(LSE:
APAX)
Apax Global Alpha
Limited
Estimated Adjusted NAV as at 30 June
2024
Apax Global Alpha Limited (LON:
APAX), the closed-ended investment company providing access to the
Apax Private Equity Funds, today announced its estimated Adjusted
NAV as at 30 June 2024, having received the
Apax Funds' valuations for Q2 2024. The performance of the
individual funds is shown below (net of relevant fees and carried
interest estimates)1.
Apax Global Alpha Limited ("AGA" or
the "Company") aims to offer investors superior long-term returns
by providing access to a diversified portfolio of high-quality
companies owned by the Apax Private Equity Funds. Capital not
invested in Private Equity is deployed into a portfolio of
predominantly debt instruments to generate additional returns and
income.
NAV
Developments to 30 June 2024:
At 30 June 2024, estimated NAV and
Adjusted NAV2 were the same at c.€1,237m (FY23 Adjusted
NAV: c.€1,288m). This translates to an estimated NAV per share and
Adjusted NAV2 per share of €2.52 cents per share / £2.13
pence per share.
For the six months to 30 June 2024,
estimated Total NAV Return was (1.4%) ((3.3%) constant currency),
with estimated Q2 Total NAV Return of (1.0%) ((1.5%) constant
currency).
As previously disclosed, performance
in the first six months of 2024 was negatively impacted by
writedowns on the value of Vyaire, an Apax VIII portfolio company,
across both the Private Equity and Debt portfolios as a result of
adverse trading developments at the company. Excluding the impact
of Vyaire, AGA's estimated Total NAV Return would have been 1.5%
((0.3%) constant currency) for the six months to 30 June
2024.
Portfolio update:
At 30 June 2024, c.80% of the
invested portfolio was in Private Equity with the vast majority of
the remaining portfolio held in Debt investments.
In the first six months of the year,
on a look-through basis, AGA deployed €48m across three new Private
Equity investments and significant portfolio company bolt-on
acquisitions.
In Q2 and post period end, there were
also five realisations in the Private Equity portfolio. These
include the final sell-down of shares in Genius Sports and Baltics
Classified Group in July as well as the full exit of Healthium,
AffiniPay, and idealista which are expected to close in the coming
months.
New
capital allocation framework:
In June the AGA Board announced a new
capital allocation framework. The new framework comprises regular
dividends to shareholders and the creation of a "Distribution Pool"
which earmarks funds for share buybacks. €30m was allocated to the
"Distribution Pool" immediately to take advantage of the investment
opportunity presented by the current wide discount and share
buybacks have commenced.
Apax
Funds valuation movements:
The Apax Funds to which AGA has
exposure have reported their valuation movements for the period
from 31 March 2024 to 30 June 2024 and these are set out in the
table below, alongside AGA's look-through Private Equity NAV as at
30 June 2024. Further details on the composition of AGA's portfolio
as at 30 June 2024 will be included in AGA's 2024 Interim Results
which will be released on 5 September 2024.
|
|
Valuation at
31.03.243
|
Capital
Calls
|
(Distributions)
|
Unrealised Gain /
(Loss)
|
Valuation
at
30.06.243
|
Like-for-like %
change4
|
AGA Private Equity NAV at
30.06.245
€m
|
|
Apax XI EUR €m
|
40
|
13
|
-
|
-
|
53
|
-
|
5.6
|
|
Apax XI USD $m
|
192
|
63
|
-
|
(16)
|
239
|
(6%)
|
11.9
|
|
Apax X EUR €m
|
2,576
|
19
|
-
|
(6)
|
2,589
|
(0%)
|
232.7
|
|
Apax X USD $m
|
9,630
|
56
|
-
|
(89)
|
9,597
|
(1%)
|
231.7
|
|
Apax IX EUR €m
|
1,835
|
-
|
-
|
(16)
|
1,819
|
(1%)
|
126.0
|
|
Apax IX USD $m
|
5,535
|
-
|
-
|
(90)
|
5,445
|
(2%)
|
126.7
|
|
Apax VIII EUR €m
|
346
|
-
|
-
|
(34)
|
312
|
(10%)
|
17.3
|
|
Apax VIII USD $m
|
411
|
-
|
-
|
(48)
|
363
|
(12%)
|
19.0
|
|
Apax Europe VII €m
|
161
|
-
|
-
|
(13)
|
148
|
(8%)
|
21.1
|
|
Apax Europe VI €m
|
286
|
-
|
-
|
(6)
|
280
|
(2%)
|
2.2
|
|
Apax Digital $m
|
1,361
|
65
|
(22)
|
19
|
1,423
|
1%
|
59.6
|
|
Apax Digital II $m
|
454
|
21
|
-
|
22
|
497
|
5%
|
21.3
|
|
Apax Global Impact $m
|
100
|
-
|
-
|
(16)
|
84
|
(16%)
|
6.2
|
|
AMI $m
|
296
|
5
|
(5)
|
14
|
310
|
5%
|
17.2
|
|
AMI II $m
|
26
|
6
|
-
|
9
|
41
|
28%
|
2.6
|
|
Total Private Equity
|
|
|
|
|
|
|
€901.1m
|
Contact
details
|
Investor Relations - AGA
Katarina Sallerfors
T: +44 7436 908 492
E:
Katarina.sallerfors@apax.com
|
Footnotes
|
1
|
AGA holds exposures to the Apax Funds
via various individual holdings which also have different fee
structures. Additionally, AGA has commitments in different currency
sleeves of the Apax Funds. These allocations may differ by fund and
may also be different to the currency allocations of the Apax Funds
themselves.
