NB Private Equity Partners Limited Nb Private Equity: Update On Covid-19

 
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 Update on COVID-19 
 
   20 March 2020 
 
   NB Private Equity Partners Limited ("NBPE" or the "Company") today 
announces an update on its response to the Covid-19 ("Coronavirus") 
crisis. With rapidly changing dynamics in public health, financial 
conditions / markets, and evolving government responses to this crisis, 
this update provides further guidance on the Company's financial 
position, current portfolio, operations, and further steps which are in 
process. 
 
   The Company's liquidity position remains comfortable with no near term 
maturities. The Company entered into a new 10 year credit facility with 
MassMutual in late December 2019. This new facility provides up to $200 
million of borrowing capacity (of which $90 million is currently drawn), 
with the option of an additional $50 million accordion, which provides 
the Company with a significant source of available liquidity. Even in 
light of this, the Company's priority is to preserve cash reserves and 
liquidity to meet all of its obligations given the highly uncertain 
financial and economic conditions. 
 
   The Neuberger Berman Private Equity division (the "Investment Manager" 
or the "Manager") is also working closely with the Company's underlying 
lead private equity sponsors on the Company's underlying investments to 
monitor and assess what the impact of Coronavirus has been and what it 
could be going forward. In addition, the Manager is working to 
understand what action plans are potentially available for underlying 
portfolio companies. While early in the process, the Investment Manager 
is working diligently to understand the specific effects on underlying 
companies and will report more in due course. Initial assessments are 
that information is varying company by company, given the early stage of 
the Coronavirus pandemic. While it is difficult to gain a clear 
perspective at this stage, it appears for many companies in the United 
States and Europe there was relatively little impact through February 
2020. However, this changed significantly in March 2020 when many 
companies did begin to see material impacts as a result of the 
Coronavirus. The degree of these impacts will vary greatly sector by 
sector as well as company by company depending on the specific impact 
each faces and this is likely to become clearer over time. We will 
report further on the portfolio as soon as we have better visibility 
into potential earnings and valuations impact. 
 
   In terms of the underlying investment portfolio, as of 29 February 2020, 
the industry exposures are as follows: 
 
 
 
 
Industry                 % of Fair Value 
Technology                           18% 
Industrials                          18% 
Consumer                             17% 
Healthcare                           16% 
Business Services                    11% 
Financial Services                    8% 
Communications / Media                6% 
Energy                                2% 
Other / Diversified                   4% 
 
 
   The Manager is highly focused on the continuity of investment and 
business operations. In this regard, the investment team of the 
Investment Manager has implemented business continuity plans and 
operations remain fully functioning. Representatives of the Investment 
Manager are in close contact with the board of directors and other 
advisors. 
 
   William Maltby, Chairman, noted: "We are watching this very carefully 
and our plan is to be extremely cautious committing to new investment 
opportunities until there is better clarity on the situation. The board 
remains confident in the Company's ability to operate effectively even 
in these stressful times and expects to provide a more comprehensive 
update in the near term." 
 
   For further information, please contact: 
 
   NBPE Investor Relations                     [phone] 
 
   Kaso Legg Communications               [phone] 
 
   Charles Gorman 
https://www.globenewswire.com/Tracker?data=HvyhkQkjVP81NKX9yND7PdWHcw0-peJW0ZUVWza8jkn2xqZDmAgM58p2omJ7PVrP8bFnDqB1ziP99GK3U3yKwXpOe3u40m4mYbl2JDdDWpUOPuREDajiLOdGcaj6j_YR 
[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. 
 
 
 
 

(END) Dow Jones Newswires

March 20, 2020 03:00 ET (07:00 GMT)

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