NB Private Equity Partners Limited : Monthly NAV - April 2017

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NB Private Equity Partners Announces Monthly NAV Update for April 2017

8 June 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 30 April 2017.

Key Highlights

  • Monthly and annual NAV development:

Month

30 April 17
YTD

30 April 17
LTM

Total return NAV development
per Share[1]

0.2%

1.9%

17.8%

NAV development per Share

0.2%

0.2%

13.9%

  • 30 April 2017 NAV per Share of $15.95 (£12.31) increased $0.03 (-£0.38) from $15.92 (£12.69) NAV per Share at 31 March 2017

  • NBPE`s NAV increase of $1.3 million during the month included:

    • $2.0 million increase in NAV attributable to changes in the value of the investment portfolio

      • $2.5 million increase of unrealised gains attributable to the receipt of new valuation information, or $0.05 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

      • $0.3 million was attributable to positive foreign exchange adjustments at the portfolio company level, or $0.01 per share

      • $1.6 million of accrued cash and payment in kind ("PIK") interest from the income investment portfolio, or $0.03 per share

    • $0.7 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 30 April 2017 was based on the following information[2]:

  • 40% of the private equity fair value was valued as of 30 April 2017

    • 30% in private direct investments

    • 10% in public securities

  • 59% of the private equity fair value was valued as of 31 March 2017

    • 44% in private direct investments

    • 15% in fund investments

  • 1% of the private equity fair value was valued as of 31 December 2016

    • 1% in fund investments

Portfolio Commentary

During April, NBPE funded $31.9 million to new investments, including $31.1 million to four new direct equity co-investments. NBPE invested in Accedian, a network technology company; Compliance Solutions Strategies, a provider of compliance solutions to the financial services sector; Material Handling Systems, an infrastructure and automation outsourcing company; and Wind River Environmental, a provider of waste management services. NBPE also funded $0.7 million to one new credit opportunities investment and $0.1 million of follow-ons to fund investments. In terms of distributions, NBPE received $10.5 million during April, largely driven by the principal repayment of NBPE`s second lien investment in Flexera Software and cash interest received from income investments. NBPE also received $2.4 million of distributions from fund investments.

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