Monthly NAV Update July 2017

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 July 2017

11 September 2017

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 July 2017.

Key Highlights

  • Monthly and annual NAV development:
 Month 31 Jul-17
YTD
31 Jul-17
LTM
Total return NAV development
per Share [1]

 
0.1%5.3%16.1%
NAV development per Share-1.4%2.1%12.5%
  • After the associated dividend liability, the 31 July 2017 NAV per Share of $16.24 (£12.29) decreased $0.24 (-£0.36) from $16.48 (£12.65) NAV per Share at 30 June 2017
     
  • NBPE's NAV decrease of $11.7 million during the month included:
     
    • $12.2 million of dividend declared, or ($0.25) per Share
    • $3.9 million increase of unrealised gains attributable to the receipt of new valuation information, or $0.08 per share
    • $2.4 million decrease of other unrealised losses, or $0.05 per share, attributable to public securities, mark-to-market gains and realised adjustments
    • $0.6 million was attributable to positive foreign exchange adjustments at the portfolio company level, or $0.01 per share
    • $1.1 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.02 per share
    • $2.8 million decrease in NAV attributable to value changes to other assets and liabilities during the month

Portfolio Valuation

The value of NBPE's private equity portfolio as of 31 July 2017 was based on the following information [2] :

  • 30% of the private equity fair value was valued as of 31 July 2017
    • 17% in private direct investments
    • 10% in public securities
    • 3% in credit-related fund investments
       
  • 70% of the private equity fair value was valued as of 30 June 2017
    • 60% in private direct investments
    • 10% in fund investments

                         
Portfolio Commentary

During July, NBPE funded one new equity co-investment in Melissa & Doug, a branded specialty toy company. The manager continues to see strong deal flow and NBPE has a robust pipeline of investments which we believe are attractive opportunities and well suited to NBPE's  investment strategy, that are expected to close in the coming months.

In terms of distributions, NBPE received $18.5 million during July, of which $14.1 million was received as a result of the closing of the previously announced sale of Capsugel. In addition, $1.9 million was received from income investments, consisting of principal and interest proceeds. Fund investments distributed $2.5 million during the month.

On 20 July 2017, NBPE declared its second 2017 semi-annual dividend of $0.25 per Share, which brings the total dividend for 2017 to $0.50 per Share.

For further information, please contact:

NBPE Investor Relations          +1 214 647 9593
           
Neustria Partners                     +44 20 3021 2580
Nick Henderson                         Nick.Henderson@neustriapartners.com
Robert Bailhache                       Robert.Bailhache@neustriapartners.com
Charles Gorman                        Charles.Gorman@neustriapartners.com

ABOUT NB PRIVATE EQUITY PARTNERS LIMITED
NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on Euronext Amsterdam and the Premium Segment of the Main Market of the London Stock Exchange. NBPE has 2022 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.

ABOUT NEUBERGER BERMAN
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is approximately 1,900 professionals, as of June 30, 2017. The company was named the #1 firm in Pensions & Investments 2016 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 $271 billion in client assets as of June 30, 2017. For more information, please visit our website at 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 and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht). All investments are subject to risk. Past performance is no guarantee of future returns. 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 policy. While   some valuation data is as of 30 June 2017, the Manager's analysis and historical experience lead the Manager to believe that this approximates fair value at 31 July 2017.

July 2017 NAV



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: NB Private Equity Partners Limited via GlobeNewswire

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