Monthly NAV Update for September 2018
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 September 2018
16 October 2018
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 September 2018.
Key Highlights
- Monthly and annual NAV development:
| (Returns in $USD) | Month | 30 Sep-18 YTD | 30 Sep-18 LTM | |||
| Total return NAV development per Share1 | (0.8 | %) | 4.4 | % | 8.7 | % |
| NAV development per Share | (0.8 | %) | 1.3 | % | 5.4 | % |
- 30 September 2018 NAV per Share of $17.67 (£13.56) decreased $0.07 (£0.13) from $17.74 (£13.69) NAV per Share at 31 August 2018
- NBPE’s NAV decrease of $3.3 million during the month of September included:
- $1.5 million of unrealised gains attributable to the receipt of new valuation information, or $0.03 per share
- $2.9 million of other unrealised losses, or $0.06 per share, attributable to losses from public securities, realisation adjustments and mark-to-market adjustments
- $1.4 million of accrued cash and PIK interest from the income investment portfolio, or $0.03 per share
- $3.3 million increase in NAV attributable to value changes to other assets and liabilities during the month
Portfolio Valuation
The value of NBPE’s private equity portfolio as of 30 September 2018 was based on the following information2:
- 23% of the private equity fair value was valued as of 30 September 2018
- 13% in private direct investments
- 9% in public securities
- 1% in credit-related fund investments
- 1% of the private equity fair value was valued as of 31 August 2018
- 1% in private direct investments
- 1% in private direct investments
- 3% of the private equity fair value was valued as of 31 July 2018
- 3% in private direct investments
- 73% of the private equity fair value was valued as of 30 June 2018
- 68% in private direct investments
- 5% in fund investments
- 3% in private direct investments
Portfolio Commentary
During September NBPE received $9.4 million from the direct equity investment portfolio as a result of one full exit and two partial realisations. Counsyl was fully exited as a result of its sale to Myriad Genetics (NASQDAQ: MYGN) for cash and stock, which was subsequently sold. The partial sales were of Assurant stock (NYSE: AIZ) and a partial realisation from Final Site. Recent strong liquidity from the fund portfolio continued, with receipts of $5.2 million from the fund portfolio during the month. Income investments distributed $1.8 million to NBPE during September, consisting of interest and principal. New Investments in September consisted of one direct equity investment, in Husky Injection Molding Systems, a leading supplier of molding equipment and services to the plastics industry.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3137 7823
Charles Gorman nbpe@kl-communications.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 the Premium Segment of the Main Market of the London Stock Exchange and Euronext Amsterdam. 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 BERMAN
Neuberger 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 20 countries, Neuberger Berman’s team is more than 2,000 professionals. For four 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 fosters an investment culture of fundamental research and independent thinking. It manages $304 billion in client assets as of June 30, 2018. 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 statements.
1Assumes reinvestment of dividends on the ex-dividend date and reflects cumulative returns over time period shown.
2Please 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 August 2018, 31 July 2018 and 30 June 2018, the Manager’s analysis and historical experience lead the Manager to believe that this approximates fair value at 30 September 2018.
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