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25 Apr 2019 07:00
NB Private Equity: Monthly NAV Update for March 2019
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 March 2019
25 April 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 31 March 2019.
Key Highlights
Monthly, year to date and LTM NAV development:(Returns in $USD) Month 31 Mar-19 31 Mar-19 YTD LTMTotal return NAV development per Share1 (0.5%) (0.7%) 6.6%
NAV development per Share (0.5%) (0.9%) 3.4%
31 March 2019 NAV per Share of $17.71 (£13.59) decreased $0.09 (£0.21) from $17.80 (£13.38) re-stated NAV per Share at 28 February 2019NBPE’s NAV decrease of $4.2 million during the month of March included: $2.2 million decrease in NAV primarily attributable to management and other fee accruals offset by a net decrease in the USD-denominated ZDP liability (netted against changes in the forward currency contract)$3.8 million, or $0.08 per share, of unrealised negative foreign exchange adjustments on non-USD investments$1.1 million of other unrealised gains, or $0.02 per share, attributable to gains from public securities, realisation adjustments and mark-to-market adjustments$1.1 million of accrued cash and PIK interest from the income portfolio, or $0.02 per share$0.3 million of unrealised losses attributable to the receipt of new valuation information, or $0.01 per sharePortfolio Valuation
The value of NBPE’s private equity portfolio as of 31 March 2019 was based on the following information2:
17% of the private equity fair value was valued as of 31 March 2019 9% in private direct investments7% in public securities1% in fund investments 83% of the private equity fair value was valued as of 31 December 2018 80% in private direct investments3% in fund investmentsPortfolio CommentaryDuring March, NBPE completed one new investment, in HUB International, an insurance brokerage company. NBPE also completed a follow-on investment in GFL Environmental, an environmental services company. NBPE received $10.5 million of distributions, of which $7.4 million was received from direct equity investments. This consisted primarily of realisation proceeds from the sale of Assurant (NYSE: AIZ) stock; additional proceeds are expected in the coming weeks related to this sale, at which point NBPE will have fully exited its investment. Other proceeds from direct equity investments consisted of dividends. Income investments distributed $2.1 million to NBPE during the month, which consisted of interest and principal receipts. Fund investments distributed $1.1 million and now account for only 4% of total private equity fair value.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803Charles Gorman nbpe@kl-communications.com
About NB Private Equity Partners LimitedNBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on the Premium Segment of the Main Market of the London Stock Exchange. NBPE has 2022 and 2024 ZDP Shares admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. NBPE holds a diversified portfolio of direct equity investments, direct income 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.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger BermanNeuberger 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 and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s team is more than 2,100 professionals. For five 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). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $323 billion in client assets as of March 31, 2019. 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.[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 December 2018, the Manager’s analysis and historical experience lead the Manager to believe that this approximates fair value at 31 March 2019.
Attachment
NBPE March Monthly 2019