Apax Global Alpha Limited Apax Funds' Valuations as at 30 September 2016 (3331N)

TIDMAPAX

RNS Number : 3331N

Apax Global Alpha Limited

25 October 2016

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.

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"

FOR IMMEDIATE RELEASE

25 October 2016

(LSE: APAX)

Apax Global Alpha Limited

Apax Funds' Valuations as at 30 September 2016

This notification is made in accordance with DTR 6.3 of the Disclosure and Transparency Rules.

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 (the "Apax Funds").

AGA is pleased to announce it has received the Apax Funds' valuations as at 30 September 2016. 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 September 2016 (which may differ to those shown in the table below due to the various holding structures) will be included in AGA's 2016 Third Quarter Results, which are expected to be released on 1 November 2016.

Valuations for the Apax Funds to which AGA has an exposure to, have reported the following movements for the period from 30 June 2016 to 30 September 2016:

 
           Valuation   Capital          (Distributions)                   Unrealised                      Valuation             Like-for-like 
             as at      Calls                                                Gain /                          as at               % change(2) 
            30 June                                                          (Loss)                      30 September 
            2016(1)                                                                                         2016(1) 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
  Apax 
  Europe 
    VI 
   EURm      1,148        -                              (255)                              14                            907        1% 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
  Apax 
  Europe 
   VII 
   EURm      5,569        -                  (849)                            (1)                           4,719                    0% 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
  Apax 
   VIII 
   EURm      2,833        -                  (76)                             42                            2,799                    1% 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
  Apax 
   VIII 
    $m       3,698        -                  (110)                            101                           3,689                    3% 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
   AMI 
    $m        83          -                   (7)                             (3)                             73                     -4% 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
  Apax 
  IX EUR 
   EURm        -          -                    -                             (13)                            (13)                   NM(3) 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
  Apax 
  IX USD 
    $m         -          -                    -                             (42)                            (42)                   NM(3) 
--------  ----------  --------  ------------------------------  ------------------------------  -----------------------------  -------------- 
 

Notes:

1. Where relevant, the Valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 June or 30 September 2016.

2. 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.

3. NM as Apax IX EUR and Apax IX USD have drawn down on the capital call facility as a bridge to the first capital call for fund costs and investments in the fund.

Contact details

 
 Investor Relations 
 Sarah Wojcik 
 Telephone:          [phone] 
 Email:              [e-mail] 
 
 Media enquiries (Apax Global Alpha Limited) 
 Georgiana Brunner/Matthew Goodman/Annabel Clay, Greenbrook Communications 
 Telephone:          [phone] 
 Email:              [e-mail] 
 
 Media enquiries (Apax Partners LLP) 
 Alex Wessendorff 
 Telephone:          [phone] 
 Email:              [e-mail] 
 
 Company Secretary 
 Matt Horton/Jacques Colley, Aztec Group 
 Telephone:          [phone] 
 Email:              [e-mail] 
 

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), once fully invested.

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, cashflow 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 September 2016. 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 25, 2016 02:00 ET (06:00 GMT)