REG - Apax Global Alpha Ld - Estimated Adjusted NAV as at 31 December 2023

Apax Global AlphaAnnouncement

08/02/2024 07:15

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RNS Number : 4079C  Apax Global Alpha Limited  08 February 2024

 

(LSE: APAX)

Apax Global Alpha Limited

Estimated Adjusted NAV as at 31 December 2023

 

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 31 December 2023, having received the Apax Funds'
valuations for Q4 2023. The performance of the individual funds is shown below
(net of relevant fees and carried interest estimates)(1).

 

AGA estimates its Adjusted NAV(2) as at 31 December 2023 to be c.€1,288m
(FY22 c.€1,299m) or €2.62 cents per share / £2.27 pence per share. Income
from the portfolio and gains were largely offset by c.€65m paid in dividends
to shareholders during the year and the impact of FX due to the EUR
strengthening against the USD.

 

FY23 Total Adjusted NAV Return was 4.1% (6.1% constant currency) with Q4 Total
Return of 1.9% (4.5% constant currency).

 

Details on the composition and valuation of the AGA portfolio as at 31
December 2023 (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 2023 Annual Results, being released on 5 March 2024.

 

Commenting on the performance, Ralf Gruss, Partner at Apax and a member of the
AGA Investment Committee, said: "Despite weaker economic activity in 2023,
there was good momentum across the Private Equity portfolio with deal activity
picking up in the second half of the year as more compelling investment
opportunities emerged. The Apax Funds' strategy is not predicated on continued
market tailwinds and its foundation focuses on buying right at entry and
accelerating business performance during the funds' ownership to generate
alpha. We believe it is a strategy well suited for the current environment."

 

Valuations for the Apax Funds to which AGA has an exposure, have reported the
following movements for the period from 30 September 2023 to 31 December 2023:

 

                        Valuation at 30.09.23(3)  Capital Calls  (Distributions)  Unrealised Gain / (Loss)  Valuation        Like-for-like

                                                                                                            at 31.12.23(3)   % change(4)
 Apax XI EUR €m         (29)                      -              -                32                        3                NM
 Apax XI USD $m         (149)                     -              -                196                       47               NM
 Apax X EUR €m          2,287                     194            (18)             37                        2,500            1%
 Apax X USD $m          8,368                     719            (70)             476                       9,493            5%
 Apax IX EUR €m         2,064                     -              (108)            (27)                      1,929            (1%)
 Apax IX USD $m         6,089                     3              (322)            181                       5,951            3%
 Apax VIII EUR €m       494                       -              -                7                         501              1%
 Apax VIII USD $m       599                       -              -                29                        628              5%
 Apax Europe VII €m     112                       -              -                83                        195              74%
 Apax Europe VI €m      278                       -              -                15                        293              5%
 Apax Digital $m        1,226                     -              34               59                        1,319            5%
 Apax Digital II $m     131                       84             -                0                         215              0%
 Apax Global Impact $m  77                        7              -                (2)                       82               (2%)
 AMI $m                 262                       -              (6)              20                        276              8%
 AMI II $m              (20)                      11             -                (1)                       (10)             NM

 

 

 

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 31 December 2023.

 3    Where relevant, the valuations are expressed net of any estimated carried
      interest payable should the funds hypothetically be liquidated as at 30
      September 2023 and 31 December 2023 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.

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) including a dividend yield of 5% of Net Asset Value.

 

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
(http://www.apaxglobalalpha.com) .

 

About Apax Partners LLP

 

Apax Partners LLP ("Apax") is a leading global private equity advisory firm.
For 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 $65 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 (http://www.apax.com) .

 

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

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