NB Private Equity Partners Announces First Quarter 2009 Results and
Monthly Net Asset Value Update for May 2009
9 June 2009
NB Private Equity Partners Limited ("NBPE" or "the Company"), a
closed-end private equity fund of funds investment company, today
announced its financial results for the quarter ending 31 March 2009
and an updated Net Asset Value ("NAV") as of 31 May 2009.
As of 31 March 2009, NBPE's unaudited NAV per share decreased to
$7.79. This represents a decrease of 5.0% compared to the audited NAV
per share of $8.20 at 31 December 2008. The Company's portfolio value
decreased during the first quarter principally due to net unrealized
depreciation in the value of certain fund investments and
co-investments. The portfolio value also decreased due to negative
mark-to-market adjustments on publicly traded equity securities and
credit related fund investments as well as negative foreign exchange
adjustments.
As of 31 May 2009, the unaudited NAV per share was $8.10, which
represents an increase of 3.9% compared to the unaudited NAV per
share of $7.79 at 31 March 2009. During May, NBPE's portfolio value
increased principally due to positive mark-to-market adjustments on
credit related funds and public securities. The portfolio experienced
unrealized gains of $5.3 million on credit related fund investments
and $1.8 million on publicly traded equity securities, as well as
positive foreign exchange adjustments of $1.4 million.
In addition, the net effect of share repurchases through the
Company's Liquidity Enhancement Agreement contributed approximately
$0.01 to NBPE's NAV per share during May. A total of 36,000 shares
were repurchased during the month at an average price per share of
approximately $2.70.
The value of NBPE's private equity portfolio as presented in the May
2009 Monthly Report was based on the following information:
* 24% of NAV was held in credit related fund investments and
publicly traded securities that were re-valued as of 31 May 2009
* 58% of NAV was held in private equity funds valued using
information through 31 March 2009
* 17% of NAV was held in private co-investments valued using
information through 31 March 2009
* 1% of NAV was held in private equity funds valued using
information through 31 December 2008
The May 2009 Monthly Report and the Interim Financial Report for the
quarter ending 31 March 2009 are available on the Company's website
at www.nbprivateequitypartners.com. This announcement should be read
in conjunction with the May 2009 Monthly Report and the Interim
Financial Report.
NBPE also expects to provide regular NAV updates for the months
ending 30 June 2009 and 31 July 2009 within seven business days of
each month's end.
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Financial Dynamics +44 20 7269 7114
Rob Bailhache
Nick Henderson
About NB Private Equity Partners Limited
NBPE is a closed-end private equity fund of funds investment company
listed on Euronext Amsterdam. NBPE holds a diversified portfolio of
private equity fund investments and direct co-investments selected by
the NB Alternatives group of Neuberger Berman, diversified across
private equity asset class, geography, industry, vintage year and
sponsor.
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.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
