NB Private Equity has announced interim results for the first half of 2015. It is reporting a 2.6% increase in Net Asset Value to $713.0 million (31 December 2014: $694.8 million). This was driven by unrealised gains on public and private equity holdings as well as cash and payment-in-kind (“PIK”) interest on its income investment portfolio.
Of the $45.1m uplift in NAV, $42.9m related to realised gains, or $0.88 per Share, net of tax expense, there was $14.6m of unrealised losses, or ($0.30) per Share, net of tax expense, $16.2m came from yield income and dividends, or $0.33 per Share, they spent $15.0m on operating expenses and other expenses, or ($0.31) per Share and they spent $11.2m or $0.23 per Share on dividends.
The interim dividend for this period is being upped to $0.25.
Realisations mentioned in the report include web security business Blue Coat (which was in both their equity and income portfolios), travel technology business, Sabre and speciality chemicals business, Archcroma
NBPE : NB Private Equity NAV uplift driven by sales