NB Private Equity Partners Monthly Net Asset Value Update for December 2009

13 January 2010
 
NB  Private  Equity  Partners  Limited  ("NBPE"  or "the Company"), a closed-end
private  equity fund of funds investment company, today announced an updated Net
Asset Value ("NAV").
As  of 31 December 2009, NBPE's unaudited NAV  per share was $9.04, representing
an  increase of  0.6% compared to  the unaudited  NAV per  share of $8.99 at 30
November 2009.
In December, the Company received £29.5 million ($49.0 million) in proceeds from
the  previously  announced  issuance  of  zero  dividend preference shares ("ZDP
Shares").
The  Company also entered into a long-term  currency forward contract to hedge a
significant  portion of  the liability  associated with  the new ZDP shares into
USD.  Under the terms of the contract, NBPE  agreed to purchase £40 million at a
defined  rate in May 2017, protecting much of the final capital entitlement from
fluctuations  in  the  Sterling  exchange  rate.  At  present, NBPE's Investment
Manager  estimates  that  the  remaining  currency  risk  of  the  final capital
entitlement  is indirectly hedged by  portfolio investments that are denominated
in Sterling.
The  value of NBPE's private equity portfolio as presented in the December 2009
monthly report was based on the following information:
 
  * 21% of  the  private  equity  fair  value  was  held  in credit-related fund
    investments that were re-valued as of 31 December 2009
  * 9% of  the private equity fair value  was held in publicly traded securities
    that were re-valued as of 31 December 2009
  * 54% of  the private equity fair value was held in private equity funds using
    valuation information through 30 September 2009
  * 15% of  the private  equity fair  value was  held in  private co-investments
    using valuation information through 30 September 2009
  * Less  than 1% of the  private equity fair  value was held  in private equity
    funds using valuation information through 30 June 2009
 
During  December,  NBPE's  portfolio  value  increased  due  to  $2.8 million of
unrealized  gains  on  credit-related  fund  investments  and  $2.1  million  of
unrealized  gains related to public equity securities. These gains in value were
offset by $1.1 million of unrealized losses related to negative foreign exchange
adjustments.
NBPE expects to issue its annual report and audited financial statements for the
year  ended 31 December 2009 in mid-March. The  Company is required to consider,
and  will consider, all  known material information  in preparing such financial
statements,  including  information  that  may  become  known  subsequent to the
issuance  of  this  monthly  NAV  update.  Accordingly,  amounts included in the
financial  statements  may  differ  from  the  amounts  published in the monthly
report.
NBPE  also  expects  to  continue  to  provide  regular NAV updates within seven
business days of each month's end.
A  breakdown of NBPE's NAV can be  obtained in the December 2009 monthly report,
which  is published on the  Company's website at www.nbprivateequitypartners.com
<http://www.nbprivateequitypartners.com/>.  The monthly report should be read in
conjunction with this announcement.
 
For further information, please contact:
 
  NBPE Investor Relations   +1 214 647 9593
 
Financial Dynamics        +44 20 7269 7114
 
  Rob Bailhache
 
  Nick Henderson
 
About NB Private Equity Partners Limited
 
NBPE is a closed-end private equity fund of funds investment company admitted to
trading on Euronext Amsterdam and the Specialist Fund Market of the London Stock
Exchange.  NBPE holds a diversified portfolio of private equity fund investments
and  direct co-investments  selected by  the NB  Alternatives group of Neuberger
Berman,  diversified  across  private  equity  asset class, geography, industry,
vintage year and sponsor.
 
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  and the States  of Guernsey Policy  Council. NBPE is registered with
the  Dutch Authority for the Financial Markets as a collective investment scheme
which  may offer participations  in The Netherlands  pursuant to article 2:66 of
the  Financial  Markets  Supervision  Act  (Wet  op het financial toezicht). All
investments  are subject  to risk.  Past performance  is no  guarantee of future
returns.  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.
 
[HUG#1372939]
 
NBPE Monthly NAV Update for December 2009: http://hugin.info/137843/R/1372939/336336.pdf
    NBPE Monthly Report - December 2009: http://hugin.info/137843/R/1372939/336337.pdf