- 1% in private direct/co-investments based on 31 May 2014 valuation information
- 47% of the private equity fair value was valued as of 31 March 2014
- 28% in fund investments based on Q1 2014 valuation information
- 19% in private direct/co-investments based on Q1 2014 valuation information
Please refer to the valuation methodology section of the monthly report for a description of our valuation policy. While some valuation data is as of 31 May 2014 and 31 March 2014, our analysis and historical experience lead us to believe that this approximates fair value at 30 June 2014.
During the month of June, NBPE's aggregate trading volume on Euronext Amsterdam, the London Stock Exchange, and over-the-counter trading platforms was 3,120,191 Class A ordinary shares, which represents an average daily trading volume of approximately 148,581 Class A ordinary shares. The trading volume in June included approximately 84 Class A ordinary shares traded over-the-counter and not reported on Euronext Amsterdam or the London Stock Exchange.
NBPE expects to continue to provide regular NAV updates within seven business days of each month's end.A breakdown of NBPE's NAV can be obtained in the June 2014 monthly report, which is published on NBPE's website at www.nbprivateequitypartners.com. The monthly report should be read in conjunction with this announcement.
NBPE expects to issue its interim financial report for the six month period ended 30 June 2014 in August. The interim financial report will include unaudited financial information prepared in accordance with accounting principles generally accepted in the United States. NBPE is required to consider, and will consider, all known material information in preparing such interim financial report, including information that may become known subsequent to the issuance of this monthly report. Accordingly, amounts included in the interim financial report may differ from this monthly report.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
FTI Consulting +44 20 3727 1046/1160
Edward Berry
Laura Ewart
ABOUT NB PRIVATE EQUITY PARTNERS LIMITED
NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited. NBPE holds a diversified portfolio of direct yielding investments, co-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 is a private, independent, employee-controlled investment manager. It partners with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 2,000 professionals focused exclusively on asset management, it offers an investment culture of independent thinking. Founded in 1939, the company provides solutions across equities, fixed income, hedge funds and private equity, and had $247 billion in assets under management as of 31 March 2014. For more information, please visit our website at www.nb.com.
