REG - Apax Global Alpha Ld - Apax Digital Funds invest in ClearBank

Apax Global AlphaAnnouncement

22/03/2022 07:00

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RNS Number : 5203F  Apax Global Alpha Limited  22 March 2022

Apax Global Alpha Limited

 

Apax Digital Funds invest in ClearBank

 

On 21 March 2022, The Apax Digital Fund ("ADF") and Apax Digital Fund II ("ADF
II", together "the Apax Digital Funds"), both of which AGA is a limited
partner in, announced an investment in ClearBank, one of the largest
next-generation clearing and embedded banking platforms in the UK.

On a look through basis, AGA is expected to invest approximately €5.4m in
the company. Note that these figures relate to AGA's look through position of
ADF and ADF II's overall investments in ClearBank and are stated before taking
into account any closing adjustments and are translated into Euro based on
today's exchange rates where applicable.(1)

ClearBank is a leading supplier of embedded banking services in the UK and the
only next generation payments provider with direct access to all banking
payment schemes in the UK (e.g. Faster Payments, BACS, CHAPS), providing over
13 million real and virtual bank accounts to businesses and their consumers.
As a regulated bank, ClearBank manages transactions end-to-end from order
transmission to settlement, liquidity management and clearing. ClearBank works
with leading financial brands such as Coinbase and ADF portfolio company
Tide.

The Apax Digital Funds will leverage the Apax Funds' experience in fintech and
software to partner with management and help drive the business forwards. The
new investment will help accelerate ClearBank's global expansion of its
clearing and embedded banking offering, initially in Europe before moving into
North America and Asia Pacific.

AGA, whose shares are listed on the London Stock Exchange, provides investors
with access to a diversified portfolio of private equity funds advised by Apax
as well as a focused portfolio of debt and equity investments ("Derived
Investments"). In 2017, AGA made a commitment of $50m to ADF, and in 2021, AGA
made a commitment of $90m to ADF II.

 

For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/
(https://www.apax.com/news/press-releases/)

 

 

END

 

Contact details

Investor Relations - AGA

Katarina Sallerfors

T: +44 207 872 6526

E: Katarina.sallerfors@apax.com (mailto:Katarina.sallerfors@apax.com)

 

 

Footnotes

 

 1.   Based on Bloomberg closing EUR/USD FX rate on 21 March 2022 of 1.3177

 

 

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
     presentation 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 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.

 

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'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 nearly 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 $60 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 more information see: www.apax.com
(http://www.apax.com) .

 

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

 

 

 

 

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