Apax Global Alpha Limited Apax Funds' Valuations as at 31 December 2016 (5029V)
January 31 2017 - 2:00AM
UK Regulatory
TIDMAPAX
RNS Number : 5029V
Apax Global Alpha Limited
31 January 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES
OR TO "US PERSONS" (AS DEFINED IN REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"))
OR INTO OR WITHIN AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN.
RECIPIENTS OF THIS ANNOUNCEMENT IN JURISDICTIONS OUTSIDE THE UK
SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY APPLICABLE LEGAL
REQUIREMENTS IN THEIR JURISDICTIONS. IN PARTICULAR, THE
DISTRIBUTION OF THE ANNOUNCEMENT MAY BE RESTRICTED BY LAW IN
CERTAIN JURISDICTIONS.
Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax Partners" or
"the Investment Adviser"
FOR IMMEDIATE RELEASE
31 January 2017
(LSE: APAX)
Apax Global Alpha Limited
Apax Funds' Valuations as at 31 December 2016
This notification is made in accordance with DTR 6.3 of the
Disclosure and Transparency Rules.
The Company has a portfolio of Private Equity and Derived
Investments. Under its Private Equity strategy, AGA is a limited
partner in Private Equity funds advised by Apax Partners (the "Apax
Funds").
AGA is pleased to announce it has received the Apax Funds'
valuations as at 31 December 2016. These valuations are set out
below at an individual fund level (net of relevant fees and carried
interest estimates). AGA holds exposures to the Apax Funds via
various individual holdings which also have different fee
structures.
Details on the composition and valuation of the AGA portfolio as
at 31 December 2016 (which may differ to those shown in the table
below due to the various holding structures) will be included in
AGA's 2016 Annual Report, which is expected to be released on 7
March 2017.
Valuations for the Apax Funds to which AGA has an exposure to,
have reported the following movements for the period from 30
September 2016 to 31 December 2016:
Valuation Capital Net Distributions Unrealised Valuation Like-for-like
as at Calls Gain / as at % change(2)
30 September (Loss) 31 December
2016(1) 2016(1)
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Apax
Europe
VI
EURm 907 - (159) 72 820 8%
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Apax
Europe
VII
EURm 4,719 - (990) 251 3,980 5%
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Apax
VIII
EURm 2,799 348 71(3) 239 3,457 8%
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Apax
VIII
$m 3,689 474 108(3) 62 4,333 1%
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
AMI
$m 73 - - 1 74 1%
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Apax
IX EUR
EURm (13) - - (9) (22) NM(4)
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Apax
IX USD
$m (42) - - (30) (72) NM(4)
-------- ------------------------------- ------------------------------ --------------------------------- -------------------------------- ------------------------------- --------------
Notes:
1. Where relevant, the Valuations are expressed net of any
estimated carried interest payable should the funds hypothetically
be liquidated as at 30 September or 31 December 2016.
2. The like-for-like change represents the change in valuation
from the prior to the current reporting date, adjusting for changes
due to calls and net distributions. Any calls made during the
period are added to the prior valuation and net distributions are
added back to the current valuation. Net distributions during the
period represent the difference between gross distributions paid
out by the fund to limited partners and any distributions
recalled.
3. In Q4 2016 recalled distributions exceeded distributions in
the quarter. The net number of distributions recalled and
distributions made to limited partners is shown in this table.
4. NM as Apax IX EUR and Apax IX USD have drawn down on the
capital call facility as a bridge to the first capital call for
fund costs and investments in the fund.
Contact details
Apax Global Alpha Limited
Telephone: +44 (0)1481 749 700
Email: investor.relations@apaxglobalalpha.com
Investor enquiries
Sarah Wojcik
Telephone: +44 (0)20 7872 6300
Email: sarah.wojcik@apax.com
Media enquiries
Alex Wessendorff
Telephone: +44 (0)20 7872 6461
Email: alex.wessendorff@apax.com
Company Secretary
Matt Horton/Jacques Colley, Aztec Group
Telephone: +44 (0)1481 749 700
Email: AGA-Admin@aztecgroup.co.uk
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment
scheme incorporated as a non-cellular company that listed on the
London Stock Exchange on 15 June 2015. It is regulated by the
Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital
appreciation from its investment portfolio and regular dividends.
The Company is targeting an annualised Total Return, across
economic cycles, of 12-15% (net of fees and expenses) including a
dividend yield of 5% of Net Asset Value (NAV).
The investment policy of the Company is to make private equity
investments in Apax Funds and Derived Investments which are
investments in equities and debt derived from the insights gained
via Apax Partners' Private Equity activities. The Company's
portfolio is expected to be allocated in approximately equal
proportions between Private Equity and Derived Investments,
although the investment mix will fluctuate over time due to market
conditions, investment opportunities, cash flow requirements, the
dividend policy and other factors.
Further information regarding the Company and its publications
are available on the Company's website at
www.apaxglobalalpha.com
About Apax Partners LLP
Apax Partners LLP is a leading global private equity advisory
firm. Over its more than 30-year history, Apax Partners has raised
and advised funds with aggregate commitments in excess of EUR40
billion*. Funds advised by Apax Partners invest in companies across
four global sectors of Tech and Telco, Services, Health Care and
Consumer. These funds provide long-term equity financing to build
and strengthen world-class companies. For further information about
Apax Partners, please visit www.apax.com.
Apax Partners LLP is authorised and regulated by the FCA in the
UK and is subject to the FCA's rules and guidance. Apax Partners'
registered office is 33 Jermyn Street, London, SW1Y 6DN, UK.
* Funds raised since 1981, commitments converted from fund
currency to EUR at FX rates as at 31 December 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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