The listed fund of funds, which is known as NBPE and is managed by NB Alternatives, has reported a modest increase in the value of its private equity investments. Its fund investments rose in value by 0.4% between 31st December 2009 and 30th June 2010, while its direct co-investments grew in value by 5.2%. The vehicle’s unfunded commitments fell by 2.3% to USD 155.4 million and its net asset value (NAV) increased marginally from USD 483.2 million (USD 9.46 per share) in December to USD 485 million (USD 9.50 per share) in June.
NBPE’s manager expects to see opportunities in the small and mid-market buyout, special situations and distressed private equity sectors during the next few years. The USD 41.5 million committed by NBPE this year includes two USD 10 million fund commitments: one to distressed debt fund Oaktree Opportunities Fund VIII and the other to Bertram Growth Capital II, a North American buyout vehicle. It has also acquired stakes in two distressed debt funds managed by Strategic Value Partners in a transaction worth USD 2.4 million. The fund of funds has also participated in six new private equity co-investments this year, committing USD 5.1 million in the first half of the year and a further USD 11.9 million in July and August.
NB Alternatives, a member of the Neuberger Berman group, is an experienced private equity investor and manages a number of funds of funds and dedicated secondaries vehicles. It also launched a listed distressed fund earlier this year that will invest directly in distressed, stressed and special situations opportunities.
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