NB Private Equity Partners Limited Nb Private Equity: Monthly Nav Update - June 2020

 
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 June 2020 NAV Update 
 
 
 
   17 July 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") estimate for the month ended 30 June 2020. 
 
   Key Highlights 
 
 
 
 
                                       30 Jun-20  30 Jun-20 
(Returns in USD)                Month        YTD        LTM 
Total return NAV development 
per Share(1)                    -0.9%      -9.4%      -8.1% 
NAV development per Share       -2.6%     -12.3%     -12.3% 
 
 
 
   -- After the $0.29 per Share accrual related to the August 2020 dividend 
      payment, 30 June 2020 NAV per Share of $16.76 (GBP13.56) decreased $0.45 
      (GBP0.36) per share from $17.21 (GBP13.92) 31 May 2020 NAV per Share 
 
 
 
 
 
 
 
   -- NBPE's NAV decreased by $21.4 million driven by: 
 
          -- $13.6 million decrease, $0.29 per share, from the accrual of the 
             dividend declared in June 2020 
 
          -- $6.0 million of unrealised losses, $0.13 per share, primarily 
             attributable to unrealised negative foreign exchange adjustments 
             on non-USD investments, public valuations and other mark to market 
             adjustments 
 
          -- $2.4 million of losses, $0.05 per share, attributable to 
             management and other fee accruals, and credit facility interest 
             and expenses 
 
          -- $0.7 million of accrued cash and PIK interest from the income 
             portfolio, or $0.01 per share 
 
          -- $0.1 million of unrealised losses attributable to private 
             valuation decreases 
 
 
   Portfolio Valuation 
 
   The value of NBPE's private equity portfolio as of 30 June 2020 was 
based on the following information(2) : 
 
 
   -- 14% of the private equity fair value was valued as of 30 June 2020 
 
          -- 8% in public securities 
 
          -- 6% in private direct investments 
 
   -- 86% of the private equity fair value was valued as of 31 March 2020 
 
          -- 85% in private direct investments 
 
          -- 1% in fund investments 
 
 
   Portfolio Commentary 
 
   During June, NBPE received $20.4 million of realisations from direct 
equity investments of which $16.8 million was received from LGC. 
Additional proceeds consisted of partial realisations from the sale of 
public stock in Ingersoll Rand (NYSE: IR), Avantor (NYSE: AVTR) and 
Vertiv (NYSE:VRT). NBPE also received $1.2 million from income 
investments of which $0.5 million was received from the sale of its 
remaining position in Optiv and the remainder consisted of other 
principal and interest receipts. The only cashflow for new investments 
during the month consisted of $2.2 million to previously closed 
transactions through the NB Alternatives Credit Opportunities Program 
and follow ons through the NB Co-investment Program. Finally, Progenity 
(NASDAQ: PROG), a genetic testing company, completed an IPO on the 
NASDAQ exchange on 19 June 2020. 
 
   On 29 June 2020, NBPE declared its second 2020 semi-annual dividend 
payment of $0.29 per Ordinary Share, to be paid on 28 August 2020. This 
payment represents a yield of 3.5% on 30 June 2020 NAV and 5.1% based on 
the 30 June 2020 closing share price of GBP9.28. 
 
   For further information, please contact: 
 
   NBPE Investor Relations                     [phone] 
 
   Kaso Legg Communications              [phone] 
 
   Charles Gorman 
https://www.globenewswire.com/Tracker?data=7PjeIQMkw4e37zRw-toJ8EMQkwGAG-9mD7gaoWks8w_2vIbfILV5TSTlP-lF7xMOwXlfUGy01xEzFAorn6VQPUb0-EW-9lFc-yS_mU6iKpTaxMFFk2buQpIGumMXkxTY 
[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 24 countries, Neuberger Berman's diverse team has 2,300 
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 
$357 billion in client assets as of June 30, 2020. For more information, 
please visit our website at 
https://www.globenewswire.com/Tracker?data=7WHic3pIf6xpVNhBA_dcaTwxgRB-j9ViwD-DCA9OSk1dozl_RqQqkNzkhc702kYEDrRIVhRrE5uXDInw-Gly3w== 
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) 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. 87% of 
underlying valuation data is as of 31 March 2020. Given the current 
market / economic environment the Manager notes that while this 
valuation data may be stale, it remains the best estimate we are 
currently able to provide but may not accurately reflect the fair value 
at 30 June 2020. 
 
 
 
 
 
   Attachment 
 
 
   -- NBPE June Monthly 2020 vF 
      https://ml-eu.globenewswire.com/Resource/Download/227b8063-83c9-4c68-95e7-afb882a12a29 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

July 17, 2020 02:00 ET (06:00 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.