January 2017 Monthly Net Asset Value

GlobeNewswire

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NB Private Equity Partners Announces Monthly NAV Update for January 2017

20 February 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 January 2017.

Key Highlights

  • Monthly and annual NAV development:

Month

31 Jan 17
LTM

Total return NAV development per Share[1]

1.1%

13.7%

NAV development per Share

1.1%

9.8%

  • Following the $0.25 accrual of the January 2017 declared dividend, the 31 January 2017 NAV per Share of $15.36 decreased $0.07 from $15.43 NAV per Share at December 2016

  • NBPE`s NAV decrease of $3.7 million (an increase of $8.5 million excluding the dividend) during the month included:

    • $10.3 million increase in NAV attributable to changes in the value of the investment portfolio

      • $12.6 million of unrealised gains attributable to the receipt of new valuation information, or $0.26 per share

      • ($3.4) million of other unrealised gains, or ($0.07) per share, of which ($3.7) million was attributable to unrealised losses on public securities and $0.3 million was attributable to mark-to-market gains and realised adjustments

      • $1.1 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.02 per share

    • ($12.2) million, or ($0.25) per Share, from the accrual for the January 2017 declared dividend

    • ($1.8) million decrease in NAV attributable to changes in other assets and liabilities during the month

Portfolio Valuation

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

  • 39% of the private equity fair value was valued as of 31 January 2017

    • 26% in private direct investments

    • 11% in public securities

    • 2% in credit-related fund investments

  • 9% of the private equity fair value was valued as of 31 December 2016

    • 9% in private direct investments

  • 52% of the private equity fair value was valued as of 30 September 2016

    • 35% in private direct investments

    • 17% in fund investments

Portfolio Commentary

During January, NBPE completed a new income investment in the first and second lien debt of Drive Medical, a manufacturer of medical mobility and rehabilitation products. NBPE also funded $0.6 million of follow-on investments to equity co-investments.

In terms of distributions, NBPE received $15.4 million from equity co-investments, primarily consisting of exit proceeds from the previously announced sale of Deltek. In addition, NBPE received $1.1 million of distributions, consisting of interest and principal payments, from income investments. Fund investments distributed $5.0 million to NBPE during January.

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