Monthly NAV Update for March 2018

NB Private Equity Partners Announces Monthly NAV Update for March 2018

20 April 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 31 March 2018.

Key Highlights

• Monthly and annual NAV development:

• 31 March 2018 NAV per Share of $17.13 (£12.23) decreased $0.01 (-£0.23) from $17.14 (£12.46) NAV per Share at 28 February 2018

• NBPE's NAV decrease of $0.2 million during the month of March included:

• $0.2 million of unrealised losses attributable to the receipt of new valuation information, or $0.00 per share
• $0.5 million of other unrealised gains, or $0.01 per share, attributable to public securities, mark-to-market gains and realised adjustments
• $1.5 million of accrued cash and PIK interest from the income investment portfolio, or $0.03 per share
• $2.0 million decrease 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 31 March 2018 was based on the following information^[2]:

• 25% of the private equity fair value was valued as of 31 March 2018
  • 16% in private direct investments
  • 7% in public securities
  • 2% in credit-related fund investments
     
• 1% of the private equity fair value was valued as of 28 February 2018
  • 1% in private direct investments
     
• 74% of the private equity fair value was valued as of 31 December 2017
  • 66% in private direct investments
  • 8% in fund investments

Portfolio Commentary

During March, NBPE funded follow-ons to two direct equity investments in MHS and Digital River. NBPE also invested $2.8 million to new investments through the NB Alternatives Credit Opportunities Program.

NBPE received $49.2 million of realisations, of which $25.3 million was received as a result of the full sales of an undisclosed financial services company and ProMach. NBPE also received $7.7 million as a result of partial sales of the public stock of Black Knight Financial Services (NYSE: BKI) and Evoqua (NASDAQ: AQUA), dividends and other distributions. Income investments distributed $10.4 million, of which $5.9 million was received from the full exit of the debt of Taylor Precision Products and the remaining proceeds consisted of principal and interest. Fund investments distributed $5.7 million to NBPE during the month.

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 the Premium Segment of the Main Market of the London Stock Exchange and Euronext Amsterdam. NBPE has 2022 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.

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 1,900 professionals. For five consecutive years, the company has been named to 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 $299 billion in client assets as of March 31, 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.