NB Private Equity Partners Publishes 31 March 2018 Quarterly Report
18 June 2018
NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today releases its 31 March 2018 Quarterly Report. 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
- 31 March 2018 Net Asset Value ("NAV") per Share of $17.14 (£12.23) decreased $0.31 (-£0.68) from $17.45 (£12.91) NAV per Share at 31 December 2017
- NAV per Share total return of (0.3%)
- NAV per Share decrease was driven by unrealised losses, dividends paid and expenses
- NBPE's NAV decrease of $14.9 million during 2018 included:
- $12.2 million of dividends paid, or ($0.25) per Share
- $29.9 million of realised gains, or $0.61 per Share, net of tax expense
- $30.4 million of unrealised losses, or ($0.62) per Share, net of tax expense
- $5.1 million of yield income and dividends, or $0.10 per Share
- $1.9 million of interest and other financing costs, or ($0.04) per Share
- $4.4 million of management fees, operating expenses, and other expenses, or ($0.09) per Share
- $1.0 million of losses on foreign exchange related to ZDPs and investments, or ($0.02) per Share
- NAV development during 2018 has been as follows:
| Month | 31 March | 31 March | |
| 2018 YTD | 2018 LTM | ||
| Total return NAV development per Share[1] | 0.0% | (0.3%) | 10.9% |
| NAV development per Share | 0.0% | (1.8%) | 7.7% |
Portfolio Commentary
- Strong cash flow: $57.0 million of realisations received during the first three months of 2018
- 2018 Realisations: $28.0 million of proceeds received as a result of full sales of ProMach and an undisclosed financial services company, which in aggregate generated a 2.0x multiple (inclusive of prior distributions)
- New investments: 2 new equity investments completed in 2018 totalling $10.0 million
- Direct investment focus: 89% of fair value invested in direct equity and income investments at 31 March 2018
Portfolio Valuation
The value of NBPE's private equity portfolio as at 31 March 2018 was based on the following information[2]:
- 100% of the private equity fair value was valued as of 31 March 2018
- 91% in private direct investments and fund investments
- 7% in public securities
- 2% in credit-related fund investments
Outlook
NBPE continues to benefit from the full resources of the Manager's integrated private equity platform for superior deal flow, due diligence and execution capabilities. The Manager believes that while many segments of the market remain competitive, there are a number of near-term opportunities that may be attractive investments for the portfolio and that the current investment pipeline remains strong.
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 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 1,900 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 $299 billion in client assets as of March 31, 2018. For more information, please visit our website at www.nb.com.
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 Directive. 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 (www.nbprivateequitypartners.com) and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten).
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.
