REG - Apax Global Alpha Ld - Apax Funds’ Valuations as at 30 June 2022

Apax Global AlphaAnnouncement

05/08/2022 07:00

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RNS Number : 0007V  Apax Global Alpha Limited  05 August 2022

 

(LSE: APAX)

Apax Global Alpha Limited

Apax Funds' Valuations as at 30 June 2022

 

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 certain Private Equity funds advised by Apax Partners LLP
(the "Apax Funds").

 

AGA has received the Apax Funds' valuations as at 30 June 2022 which are set
out below at an individual fund level (net of relevant fees and carried
interest estimates)(1).

 

Details on the composition and valuation of the AGA portfolio as at 30 June
2022 (which may differ to those shown in the table below due to the various
holding structures through which AGA invests) will be included in AGA's 2022
Half Year Results, being released on 19 August 2022.

 

Valuations for the Apax Funds to which AGA has an exposure to, have reported
the following movements for the period from 31 March 2022 to 30 June 2022:

 

                       Valuation at 31.03.22(2)  Capital Calls  (Distributions)  Unrealised Gain / (Loss)  Valuation at 30.06.22(2)  Like-for-like

                                                                                                                                     % change(3)
 Apax X EUR €m         1,400                      68             (117)            105                       1,456                    3%
 Apax X USD $m         5,219                      266            (433)            46                        5,098                    -4%
 Apax IX EUR €m        3,204                      -              (129)            (226)                     2,849                    -7%
 Apax IX USD $m        9,743                      3              (393)            (1,126)                   8,227                    -12%
 Apax VIII EUR €m      1,017                      -              -                (18)                      999                      -2%
 Apax VIII USD $m      1,342                      -              -                (100)                     1,242                    -7%
 Apax Europe VII €m    431                        -              -                (100)                     331                      -23%
 Apax Europe VI €m     952                        -              (585)            (22)                      345                      -2%
 Apax Digital $m       1,006                      281            -                (136)                     1,151                    -11%
 AMI $m                459                        42             -                (60)                      441                      -12%

 

Contact details

 

 Investor Relations - AGA

 Lorraine Rees

 T: +44 7889 089 220

 E: Lorraine.rees@apax.com

 

Footnotes

 

 1    AGA holds exposures to the Apax Funds via various individual holdings which

    also have different fee structures

 2

      Where relevant, the valuations are expressed net of any estimated carried
      interest payable should the funds hypothetically be liquidated as at 31 March
      2022 and 30 June 2022 respectively.

 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

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 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 ("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 further information about Apax, please
visit www.apax.com.

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