NB Private Equity Partners’ estimated net asset value per share was USD8.33 at 30 April 2009, representing an increase of 1.6 per cent from the NAV per share of USD8.20 at 31 December 2
NB Private Equity Partners’ estimated net asset value per share was USD8.33 at 30 April 2009, representing an increase of 1.6 per cent from the NAV per share of USD8.20 at 31 December 2008.
During the first four months of 2009, NBPE’s portfolio value increased primarily as a result of mark-to-market adjustments on credit related funds and public securities.
The portfolio experienced unrealised gains of approximately USD2.6m related to credit related fund investments and approximately USD3.0m related to publicly traded equity securities. These gains in value were offset by realised and unrealised losses of approximately USD2.7m related to private fund investments and also by a small amount of negative foreign exchange adjustments. Interest and dividend income was approximately USD0.9m during the interim period; operating expenses and minority interest amounted to approximately USD5.2m, including credit facility expenses.
From 1 January 2009 through 30 April 2009, NBPE repurchased 1,402,271 shares through the company’s liquidity enhancement agreement for approximately USD3.4m. The net effect of share repurchases contributed approximately USD0.16 to the company’s NAV per share during the interim period.
NBPE did not commit to any new private equity funds or invest in any direct co-investments in the first four months of 2009. The company invested an aggregate USD15.2m in private equity investments and received an aggregate USD3.0m of distributions during the interim period. As a result, NBPE’s private equity investment level increased to 109 per cent of total NAV at 30 April 2009.
During the first four months of the year, 48 per cent of the capital deployed was invested in buyout funds, 30 per cent was invested in distressed funds and 22 per cent was invested in growth equity/venture funds. Over 40 per cent of the distributions received during the interim period were related to the company’s co-investment in TPF Genco Holdings.
As of 30 April 2009, NBPE had total capital resources of USD216.5m, comprised of USD103.1m of cash and cash equivalents and USD113.3m of undrawn capacity on the USD250.0m credit facility. During February 2009, NBPE paid down USD15.0m of principal on the credit facility.
NBPE had unfunded private equity commitments of USD168.1m as of 30 April 2009. Hence, the company’s total capital resources exceeded the amount of unfunded private equity commitments by USD48.4m.
On 27 March 2009, the company changed its name from Lehman Brothers Private Equity Partners to NB Private Equity Partners.
On 4 May 2009, the parent of NBPE’s investment manager, Neuberger Berman Group, announced the completion of an employee-led buyout of the 70-year-old company, creating one of the world’s largest private, independent money managers with approximately USD158bn in assets under management for institutions and individuals.
Concurrent with the buyout of Neuberger Berman, NBPE’s investment manager changed from Lehman Brothers Private Fund Advisers to NB Alternatives Advisers.
