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
9 December 2015
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 2015.
Key Highlights
- 30 November 2015 NAV per Share of $14.38, up from $14.24 NAV per Share at 31 December 2014
- Monthly, year to date and LTM NAV development:
| Month | 30 Nov 15 YTD | 30 Nov 15 LTM | |
| NAV development per Share | (0.1%) | 1.0% | 4.4% |
| Total return NAV development per Share[1] | (0.1%) | 5.1% | 8.7% |
- -0.1% change in NAV during the month at $701.9 million, (31 October 2015: $702.6 million). Unrealised gains from accrued cash and payment-in-kind ("PIK") interest and the receipt of new valuation information were offset by losses on public securities, foreign exchange and other expenses
- NBPE's NAV decrease of $0.6 million during the month included:
- $2.0 million of accrued cash and PIK interest from the income investment portfolio,
-
or $0.04 per share
- $0.9 million of unrealised gains on public securities, or $0.02 per share
- $0.1 million of negative foreign exchange adjustments, or ($0.00) per share
- $0.4 million of unrealised losses on credit-related fund investments, or ($0.01) per share
- $1.0 million of unrealised losses attributable to the receipt of new valuation information, or ($0.02) per share
- $2.1 million of net losses from other realised gains, investment income, and expenses,
or ($0.04) per share
Portfolio Valuation
The value of NBPE's private equity portfolio as of 30 November 2015 was based on the following information[2]:
- 46% of the private equity fair value was valued as of 30 November 2015
- 35% in private direct investments
- 9% in public securities
- 2% in credit-related fund investments
-
- 2% of the private equity fair value was valued as of 31 October 2015
- 2% in fund investments
-
- 52% of the private equity fair value was valued as of 30 September 2015
- 34% in private direct investments
- 17% in fund investments
-
[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 interim report for a description of our valuation policy. While some valuation data is as of 31 October and 30 September 2015, our analysis and historical experience lead us to believe that this approximates fair value at 30 November 2015.
Portfolio commentary
During November, distribution activity remained strong as a result of three equity co-investment realisations. In terms of new investments, after returns of capital, NBPE funded net contributions of $9.2 million including $11.5 million to the second lien debt in Syncsort, a big data software company, and additional purchases of small business loans, originated through OnDeck Capital and Funding Circle. There was also $0.7 million of contributions to fund investments.
NBPE received $10.9 million from equity co-investments, primarily driven by the fourth partial realisation of Sabre public shares, and the full realisation of Compass Auto Group. In addition, NBPE received cash proceeds from a partial realisation from Group Ark. There was approximately $3.3 million received from income investments consisting of principal and interest. NBPE also received $6.2 million from fund investments, primarily from fund of funds investments.
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 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 income investments, equity 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, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman's team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $237 billion in client assets as of 30 September 2015. 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 and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. 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 statement.
