Apax Global Alpha Limited Apax Funds' Valuations as at 30 June 2017 (5659M)

TIDMAPAX

RNS Number : 5659M

Apax Global Alpha Limited

01 August 2017

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(LSE: APAX)

Apax Global Alpha Limited

Apax Funds' Valuations as at 30 June 2017

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

AGA is pleased to announce it has received the Apax Funds' valuations as at 30 June 2017. 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 June 2017 (which may differ to those shown in the table below due to the various holding structures) will be included in AGA's 2017 Interim Report, which is expected to be released on 17 August 2017.

Valuations for the Apax Funds to which AGA has an exposure to, have reported the following movements for the period from 31 March 2017 to 30 June 2017:

 
                Valuation   Capital   (Distributions)   Unrealised   Valuation   Like-for-like 
                  as at      Calls                         Gain        as at      % change(3) 
                 31 March                                / (Loss)     30 June 
                 2017(2)                                              2017(2) 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
 Apax Europe 
    VI EURm        777         -             -              23          800           3% 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
 Apax Europe 
   VII EURm       3,648        -             -            (241)        3,407          -7% 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
  Apax VIII 
     EURm         3,386        -           (285)           (69)        3,032          -2% 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
  Apax VIII 
      $m          4,319        -           (319)           155         4,155          4% 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
    AMI $m         72         59             -              18          149           14% 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
 Apax IX EUR 
     EURm         (35)        77             -             (5)          37           NM(4) 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
 Apax IX USD 
      $m          (124)       243            -              47          166          NM(4) 
-------------  ----------  --------  ----------------  -----------  ----------  -------------- 
 

Contact details

 
 Investor and media enquiries       Company Secretary 
 Sarah Wojcik                       Jacques Colley 
 Telephone: [phone]     Telephone: [phone] 
 Email: [e-mail]       Email: [e-mail] 
 
 

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 Partners" or "the Investment Adviser"

2. Where relevant, the Valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 31 March or 30 June 2017.

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.

4. NM as Apax IX EUR and Apax IX USD have drawn down the first capital call, settling the capital call facility balance which was driving the negative fund valuation reported in March 17.

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 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 June 2017*. 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.

* Funds raised since 1981, commitments converted from fund currency to EUR at FX rates as at June 2017

This information is provided by RNS

The company news service from the London Stock Exchange

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August 01, 2017 02:02 ET (06:02 GMT)