NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - December 2019

 
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 Announces Monthly NAV Update for December 
2019 
 
   16 January 2020 
 
   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 December 2019. 
 
   Key Highlights 
 
   --Monthly, year to date development: 
 
 
 
 
                                      31 Dec-19 
(Returns in USD)               Month     YTD 
Total return NAV development 
 per Share(1)                  -0.1%       8.9% 
NAV development per Share      -0.1%       5.6% 
 
 
   -- 31 December 2019 NAV per Share of $18.87 (GBP14.25) decreased $0.02 
      (GBP0.35) from $18.89 (GBP14.60) 30 November 2019 NAV per Share 
 
   -- NBPE's NAV decreased by $0.9 million, driven by: 
 
          -- $9.6 million of unrealised gains, $0.21 per share, attributable to 
             unrealised positive foreign exchange adjustments on non-USD 
             investments, public valuations and other mark to market 
             adjustments 
 
          -- $0.9 million of accrued cash and PIK interest from the income 
             portfolio, or $0.02 per share 
 
          -- $3.7 million of unrealised losses, $0.08 per share, primarily 
             attributable to private valuation decreases 
 
          -- $7.7 million of losses, $0.17 per share, attributable to 
             management and other fee accruals, credit facility interest and 
             expenses and one-time charges associated with the closing of 
             NBPE's new credit facility 
 
 
 
 
   Portfolio Valuation 
 
   The value of NBPE's private equity portfolio as of 31 December 2019 was 
based on the following information(2) : 
 
 
   -- 17% of the private equity fair value was valued as of 31 December 2019 
 
          -- 10% in private direct investments 
 
          -- 6% in public securities 
 
          -- 1% in fund investments 
 
   -- 3% of the private equity fair value was valued as of 30 November 2019 
 
          -- 2% in private direct investments 
 
          -- 1% in fund investments 
 
   -- 80% of the private equity fair value was valued as of 30 September 2019 
 
          -- 79% in private direct investments 
 
          -- 1% in fund investments 
 
 
   Portfolio Commentary 
 
   During December, NBPE funded $2.4 million of follow-ons to direct equity 
investments consisting of $1.9 million to Marquee Brands and $0.5 
million to other equity investments. In addition, NBPE funded $1.9 
million to the NB Alternatives Credit Opportunities Program. In 
aggregate, NBPE received $8.0 million of realisations during the month, 
including $3.9 million received from direct equity investments, driven 
primarily by partial realisations from Cortefiel, Telxius, and 
Solarwinds (NYSE: SWI). Legacy funds distributed $3.2 million in total, 
of which $2.6 million was received from Bertram Capital II. Income 
investments distributed $0.9 million, consisting of principal and 
interest receipts. 
 
   As announced on 24 December 2019, NBPE entered into a new $200 million 
credit facility ($250 million inclusive of a $50 million accordion) with 
MassMutual, concurrent with the termination of its JP Morgan credit 
facility. The MassMutual facility lowers NBPE's borrowing costs and 
increases balance sheet flexibility and security. 
 
   For further information, please contact: 
 
   NBPE Investor Relations                     [phone] 
 
   Kaso Legg Communications              [phone] 
 
   Charles Gorman 
https://www.globenewswire.com/Tracker?data=kKMKijMmYePXSyCuZT3Ia3WSiLXvxtFNkaaDH4hGc-_Ikttf2jSTqP9GgihphxrjCW1PgnV-b02sj42Cymgn7RNcFOrPa8LWblhQn2LPRIrkRxXp1FoB7ssM7h2qbF2G 
[e-mail] 
 
   About NB Private Equity Partners Limited 
 
   NBPE invests in direct private equity investments alongside market 
leading private equity firms globally. NB Alternatives Advisers LLC (the 
"Investment Manager"), an indirect wholly owned subsidiary of Neuberger 
Berman Group LLC, is responsible for sourcing, execution and management 
of NBPE. The vast majority of direct investments are made with no 
management fee / no carried interest payable to third-party GPs, 
offering greater fee efficiency than other listed private equity 
companies. NBPE seeks capital appreciation through growth in net asset 
value over time while paying a bi-annual dividend. 
 
   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, real estate and hedge funds--on behalf of 
institutions, advisors and individual investors globally. With offices 
in 23 countries, Neuberger Berman's diverse team has 2,200 
professionals. For six 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). The firm 
was awarded an A+ in every category in the latest 2019 PRI report for 
our approach to ESG integration across asset classes. The firm manages 
$356 billion in client assets as of December 31, 2019. For more 
information, please visit our website at www.nb.com. 
 
   (1) Assumes reinvestment of dividends on the ex-dividend date and 
reflects cumulative returns over time period shown. 
 
   (2) Please 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 30 November 2019 and 30 September 2019, the 
Manager's analysis and historical experience lead the Manager to believe 
that this approximates fair value at 31 December 2019. 
 
 
 
   Attachment 
 
 
   -- NBPE December Monthly 2019 
      https://ml-eu.globenewswire.com/Resource/Download/011305a8-3e83-4f77-8825-58c0e8577566 
 
 
 
 
 
 
 

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January 16, 2020 02:00 ET (07:00 GMT)

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