REG-NB Private Equity Partners Limited: NB PE Announces Interim Financial Statements and Investor Presentation <Origin Href="QuoteRef">NBPE.L</Origin>

NB Private Equity PartnersAnnouncement

25/08/2015 07:00

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
25 August 2015
NB Private Equity Partners Limited ("NBPE" or the "Company"), a closed-end private equity investment company, today releases its Interim Financial Report for the period ended 30 June 2015. 
Key Highlights
2.6% increase in Net Asset Value ("NAV") during the first six months to $713.0 million (31 December 2014: $694.8 million) driven by unrealized gains on public and private equity holdings as well as cash and payment-in-kind ("PIK") interest on its income investment portfolio.
NBPE's NAV increase of $45.1 million during the six months included:
$42.9 million of realised gains, or $0.88 per Share, net of tax expense
$14.6 million of unrealised losses, or ($0.30) per Share, net of tax expense
$16.2 million of yield income and dividends, or $0.33 per Share
$15.0 million of operating expenses and other expenses, or ($0.31) per Share
$11.2 million of dividends paid, or $0.23 per Share
Portfolio continues to produce positive and consistent NAV development:
  
 Month 
 Q2 2015 
 30 June 2015 YTD 
 30 June 2015 LTM 
 31 July 2015 YTD (Revised) 
  
  
  
  
  
  
 NAV development per Share 
 0.1% 
 2.5% 
 2.6% 
 4.7% 
 1.4% 
 Total return NAV development per Share[1]
 0.1% 
 2.5% 
 4.5% 
 8.9% 
 5.5% 
Following the receipt of new valuation information, the 31 July 2015 revised monthly NAV represents a 0.2% increase from the originally published 31 July 2015 monthly NAV estimate
8.7% increase in semi-annual dividend to $0.25 per Share (H1 2014: $0.23 per Share) representing a dividend yield of 4.3% on share price on an annualized basis[2].
Portfolio Valuation
The value of NBPE's private equity portfolio as at 30 June 2015 was based on the following information[3]: 
94% of the private equity fair value was valued as of 30 June 2015 
82% in private direct/co-investments and funds based on 30 June 2015 valuation information
10% in public securities
2% in credit-related fund investments
6% of the private equity fair value was valued as of 31 March 2015
[1]Assumes reinvestment of dividends and reflects cumulative returns over time period shown.
[2] Dividend previously announced on 14 July 2015, to be paid on each Ordinary Share on 27 August 2015.
[3] Please refer to the valuation methodology section of the interim report for a description of our valuation policy. While some valuation data is as of 31 March 2015, our analysis and historical experience lead us to believe that this approximates fair value at 30 June 2015.
Portfolio commentary
Direct investment focus: 75% of fair value invested in equity co-investments and income investments
Strong cash flow: $146.3 million of distributions received during the first six months of 2015; $106.8 million funded to investments
New investments: 10 new equity co-investments and eight new income investments completed year to date
Market commentary
Private equity buyers had significant capital to invest as robust fundraising activities continued. In addition, credit was readily available and many companies have demonstrated strong performance over the last few years. Companies with strong growth profiles, high free cash flow and more predictable business models insulated from broad macroeconomic trends attracted premium multiples. Strong M&A and generally receptive IPO markets created many selling opportunities for private equity firms seeking exits for portfolio companies. The Manager believes this environment was advantageous for NBPE's portfolio during the first six months of 2015. 
Although many segments of the private equity market remain competitive, the Manager believes a favourable opportunity exists in the small and mid-cap buyout markets.
Outlook
NBPE continues to benefit from the full resources of the Manager's integrated private equity platform for superior deal flow, due diligence and execution capabilities. The Manager believes that while many segments of the market remain competitive, there are a number of near-term opportunities that would be attractive investments for the portfolio and that the current investment pipeline remains strong.
The Interim Financial Report can be accessed via the NBPE website at www.nbprivateequitypartners.com. 
Investor Call
NBPE will hold a conference call on Tuesday 25 August 2015 in order to discuss the Company's recent financial performance and Company developments.
The conference call will take place at 14.00 BST / 15.00 CEST / 9.00 EDT and can be accessed by dialing +1-877-233-4049 (U.S.) or +1-706-634-9866 (International) with the access code 17356904. Please ask for "the NBPE investor call."
A playback facility will be available two hours after the conference call concludes. This facility can be accessed for the following two weeks by dialing +1-855-859-2056 (U.S.) or +1-404-537-3406 (International). The code to access the playback facility is 17356904. A recording of the investor call will also be available on NBPE's website within several days after the call.
An updated investor presentation will be available prior to the call on NBPE's website at www.nbprivateequitypartners.com.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
 
Neustria Partners +44 20 3021 2580
Nick Henderson 
Robert Bailhache
Charles Gorman
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 Specialist Fund Market of the London Stock Exchange. NBPE has ZDP shares admitted to trading on the Specialist Fund Market of the London Stock Exchange and the Daily Official List of The Channel Islands Securities Exchange Authority Limited. NBPE holds a diversified portfolio of direct income investments, equity 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 18 countries, Neuberger Berman's team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $251 billion in client assets as of June 30, 2015. For more information, please visit our website at www.nb.com.
This statement is made pursuant to article 5:25e of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which requirement stems from the EU Transparency Directive. Pursuant to article 5:25e and article 5:25m of the Dutch Financial Supervision Act this Interim Management Statement has been made generally available by means of a press release and by publication on NBPE's website (www.nbprivateequtiypartners.com) and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financile Markten).
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.

150825 NBPE Annnounces Interim Financial Stmts & Investor Presentation
150825 NBPE Interim Financial Statements
150825 NBPE Investor Presentation


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Source: NB Private Equity Partners Limited via Globenewswire
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