NB Private Equity Partners has released its Interim Management Statement for the period ending 30 September 2011 and announced a revised net asset value (NAV) estimate for 31 October 2011.
As of 30 September 2011, the unaudited NAV per share was USD10.54, which represents an increase of 1.5% compared to the audited NAV per share of USD10.38 at 31 December 2010.
During the first nine months of 2011, the firm’s private equity portfolio generated realised gains of USD29.5 million. The portfolio also had net unrealised losses of USD13.7 million from privately held investments, credit-related fund investments and public equity securities. Investment performance during the quarter was offset by USD10.8 million of net operating expenses. Share repurchases during the first nine months of 2011 were accretive to NAV per Share by approximately USD0.06.
The fair value of NBPE’s private equity portfolio as presented in the Interim Management Statement was based on the following information:
49% of the private equity fair value was held in private equity funds using valuation information through 30 September 2011
7% of the private equity fair value was held in private co-investments using valuation information through 30 September 2011
6% of the private equity fair value was held in publicly traded securities that were re-valued as of 30 September 2011
38% of the private equity fair value was held in private equity funds and co-investments using valuation information through 30 June 2011
Based on the updated valuation information in the Interim Management Statement, NBPE’s revised estimate of the unaudited NAV per share at 31 October 2011 is USD10.73, which represents a decrease of 0.2% compared to the unaudited NAV per share of USD10.75 that was previously published in the October monthly report. The revised estimate of the unaudited NAV per share at 31 October 2011 of USD10.73 represents an increase of 1.8% compared to the unaudited NAV per share of USD10.54 as of 30 September 2011.
