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Lehman Brothers Private Equity Partners Limited (AMS:LBPE) 10 November 2008
Lehman Brothers Private Equity Partners Limited ("LBPE" or "the Company"), a closedend private equity fund of funds investment company, today announced its financial results for the quarter ending 30 September 2008 and an updated Net Asset Value ("NAV") as of 31 October 2008.
As of 30 September 2008, LBPE's unaudited NAV per share decreased to $10.01. This represents a decrease of 3.5% compared to the audited NAV per share of $10.37 at 31 December 2007. The Company's portfolio value decreased during the third quarter principally due to net unrealized depreciation in the value of certain buyout fund investments and co-investments, as well as negative mark-to-market adjustments on publicly traded equity securities and credit related fund investments and negative foreign exchange adjustments. These decreases in value were offset by a net increase in the value of certain fund investments.
As of 31 October 2008, the unaudited NAV per share was $9.68. This represents a decrease of 3.3% compared to the unaudited NAV per share of $10.01 at 30 September 2008. The change in NAV per share during October was primarily attributed to negative unrealized mark-to-market adjustments on credit related fund investments and publicly traded equity securities as well as negative foreign exchange adjustments. These decreases in value were offset by net realized and unrealized gains related to certain fund investments.
The unaudited NAV per share at 31 October and 30 September was lower than the $10.55 NAV per share that was previously reported in the September 2008 Monthly Report. This was principally due to the receipt of additional portfolio valuation information as well as proactive adjustments based on updated valuation estimates.
The October 2008 Monthly Report, the Interim Financial Report for the quarter ending 30 September 2008 and an updated investor presentation are available on the Company's Web site at www.lbpe.com. This announcement should be read in conjunction with the October 2008 Monthly Report and the Interim Financial Report.
LBPE also expects to provide regular NAV updates for the months ending 30 November 2008 and 31 December 2008 within seven business days of each month's end.
For further information, please contact:
LBPE Investor Relations +1 214 647 9593
Financial Dynamics +44 20 7269 7114 Rob Bailhache Nick Henderson
About Lehman Brothers Private Equity Partners LBPE is a closed-end private equity fund of funds investment company listed on Euronext Amsterdam on 25 July 2007, raising a total of $542.1 million. LBPE holds a diversified portfolio of private equity fund investments and certain direct co-investments, diversified across private equity asset class, geography, industry, vintage year and sponsor, selected by the Investment Manager.
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.
The Company is established as a closed-end investment company domiciled in Guernsey. The Company has received the necessary consent of the Guernsey Financial Services Commission and the State of Guernsey Policy Counsel. LBPE 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. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. 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 the 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 the fund may differ materially from those reflected or contemplated in such targets or forward-looking statements.
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
