SOURCE: The TCW Group, Inc.

The TCW Group, Inc.

November 23, 2010 08:30 ET

TCW Energy Partners Reports Third Quarter Results and Declares Distribution

WASHINGTON, DC--(Marketwire - November 23, 2010) - TCW Energy Partners, LLC (TEP), a company focused on the global energy and infrastructure business, announced its operating results and quarterly earnings for the period from July 1, 2010 to September 30, 2010 and for the period from January 1, 2010 to September 30, 2010.

At September 30, 2010, TEP had total net assets of $223.0 million, or $18.92 per common unit, an increase of $1.05 per common unit from its post distribution net asset value at December 31, 2009, and a $2.84 increase from its net asset value at December 19, 2007 (inception), if adjusted for the $3.55 per common unit of distributions paid since inception.

TEP generated net investment income of $5.4 million, or 46.2 cents per common unit for the third quarter and $12.9 million, or 109.4 cents per common unit for the year-to-date period ending September 30, 2010. TEP also incurred realized losses of $0.5 million (after tax), or 4.2 cents per common unit for the third quarter and $0.6 million, or 5.1 cents per common unit for the year-to-date period. TEP incurred unrealized losses (after tax) of $1.8 million, or 15.3 cents per common unit for the third quarter while it generated unrealized gains (after tax) of $0.1 million, or 0.7 cents per common unit for the year-to-date period. TEP reported a net profit of $3.1 million, or 26.7 cents per common-unit for the third quarter and a net profit of $12.4 million, or 105.0 cents per common unit for the period from January 1, 2010 to September 30, 2010.

The Board of Directors of TEP has declared a distribution of $0.45 per common unit or 2.25% of equity capital for the third quarter of 2010. The distribution is payable on December 2, 2010, to unitholders of record on the close of business on November 23, 2010.

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 another quarter of solid operating results. The third quarter represents TEP's sixth consecutive quarter of growth in net asset value on a dividend adjusted basis. TEP's liquidity position remains strong due to the level of cash-flow generated from our portfolio investments and the cushion provided by our expanded working capital facility. Additionally, TEP has approved a quarterly distribution of $0.45 per common unit for the quarter ending September 30, 2010. This brings our distributions since inception to $4.00 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, Inc.'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. (TCW) develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has about $110 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 (EIG) has a 28-year track record investing in the energy sector with almost $11 billion of capital invested and more than 250 portfolio investments in 33 countries. The Group has 42 investment professionals operating from offices in Houston, New York, 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 EIG.

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:

    Peter Viles
    Senior Vice President, Corporate Communications
    The TCW Group, Inc.
    (213) 244-0509
    Email Contact