NB Private Equity Partners Limited Nb Private Equity Publishes 2018 Annual Financial Report

 
TIDMNBPE 
 
 
   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 Publishes 2018 Annual Financial Report 
 
   15 April 2019 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company"), a 
closed-end private equity investment company, today releases its 2018 
Annual Financial Report. Key highlights and commentary are below and the 
complete Annual Financial Report can be found on the Company's website 
at 
https://www.globenewswire.com/Tracker?data=N8vu3PMzHFGrKRuVC7544pY1s8NQdnff75l6JeW744lbz9Zfg_9c3DFDKImIamrC1NpXHwFVq3bwWz-X4BIguqbN7O-A1kWNn9ClU3ZccuyVLY_uaecSsN6svirkIP0x 
www.nbprivateequitypartners.com. 
 
   Talmai Morgan, Chairman, said, "The Company announced multiple 
initiatives during 2018 including enhancements to governance and board 
composition, a new target dividend policy and a sale of legacy fund 
interests. The Company also entered into a new buyback programme, which 
began in January 2019.  In addition, in March 2019, the Company also 
welcomed William Maltby and Wilken von Hodenberg as new non-executive 
directors. The directors and I believe the actions to enhance governance 
and board composition will be a strong positive for the Company over 
time. The portfolio continues to develop well and produced a total 
return Net Asset Value increase of 5.5% in 2018." 
 
   Key Highlights 
 
 
   -- 31 December 2018 Net Asset Value ("NAV") per Share of $17.87 (GBP14.03) 
      increased $0.42 (GBP1.12) from $17.45 (GBP12.91) NAV per Share at 31 
      December 2017 
 
          -- 2018 NAV per Share total return of 5.5% and 2018 NAV per Share 
             increase of 2.4% 
 
          -- NAV per Share of $17.87 is a $0.21 increase relative to the 
             originally published 31 December 2018 monthly NAV estimate of 
             $17.66 
 
          -- NAV per Share increase was driven by realised gains, interest 
             income and dividends 
 
   -- NBPE's NAV increase of $20.7 million during 2018 included: 
 
          -- $59.5 million of realised gains, or $1.22 per Share, net of tax 
             expense 
 
          -- $17.4 million of yield income and dividends, or $0.36 per Share 
 
          -- ($0.1) million of losses on foreign exchange related to ZDPs and 
             investments, or ($0.00) per Share 
 
          -- ($3.0) million of unrealised investment losses, or ($0.06) per 
             Share, net of tax expense 
 
          -- ($9.3) million of interest and other financing costs, or ($0.19) 
             per Share 
 
          -- ($17.9) million of management fees, operating expenses, and other 
             expenses, or ($0.37) per Share 
 
          -- ($25.9) million of dividends paid, or ($0.53) per Share 
 
 
   Portfolio Commentary 
 
 
   -- Strong cash flow: $236.4 million of realisations during 2018 (including 
      proceeds received from the sale of 14 legacy fund interests) 
 
   -- 2018 realisations: NBPE fully exited five direct equity investments which 
      generated a 1.9x gross multiple of invested capital in aggregate 
      (inclusive of prior realisations). The average holding period of the five 
      investments was 3.6 years and the uplift at exit averaged 41% relative to 
      the valuation one quarter prior to the announcement 
 
   -- IPO Activity: four IPOs, Aster DM Healthcare (NSE:ASTERDM), BrightView 
      (NYSE:BV), Solarwinds (NYSE: SWI) and Shelf Drilling (SHLF.OL), in the 
      direct equity portfolio during 2018 
 
   -- New investments: 23 new direct equity investments completed in 2018 
      totalling $152.3 million 
 
 
   Portfolio Valuation 
 
   The value of NBPE's private equity portfolio as at 31 December 2018 was 
based on the following information(1) : 
 
 
   -- 100% of the private equity fair value was valued as of 31 December 2018 
 
          -- 94% in private direct investments and fund investments 
 
          -- 6% in public securities 
 
 
   For further information, please contact: 
 
   NBPE Investor Relations          [phone] 
 
 
 
   Kaso Legg Communications    [phone] 
 
   Charles Gorman 
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[e-mail] 
 
   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. 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 22 countries, 
Neuberger Berman's team is more than 2,000 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 fosters an investment culture of 
fundamental research and independent thinking. It manages $304 billion 
in client assets as of December 31, 2018. For more information, please 
visit our website at 
https://www.globenewswire.com/Tracker?data=N8vu3PMzHFGrKRuVC7544qK9ZSzxW3JIB9LB-8zBSrkQq85VAuQK_qJs7Ue7vuGOdrTOOSIQXTElN-ybghGcqg== 
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. 
 
   (1) Please refer to the valuation methodology section of the Annual 
Report. 
 
 
 
 
 
   Attachment 
 
 
   -- NBPE Annual Financial Report final 
      https://ml-eu.globenewswire.com/Resource/Download/3cae3f57-2592-4fed-bac8-2728aa384862 
 
 
 
 
 

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April 15, 2019 02:00 ET (06:00 GMT)

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