NB Private Equity reports that, at 31 December 2015, its NAV per Share was $14.35, up from $14.24 NAV per Share at 31 December 2014. this translated into a 4.9% NAV total return during 2015. They say this was driven by unrealised gains on private equity and public holdings as well as cash and payment-in-kind (“PIK”) interest on its income investment portfolio.
They received $308.0 million of distributions during 2015, which was NBPE’s strongest year of distributions in its history. An additional $22.5 million of distributions were received during the month of February 2016, bringing 2016 YTD distributions to $48.4 million. 14 new equity investments were made, 1 follow-on equity investment and 17 new income investments – totalling $225.8 million. Three new equity investments were funded in February 2015 (four new equity investments year to date and two new direct yielding investments year to date).
There isn’t much more information in the statement but , from the annual report we learn that the 14 new investments were:
Alex&Ani – affordable jewellery; centro – digital advertising management; Connector Company – embedded solid-state connectors and solutions that transfer large amounts of data; Consilio – an “eDiscovery” services provider for corporates and law firms; CSC Service Works – outsourced laundry and air vending services; Digital River – payment and marketing solutions; ellucian – vendor of higher education software; innovation group – insurance claims processing; Looking Glass – cybersecurity; PetSmart – pet services retailer; Prosper – peer-to-peer lending; riverbed – wide area network optimisation; a speciality drug pharmaceutical company; and Standard Aero – aircraft servicing and maintenance.
They also list their 17 income investments which, interestingly, includes a portfolio of loans originated by Funding Circle’s US platform.
The largest fund distributions during 2015 were received from mid-cap buyout and special situations funds. During 2015, the largest fund distributions were received from NB Crossroads Fund XVII, NB Crossroads Fund XVIII, Sankaty III, and Platinum II.
NBPE : NB Private Equity reports record distributions in 2015