SOURCE: The TCW Group, Inc.

The TCW Group, Inc.

November 24, 2009 09:00 ET

TCW Energy Partners Reports Third Quarter Results and Declares Distribution

LOS ANGELES, CA--(Marketwire - November 24, 2009) - TCW Energy Partners, LLC (TEP), a company focused on investments in global energy and infrastructure, announced its operating results and quarterly earnings for the period from July 1, 2009 to September 30, 2009 and for the period from January 1, 2009 to September 30, 2009.

At September 30, 2009, TEP had total net asset value of $222.0 million, or $18.85 per common unit, an increase of $0.53 per unit from its post distribution net asset value at June 30, 2009, and a $1.12 increase in its net asset value on December 19, 2007 (inception) if adjusted for the $1.90 per common unit of distributions paid since inception.

TEP generated net investment income of $10.0 million, or 84.6 cents per common unit for the third quarter and $18.3 million, or $1.56 per common unit for the year-to-date period ending September 30, 2009. TEP also generated realized losses on its investments of $0.1 million or 0.9 cents per common unit for the third quarter and realized gains of $3.9 million or 33.0 cents per common unit for the year-to-date period. Unrealized losses totaled $3.6 million or 30.5 cents per common unit for the third quarter and $9.6 million or 81.7 cents per common unit for the year-to-date period ending September 30, 2009. TEP reported a net profit of $6.3 million or 53.2 cents per common unit for the third quarter and a net profit of $12.6 million or $1.07 per common unit for the period from January 1, 2009 to September 30, 2009.

Based on the strong level of realized earnings, the Board of Directors of TEP has declared a distribution of $0.35 per common unit for the third quarter of 2009, a $0.05 per common unit increase from the previous quarterly distributions in 2009. The distribution is payable on December 3, 2009, to unitholders of record on the close of business on November 24, 2009.

TEP's most recently issued financial statements are available to qualified investors at www.rule144a.com.

R. Blair Thomas, Chairman and Chief Executive of TEP, said: "We are pleased to report that TEP remains profitable and has generated an increase in net asset value for the second quarter in a row. TEP's liquidity position remains strong due to the level of cash flow generated from our portfolio investments and the cushion provided by our working capital facility. As a result, we have decided to distribute a greater portion of our earnings and the Board has approved a distribution of $0.35 per common unit for the quarter. This brings our distributions for the year to $0.95 per common unit and continues our uninterrupted history of quarterly distributions."

About TEP

TEP seeks to provide investors current income, as well as long-term capital appreciation, by participating in multiple funds and direct investments managed by The TCW Group's market-leading franchise in energy and infrastructure. TEP is listed on GSTrUE, an electronic platform for private placements managed by Goldman Sachs.

About TCW

Founded in 1971, The TCW Group develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $108 billion in assets under management. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Société Générale Asset Management, which has approximately $400 billion under management.

TCW's Energy & Infrastructure Group is one of the leading providers of institutional capital to the energy sector globally with assets under management exceeding $6 billion and capital invested in more than 250 energy and infrastructure projects and companies in 32 countries. The Group has a 27-year track record in the industry and has investment professionals in Los Angeles, Houston, New York, London and Sydney. TEP is a permanent capital vehicle formed in 2007 to expand the universe of investors that have access to private alternative investments managed by TCW's Energy & Infrastructure Group.

DISCLAIMER

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.

Contact Information

  • Contact:
    Erin K. Freeman
    Managing Director, Corporate Communications
    The TCW Group, Inc.
    (213) 244-0464
    Email Contact