Apax Global Alpha Limited Apax Funds' Valuations as at 30 June 2017 (5659M)
August 01 2017 - 2:02AM
UK Regulatory
TIDMAPAX
RNS Number : 5659M
Apax Global Alpha Limited
01 August 2017
PLEASE BE ADVISED THAT THIS ANNOUNCEMENT MAY CONTAIN INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU)
NO. 596/2014 ("MAR")
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.
(LSE: APAX)
Apax Global Alpha Limited
Apax Funds' Valuations as at 30 June 2017
Apax Global Alpha Limited ("AGA" or 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 LLP (the "Apax Funds").
AGA is pleased to announce it has received the Apax Funds'
valuations as at 30 June 2017. 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 30 June 2017 (which may differ to those shown in the table below
due to the various holding structures) will be included in AGA's
2017 Interim Report, which is expected to be released on 17 August
2017.
Valuations for the Apax Funds to which AGA has an exposure to,
have reported the following movements for the period from 31 March
2017 to 30 June 2017:
Valuation Capital (Distributions) Unrealised Valuation Like-for-like
as at Calls Gain as at % change(3)
31 March / (Loss) 30 June
2017(2) 2017(2)
------------- ---------- -------- ---------------- ----------- ---------- --------------
Apax Europe
VI EURm 777 - - 23 800 3%
------------- ---------- -------- ---------------- ----------- ---------- --------------
Apax Europe
VII EURm 3,648 - - (241) 3,407 -7%
------------- ---------- -------- ---------------- ----------- ---------- --------------
Apax VIII
EURm 3,386 - (285) (69) 3,032 -2%
------------- ---------- -------- ---------------- ----------- ---------- --------------
Apax VIII
$m 4,319 - (319) 155 4,155 4%
------------- ---------- -------- ---------------- ----------- ---------- --------------
AMI $m 72 59 - 18 149 14%
------------- ---------- -------- ---------------- ----------- ---------- --------------
Apax IX EUR
EURm (35) 77 - (5) 37 NM(4)
------------- ---------- -------- ---------------- ----------- ---------- --------------
Apax IX USD
$m (124) 243 - 47 166 NM(4)
------------- ---------- -------- ---------------- ----------- ---------- --------------
Contact details
Investor and media enquiries Company Secretary
Sarah Wojcik Jacques Colley
Telephone: +44 (0)20 7666 6573 Telephone: +44 (0) 1481 749 700
Email: sarah.wojcik@apax.com Email: AGA-admin@aztecgroup.co.uk
Notes
1. 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"
2. Where relevant, the Valuations are expressed net of any
estimated carried interest payable should the funds hypothetically
be liquidated as at 31 March or 30 June 2017.
3. 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 distributions. Any calls made during the period
are added to the prior valuation and distributions are added back
to the current valuation.
4. NM as Apax IX EUR and Apax IX USD have drawn down the first
capital call, settling the capital call facility balance which was
driving the negative fund valuation reported in March 17.
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 is a leading global private equity advisory firm.
It operates globally and has more than 30 years of investing
experience. Apax Partners has advised funds that total over EUR40
billion in aggregate as at 30 June 2017*. Funds advised by Apax
Partners invest in companies across four global sectors of Tech
& Telco, Services, Healthcare 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 is authorised and regulated by the Financial
Conduct Authority in the UK.
* Funds raised since 1981, commitments converted from fund
currency to EUR at FX rates as at June 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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