NB Private Equity Partners’ unaudited NAV per share decreased by five per cent in quarter one 2009 from USD8.20 to USD7.79.
NB Private Equity Partners’ unaudited NAV per share decreased by five per cent in quarter one 2009 from USD8.20 to USD7.79.
The company says its 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.
However, as of 31 May 2009, the unaudited NAV per share was USD8.10, which represents an increase of 3.9 per cent compared to the unaudited NAV per share of USD7.79 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 USD5.3m on credit related fund investments and USD1.8m on publicly traded equity securities, as well as positive foreign exchange adjustments of USD1.4m.
In addition, the net effect of share repurchases through the company’s Liquidity Enhancement Agreement contributed approximately USD0.01 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 USD2.70.
