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Lehman Brothers Private Equity Partners Limited 7 August 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 June 2008 and an updated Net Asset Value ("NAV") as of 31 July 2008.
As of 30 June 2008, LBPE's unaudited NAV per share increased to $10.85. This represents an increase of 4.6% compared to the audited NAV per share of $10.37 at 31 December 2007 and an increase of 3.3% compared to the unaudited NAV per share of $10.50 at 31 March 2008. The Company's portfolio value increased during the second quarter principally due to net unrealized appreciation in the value of certain co-investments in the power and energy services sectors as well as net unrealized appreciation in the value of private equity fund investments. These increases in value were partially offset by negative foreign exchange adjustments and negative mark-to-market adjustments on publicly traded securities and credit related investments.
As of 31 July 2008, the unaudited NAV per share was $10.84. This represents an increase of 4.5% compared to the audited NAV per share of $10.37 at 31 December 2007. The change in NAV per share during July was primarily attributed to mark-to-market adjustments on publicly traded equity securities and credit-related investments as well as negative foreign exchange adjustments.
Notably, the unaudited NAV per share at 31 July and 30 June was higher than the $10.77 NAV per share that was previously reported in the June 2008 Monthly Report. This was principally due to the receipt of additional portfolio valuation information and a decrease in net deferred taxes caused by incorporating additional tax information.
Highlights through July 2008 include:
- Positive performance of +8.4% since IPO in July 2007 - Positive performance of +4.5% since year end 2007 - Private equity investment level rose to 89% of NAV
LBPE will host a conference call for investors and analysts to discuss the Company's performance. The call will be held at 15.30 CEST / 14.30 BST / 9.30am EDT on Thursday 7 August 2008. The call can be accessed by dialing +1-866-835-8906 (U.S.) or +1-703-639- 1413 (International) with the access code 1268067. Please ask for "the LBPE conference call."
A playback facility will be available two hours after the conference call. This facility can be accessed by dialing +1-888-266-2081 (U.S.) or +1-703-925-2533 (International). The code to access the recording is 1268067.
The July 2008 Monthly Report, the Interim Financial Report for the quarter ending 30 June 2008 and an investor presentation are available on the Company's Web site at www.lbpe.com. This announcement should be read in conjunction with the July 2008 Monthly Report and the Interim Financial Report.
LBPE also expects to provide regular NAV updates for the months ending 31 August 2008 and 30 September 2008 within seven business days of each month's end.
For further information, please contact:
Lehman Brothers +44 20 7102 3424 Jeremy Apfel
Financial Dynamics +44 20 7269 7114 Rob Bailhache Nick Henderson
