NB Private Equity Partners Limited Nb Private Equity: Announces Significant Realisation

 
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 Significant Realisation 
 
   16 December 2020 
 
   NB Private Equity Partners ("NBPE" or the "Company") today announces the 
realisation of its largest investment, ProAmpac. As of 30 November 2020, 
NBPE's combined debt and equity position was held at approximately $49 
million of value. NBPE invested in ProAmpac alongside Pritzker Private 
Capital in November 2016. The company has performed extremely well over 
the life of the investment and we're pleased with this very successful 
outcome for NBPE and the continued prospects for the company. A portion 
of NBPE's equity investment was re-invested and post this re-investment, 
NBPE is expected to receive approximately $44 million of total cash 
proceeds. Separately, NBPE expects to receive $5.4 million in connection 
with the liquidation of its investment in NB Crossroads Fund XVIII 
before year end. Following these realisations, NBPE expects to pay down 
$50.0 million on its credit facility. 
 
   On a pro forma basis, following these realisations and credit facility 
payback: 
 
 
   -- Investment level will be 120% 
 
   -- Total credit facility borrowings drawn will be $35.0 million (with $4.0 
      million of cash on the balance sheet) 
 
   -- Fund investments are 1.6% of private equity fair value 
 
 
   A pro forma balance sheet is presented below: 
 
 
 
 
$ in millions  30 November 2020 
-------------  --------------------------------------------------------------- 
 
NBPE Balance 
Sheet 
Summary                    Actual                         Pro Forma 
-------------  ------------------------------  ------------------------------- 
Investment 
 Value                               $1,195.8                         $1,145.4 
-------------  ------------------------------  ------------------------------- 
Cash                                      3.7                              4.0 
-------------  ------------------------------  ------------------------------- 
Credit 
 Facility                              (85.0)                           (35.0) 
-------------  ------------------------------  ------------------------------- 
ZDPs                                  (152.8)                          (152.8) 
-------------  ------------------------------  ------------------------------- 
Other                                   (6.5)                            (6.5) 
-------------  ------------------------------  ------------------------------- 
NAV                                    $955.1                           $955.1 
-------------  ------------------------------  ------------------------------- 
 
Investment 
 Level                                   125%                             120% 
-------------  ------------------------------  ------------------------------- 
 
 
   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 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 over 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). In 2020, 
the 
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PRI named Neuberger Berman a Leader, a designation awarded to fewer than 
1% of investment firms for excellence in Environmental, Social and 
Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ 
in every eligible category for our approach to ESG integration across 
asset classes. The firm manages $374 billion in client assets as of 
September 30, 2020. For more information, please visit our website at 
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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. 
 
 
 
 

(END) Dow Jones Newswires

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

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