16th Dec 2020 07:00
NB Private Equity: Announces Significant RealisationTHE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS
NB Private Equity Partners Announces Significant Realisation
16 December 2020
NB Private Equity Partners (“NBPE” or the “Company”) today announces the realisation of its largest investment, ProAmpac. As of 30 November 2020, NBPE’s combined debt and equity position was held at approximately $49 million of value. NBPE invested in ProAmpac alongside Pritzker Private Capital in November 2016. The company has performed extremely well over the life of the investment and we’re pleased with this very successful outcome for NBPE and the continued prospects for the company. A portion of NBPE’s equity investment was re-invested and post this re-investment, NBPE is expected to receive approximately $44 million of total cash proceeds. Separately, NBPE expects to receive $5.4 million in connection with the liquidation of its investment in NB Crossroads Fund XVIII before year end. Following these realisations, NBPE expects to pay down $50.0 million on its credit facility.
On a pro forma basis, following these realisations and credit facility payback:
Investment level will be 120%Total credit facility borrowings drawn will be $35.0 million (with ~$4.0 million of cash on the balance sheet)Fund investments are 1.6% of private equity fair valueA pro forma balance sheet is presented below:
| $ in millions | 30 November 2020 | |
| NBPE Balance Sheet Summary | Actual | Pro Forma |
| Investment Value | $1,195.8 | $1,145.4 |
| Cash | 3.7 | 4.0 |
| Credit Facility | (85.0) | (35.0) |
| ZDPs | (152.8) | (152.8) |
| Other | (6.5) | (6.5) |
| NAV | $955.1 | $955.1 |
| Investment Level | 125% | 120% |
For further information, please contact:
NBPE Investor Relations +1 214 647 9593
Kaso Legg Communications +44 (0)20 3603 2803Charles Gorman [email protected]
About NB Private Equity Partners LimitedNBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger BermanNeuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 24 countries, Neuberger Berman’s diverse team has over 2,300 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $374 billion in client assets as of September 30, 2020. For more information, please visit our website at www.nb.com.
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. 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.
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