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NB Private Equity Partners Lim (NBPE)

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Tuesday 19 May, 2009

NB Private Equity Partners Lim

NB Private Equity Partners Limited Interim Mana...

19 May 2009

NB Private Equity Partners Limited ("NBPE" or "the Company"), a
closed-end private equity fund of funds investment company, today
released its Interim Management Statement for the period from 1
January 2009 to 30 April 2009. This statement is made pursuant to
article 5:25e of the Dutch Financial Supervision Act (Wet op het
financieel toezicht) which requirement stems from the EU Transparency

Additional information regarding NBPE's recent performance can be
obtained in the April 2009 monthly report, which is published on the
Company's website at The April 2009
monthly report should be read in conjunction with this statement.

Net Asset Value Development
As of 30 April 2009, NBPE's estimated net asset value ("NAV") per
share was $8.33, representing an increase of 1.6% compared to the
audited NAV per share of $8.20 at 31 December 2008.

During the first four months of 2009, NBPE's portfolio value
increased primarily as a result of mark-to-market adjustments on
credit related funds and public securities. The portfolio experienced
unrealized gains of approximately $2.6 million related to credit
related fund investments and approximately $3.0 million related to
publicly traded equity
securities. These gains in value were offset by realized and
unrealized losses of approximately $2.7 million related to private
fund investments and also by a small amount of negative foreign
exchange adjustments. Interest and dividend income was approximately
$0.9 million during the interim period; operating expenses and
minority interest amounted to approximately $5.2 million, including
credit facility expenses.

From 1 January 2009 through 30 April 2009, NBPE repurchased 1,402,271
shares through the Company's Liquidity Enhancement Agreement for
approximately $3.4 million, or a weighted average price per share of
approximately $2.39. The net effect of share repurchases contributed
approximately $0.16 to the Company's NAV per share
during the interim period.

[1] Pursuant to article 5:25e and article 5:25m of the Dutch
Financial Supervision Act this Interim
Management Statement has been made generally available by means of a
press release and by publication
on NBPE's website ( and has been
filed with the Netherlands Authority
for the Financial Markets (Autoriteit Financiƫle Markten).

Investment Activity
NBPE did not commit to any new private equity funds or invest in any
direct coinvestments in the first four months of 2009. The Company
invested an aggregate $15.2 million in private equity investments and
received an aggregate $3.0 million of distributions during the
interim period. As a result, NBPE's private equity investment
level increased to 109% of total NAV at 30 April 2009.

During the first four months of the year, 48% of the capital deployed
was invested in buyout funds, 30% was invested in distressed funds
and 22% was invested in growth equity / venture funds. Over 40% of
the distributions received during the interim period were related to
the Company's co-investment in TPF Genco Holdings.

Liquidity & Capital Resources
As of 30 April 2009, NBPE had total capital resources of $216.5
million, comprised of $103.1 million of cash and cash equivalents and
$113.3 million of undrawn capacity on the $250.0 million credit
facility. During February 2009, NBPE paid down $15.0 million of
principal on the credit facility.

NBPE had unfunded private equity commitments of $168.1 million as of
30 April 2009. Hence, the Company's total capital resources exceeded
the amount of unfunded private equity commitments by $48.4 million.

Corporate Actions
Effective on 27 March 2009, the Company changed its name from Lehman
Brothers Private Equity Partners Limited to NB Private Equity
Partners Limited. Concurrently, the Company's Class A Ordinary shares
(the "Shares") quoted on Euronext Amsterdam by NYSE Euronext were
listed under the new ticker symbol "NBPE." Subsequent to the
name change, NBPE launched a new website at

On 9 January and on 14 April 2009, NBPE announced an amendment to its
Liquidity Enhancement Agreement ("the Agreement"). The latter
amendment increased the maximum aggregate number of Shares which may
be repurchased in accordance with the Agreement (inclusive of any
Shares repurchased prior to 14 April 2009) from 4,065,750
Shares to 6,776,250 Shares, or up to 12.5% of the total number of
Shares in issue. From inception of the Agreement in July 2008 through
30 April 2009, NBPE repurchased an aggregate 3,114,408 Shares, or
5.7% of the total Shares in issue.

On 13 March 2009, NBPE announced a new lock-up agreement with respect
to the approximately 14.5 million shares of NBPE which were purchased
by Lehman Brothers Holdings Inc. ("Lehman Brothers") in the initial
public offering in July 2007. Under theterms of the new agreement,
the shares continue to be locked-up until 18 July 2010, afterwhich
NBPE's investment manager agreed, for a period of 18 months following
the lockup expiration, to use all reasonable efforts to assist Lehman
Brothers in selling its shares in up to three marketed secondary

Subsequent Events
On 4 May 2009, the parent of NBPE's investment manager, Neuberger
Berman Group LLC ("Neuberger Berman"), announced the completion of an
employee-led buyout of the 70-year-old company, creating one of the
world's largest private, independent money managers with
approximately $158 billion in assets under management for
and individuals.

Concurrent with the buyout of Neuberger Berman, NBPE's investment
manager changed from Lehman Brothers Private Fund Advisers, LP to NB
Alternatives Advisers LLC. NBPE continues to be managed by the same
experienced management team and the Company's investment manager
remains committed to the goal of creating long term value for

Neuberger Berman is now majority-owned by an employee group
consisting of portfolio managers and senior professionals of the
newly independent company. Neuberger Berman's previous owner, Lehman
Brothers, retains the remainder.

Established in 1939 and based in New York City, Neuberger Berman has
approximately 1,600 employees, including more than 250 investment
professionals, and is a leader in providing a broad range of global
investment solutions - equity, fixed income, and alternatives - to
institutions and individuals through customized separately managed
accounts and funds.

For further information, please contact:

NBPE Investor Relations +1 214 647 9593

Financial Dynamics +44 20 7269 7114
Rob Bailhache
Nick Henderson

About NB Private Equity Partners Limited
NBPE is a closed-end private equity fund of funds investment company
listed on Euronext Amsterdam. NBPE holds a diversified portfolio of
private equity fund investments and direct co-investments selected by
the NB Alternatives group of Neuberger Berman, diversified across
private equity asset class, geography, industry, vintage year and

This statement 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 State of Guernsey Policy
Counsel. 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. Prospective investors are advised to seek expert
legal, financial, tax and other professional advice before making any
investment decision. 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 forwardlooking statements.

This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.