WASHINGTON, March 15, 2011 /PRNewswire/ -- TCW Energy Partners, LLC (TEP), a company focused on investments in global energy and infrastructure, announced its operating results and earnings for the period from January 1, 2010, to December 31, 2010.
At December 31, 2010, TEP had total net asset value of $222.1 million, or $18.84 per common unit, an increase of $1.42 per common unit from its post distribution net asset value at December 31, 2009, and a $3.21 increase from its net asset value on December 19, 2007 (inception), if adjusted for the $4.00 per common unit of distributions paid since inception.
TEP generated net investment income of $18.2 million, or $1.54 per common unit for the year and incurred realized losses of $0.5 million or $0.05 per common unit, resulting in net realized earnings of $17.7 million or $1.49 per common unit. During this period, TEP also incurred unrealized losses of $0.9 million or $0.07 per common unit, resulting in a net profit for the year of $16.8 million, or $1.42 per common unit.
The Board of Directors of TEP has declared a distribution of $0.45 per common unit or 2.25% of our equity capital for the fourth quarter of 2010, bringing our total distributions for 2010 to $1.80 per common unit or 9.00% of equity capital. The distribution is payable on March 25, 2011, to unitholders of record on the close of business on March 16, 2011.
TEP's most recently issued financial statements are available to qualified investors at www.rule144a.com.
R. Blair Thomas, Chairman and Chief Executive Officer of TEP said, "We are pleased to report that TEP has delivered yet another quarter of strong operating results. The fourth quarter of 2010 represents TEP's seventh consecutive quarter of growth in net assets on a dividend adjusted basis. During the quarter, TEP has also increased its investment commitment to Energy Fund XV by $50 million, bringing its total commitment to $100 million. Additionally, TEP has approved a quarterly distribution of $0.45 per common unit for the quarter ending December 31, 2010, continuing our uninterrupted history of quarterly distributions."
TEP seeks to provide investors current income, as well as long-term capital appreciation, by participating in multiple funds and direct investments managed by EIG Global Energy Partners (EIG). EIG has a market-leading franchise in energy and infrastructure investments globally. TEP is listed on GSTrUE, an electronic platform for private placements managed by Goldman Sachs.
EIG Global Energy Partners, formerly the Energy & Infrastructure Group at Trust Company of the West (TCW), is a leading independent investor to the global energy sector. With 44 investment professionals solely dedicated to the sector, many with industry or technical backgrounds, EIG specializes in private investments in energy and energy-related infrastructure. During its 29-year history, EIG has invested $11 billion in the sector through more than 260 projects or companies in 33 countries on 6 continents. EIG currently has approximately $9 billion of assets under management and approximately $4 billion available for new investments. EIG's clients include many leading institutional investors in the US, Asia and Europe. EIG is headquartered in Washington D.C., with offices in Houston, New York, London and Sydney.
Additional information is available on the company's website: www.eigpartners.com.
TEP is a permanent capital vehicle formed in 2007 to expand the universe of investors that have access to private alternative investments now advised by EIG.
This release may contain forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from those contemplated by these forward-looking statements due to a number of factors, including general economic conditions, market conditions and risks associated with companies and industries of the type that TEP invests in. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
SOURCE EIG Global Energy Partners, LLC