Apax Global Alpha Limited Apax Funds' Valuations as at 31 December 2016 (5029V)

TIDMAPAX

RNS Number : 5029V

Apax Global Alpha Limited

31 January 2017

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

31 January 2017

(LSE: APAX)

Apax Global Alpha Limited

Apax Funds' Valuations as at 31 December 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 31 December 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 31 December 2016 (which may differ to those shown in the table below due to the various holding structures) will be included in AGA's 2016 Annual Report, which is expected to be released on 7 March 2017.

Valuations for the Apax Funds to which AGA has an exposure to, have reported the following movements for the period from 30 September 2016 to 31 December 2016:

 
                     Valuation                         Capital                     Net Distributions                     Unrealised                        Valuation              Like-for-like 
                        as at                           Calls                                                               Gain /                            as at                % change(2) 
                    30 September                                                                                            (Loss)                         31 December 
                       2016(1)                                                                                                                               2016(1) 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
  Apax 
  Europe 
    VI 
   EURm                              907                                -                            (159)                                 72                              820         8% 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
  Apax 
  Europe 
   VII 
   EURm                            4,719                                -                            (990)                               251                             3,980         5% 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
  Apax 
   VIII 
   EURm                            2,799                             348                               71(3)                             239                             3,457         8% 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
  Apax 
   VIII 
    $m                             3,689                             474                             108(3)                                62                            4,333         1% 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
   AMI 
    $m                                73                                -                                -                                  1                               74         1% 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
  Apax 
  IX EUR 
   EURm                              (13)                               -                                -                                 (9)                             (22)       NM(4) 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
  Apax 
  IX USD 
    $m                               (42)                               -                                -                               (30)                              (72)       NM(4) 
--------  -------------------------------  ------------------------------  ---------------------------------  --------------------------------  -------------------------------  -------------- 
 

Notes:

1. Where relevant, the Valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 September or 31 December 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 net distributions. Any calls made during the period are added to the prior valuation and net distributions are added back to the current valuation. Net distributions during the period represent the difference between gross distributions paid out by the fund to limited partners and any distributions recalled.

3. In Q4 2016 recalled distributions exceeded distributions in the quarter. The net number of distributions recalled and distributions made to limited partners is shown in this table.

4. 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

 
 Apax Global Alpha Limited 
 Telephone:    [phone] 
 Email:        [e-mail] 
 
 
 Investor enquiries 
 Sarah Wojcik 
 Telephone:     [phone] 
 Email:         [e-mail] 
 
 Media enquiries 
 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).

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 is a leading global private equity advisory firm. Over its more than 30-year history, Apax Partners has raised and advised funds with aggregate commitments in excess of EUR40 billion*. Funds advised by Apax Partners invest in companies across four global sectors of Tech and Telco, Services, Health Care 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 LLP is authorised and regulated by the FCA in the UK and is subject to the FCA's rules and guidance. Apax Partners' registered office is 33 Jermyn Street, London, SW1Y 6DN, UK.

* Funds raised since 1981, commitments converted from fund currency to EUR at FX rates as at 31 December 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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January 31, 2017 02:00 ET (07:00 GMT)