|
|
2
|
Adjusted NAV represents estimated NAV
less estimated performance fee reserve as at 30 June
2024.
|
|
3
|
Where relevant, the valuations are
expressed net of any estimated carried interest payable should the
funds hypothetically be liquidated as at 31 March
2024 and 30 June 2024 respectively.
|
|
4
|
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.
|
|
5
|
Represents
AGA's look-through NAV to each Fund sleeve in euro at 30 June
2024.
|
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" or "the Investment Adviser"
|
|
2
|
Please be advised that this
announcement may contain inside information as stipulated under the
Market Abuse Regulations (EU) NO. 596/2014 ("MAR")
|
|
3
|
This announcement is 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.
|
|
4
|
The information presented herein is
not an offer for sale within the United States of any equity shares
or other securities of Apax Global Alpha Limited ("AGA"). AGA has
not been and will not be registered under the US Investment Company
Act of 1940, as amended (the "Investment Company Act"). In
addition, AGA's shares (the "Shares") have not been and will not be
registered under the Securities Act or any other applicable law of
the United States. Consequently, the Shares may not be offered or
sold or otherwise transferred within the United States, or to, or
for the account or benefit of, US Persons, except pursuant to an
exemption from the registration requirements of the Securities Act
and under circumstances which will not require AGA to register
under the Investment Company Act. No public offering of the Shares
is being made in the United States
|
|
5
|
This announcement may include
forward-looking statements. The words "expect", "anticipate",
"intends", "plan", "estimate", "aim", "forecast", "project" and
similar expressions (or their negative) identify certain of these
forward-looking statements. These forward-looking statements are
statements regarding AGA's intentions, beliefs or current
expectations concerning, among other things, AGA's results of
operations, financial condition, liquidity, prospects, growth and
strategies. The forward-looking statements in this announcement are
based on numerous assumptions regarding AGA's present and future
business strategies and the environment in which AGA will operate
in the future. Forward-looking statements involve inherent known
and unknown risks, uncertainties and contingencies because they
relate to events and depend on circumstances that may or may not
occur in the future and may cause the actual results, performance
or achievements of AGA to be materially different from those
expressed or implied by such forward looking statements. Many of
these risks and uncertainties relate to factors that are beyond
AGA's ability to control or estimate precisely, such as future
market conditions, currency fluctuations, the behaviour of other
market participants, the actions of regulators and other factors
such as AGA's ability to continue to obtain financing to meet its
liquidity needs, changes in the political, social and regulatory
framework in which AGA operates or in economic or technological
trends or conditions. Past performance should not be taken as an
indication or guarantee of future results, and no representation or
warranty, express or implied, is made regarding future performance.
AGA expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements to
reflect any change in AGA's expectations with regard thereto or any
change in events, conditions or circumstances on which any
statement is based after the date of this announcement, or to
update or to keep current any other information contained in this
announcement. Accordingly, undue reliance should not be placed on
the forward-looking statements, which speak only as of the date of
this announcement
|
About Apax Global Alpha
Limited
AGA is a Guernsey registered
closed-ended investment Company listed on the London Stock
Exchange. 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).
The Company makes Private Equity
investments in Apax Funds, and has a portfolio of primarily Debt
Investments, derived from the insights gained via Apax's Private
Equity activities.
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 ("Apax") is a leading global private equity advisory
firm. For over 50 years, Apax has worked to inspire growth and
ideas that transform businesses. The firm has raised and advised
funds with aggregate commitments of more than $77 billion. The Apax
Funds invest in companies across four global sectors of Tech,
Services, Healthcare and Internet/Consumer. These funds provide
long-term equity financing to build and strengthen world-class
companies. For further information about Apax, please visit
www.apax.com.
Apax is
authorised and regulated by the Financial Conduct Authority in the
UK.