SOURCE: The TCW Group, Inc.

The TCW Group, Inc.

March 18, 2010 11:00 ET

TCW Energy Partners Reports Annual Results and Declares Distribution

LOS ANGELES, CA--(Marketwire - March 18, 2010) -  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, 2009 to December 31, 2009.

At December 31, 2009, TEP had total net asset value of $225.8 million, or $19.17 per common unit, an increase of $1.74 per common unit from its post distribution net asset value at December 31, 2008, and a $1.79 increase from its net asset value on December 19, 2007 (inception) if adjusted for the $2.25 per common unit of distributions paid since inception.

TEP generated net investment income of $22.5 million, or $1.91 per common unit for the year and incurred realized losses of $16.0 million or $1.36 per common unit. During this period, TEP also generated unrealized gains of $13.9 million or $1.19 per common unit, resulting in a net profit for the year of $20.4 million, or $1.74 per common unit. Adjusted for the effect of a realization of losses previously recognized of $19.8 million or $1.68 per common unit, TEP generated realized gains of $3.8 million or $0.32 per common unit and incurred unrealized losses of $5.9 million or $0.49 per common unit over the same period.

The Board of Directors of TEP has declared a distribution of $0.40 per common unit for the fourth quarter of 2009, an increase of $0.05 cents per common unit from the third quarter distribution, bringing our total distribution for 2009 to $1.35 per common unit or 6.75% of equity capital. The distribution is payable on March 26, 2010, to unitholders of record on the close of business on March 19, 2010.

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 in a period of significant market turmoil, TEP has continued to deliver solid results. The global financial crisis has contributed to a re-pricing of risk and a contraction in suppliers of capital to the sector that has been very positive for the Company. As a result, the Board has approved a distribution of $0.40 per common unit for the quarter ending December 31. This brings our distributions for 2009 to $1.35 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, Inc. develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $115 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. For more information, please refer to www.tcw.com.

TCW's Energy & Infrastructure Group has a 28-year track record investing in the energy sector with approximately $10 billion of capital invested and more than 250 portfolio investments in 32 countries. The Group has 36 investment professionals operating from offices in Houston, New York, Los Angeles, Washington D.C., London and Sydney and invests across the capital structure of energy and energy-related infrastructure projects and companies on a global basis. 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