Nb Priv. Eqty Regulatory News (NBPE)

6 Jun 2019 07:00

NB Private Equity: Q1 2019 Quarterly Report and Re-stated April NAV

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NB Private Equity Partners Publishes Q1 2019 Quarterly Report and Re-stated April NAV

6 June 2019

NB Private Equity Partners Limited (“NBPE” or the “Company”), a closed-end private equity investment company, today releases its 31 March 2019 Quarterly Report and Re-stated April NAV. Key highlights and commentary are below and the complete Quarterly Report can be found on the Company’s website at www.nbprivateequitypartners.com.

Key Highlights

Year to date NAV development:

(Returns in $USD)	31 Mar-19 YTD	30 Apr-19 Re-stated YTD
Total return NAV development per Share1	4.5%	5.6%
NAV development per Share	2.9%	3.9%

Including the new private valuation information contained in the First Quarter Report, 30 April 2019 NAV per Share (re-stated) is $18.57, which is an increase of $0.64 or 3.6%, from the originally published 30 April 2019 monthly NAV estimate of $17.93 30 April 2019 year to date total return is 5.6%, based on the re-stated April NAV30 April 2019 LTM total return is 11.1% Within the First Quarter Report, 31 March 2019 Net Asset Value (“NAV”) per Share of $18.39 (£14.11) increased $0.52 (£0.08) from $17.87 (£14.03) NAV per Share at 31 December 2018 31 March 2019 NAV per Share increased $0.68 per Share, or 3.8% from the originally published 31 March 2019 monthly NAV estimate31 March 2019 LTM total return is 10.7% Year to date, through 31 March 2019, the NAV per Share increase of $22.7 million was driven by: $46.8 million of unrealised & realised net gains primarily attributable to the receipt of new valuation information, or $0.96 per share$15.7 million returned to shareholders of which $13.6 million, or $0.28 was paid through a dividend, and $2.1 million was returned via share buybacks, resulting in NAV per share accretion of $0.01$10.5 million decrease in NAV primarily attributable to financing costs, management fee, carried interest accrual and other fee accruals$3.6 million of accrued cash and PIK interest from the income portfolio, or $0.07 per share$1.4 million, or $0.03 per share, of unrealised negative foreign exchange adjustments on non-USD investments

Portfolio Valuation

The value of NBPE’s private equity portfolio as of 31 March 2019 was based on the following information2:

100% of the private equity fair value was valued as of 31 March 2019 93% in private direct investments7% in public securities

Portfolio Commentary through 30 April 2019

Performance: Total return NAV gain of 5.6% through 30 April 2019 driven by direct equity investmentsExit Activity: Proceeds received from the exit of Berlin Packaging, final sale of Assurant stock, and the full sale of Standard Aero equity, which in aggregate over their lives generated a 2.3x gross multiple of invested capital and 21% gross IRR. NBPE also exited three income investments; Epic Insurance, Digital River and Standard Aero, which in aggregate generated a 1.3x multiple of invested capital and 14.6% IRRNew Investments: $25.1 million invested in two new direct equity investments

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.

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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.

Attachment

NBPE Q1 2019 Report