Apax Global Alpha Share Discussion Threads

[ivor hunch] 24/3/2021 11:35

A good opportunity to acquire - great long term potential.

[makinbuks] 19/3/2021 12:30

I should imagine the seller is very disappointed with that price, given they were 220 in the market only a few days ago.

[theprovosts] 19/3/2021 09:27

Seems like a decent buy for sure. If private investors cant get into IPO's why not let someone else do it for you. Barriers for entry pretty high. Will buy more on any weakness, into the bottom drawer. Thanks

[jonwig] 19/3/2021 09:23

Private placing price 180p a bit disappointing, hence share price fall, I suppose.

[jonwig] 19/3/2021 09:21

This is it, I think. Date is right:

[theprovosts] 19/3/2021 09:04

Hi Jonwig, that link isn't working anymore. Any chance you could rout it out again? Seems like a decent buying opportunity this morning. Thanks in advance.

[makinbuks] 11/3/2021 12:21

Thank you for highlighting that. An excellent read. Very thorough

[jonwig] 11/3/2021 09:03

QD Research:

[makinbuks] 08/3/2021 14:07

And a huge increase on their own valuation. A well timed float I would say

[jonwig] 08/3/2021 09:13

Another uplift on IPO:



Not a big NAV rise (€0.04) but part of a consistent pattern.

[bis5] 08/3/2021 08:59

Back up now no worries

[bis5] 07/3/2021 16:35

Why the drop is there something I don’t see ?

[jonwig] 02/3/2021 07:27

Final results:



NAV 219p, so virtually at par. A lot of PE is at a big discount, except 3i at a huge premium. This looks pretty comfortable.

[jonwig] 05/2/2021 15:37

"Carried interest" is money owed to the partners in the fund which has not been extracted as cash, and on current rules is not taxed. It's nothing to do with borrowing.

Given that, I'm still at a loss to explain the valuation.

[makinbuks] 05/2/2021 12:42

Well if I was running a fund and a transaction was proposed that gave the fund a negative net worth, whether theoretical or not I would question why do it. Or at least why do it now as it would appear they have borrowed money and accrued an interest liability in advance of needing it.

[jonwig] 05/2/2021 12:23

It says note4, attached to that fund,

"Where relevant, the valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 September 2020 and 31 December 2020 respectively "

I'm not altogether clear about what that means! It's a tiny exposure to that fund, though.

[makinbuks] 05/2/2021 12:05

How come the Apax EUR X fund had a negative value at the beginning of the period?

[jonwig] 05/2/2021 08:16

Strong funds valuation gains over the quarter. Four best up 21, 18, 13, 12%.

[jonwig] 28/1/2021 07:26

Another disposal with uplift (+80%):

The Apax Digital Fund ("ADF"), in which AGA is a limited partner, has announced that it has agreed to sell portfolio company Signavio, a leading provider of business transformation solutions, to SAP, subject to customary closing conditions.

The transaction values AGA's look through investment in Signavio at approximately €8.7m1. This represents an uplift of c.80% to last Unaffected Valuations2 and an uplift of c.€3.9m (c.€0.01 per share) in the Adjusted Net Asset Value ("Adjusted NAV") of AGA at 30 September 2020.

[speedsgh] 26/1/2021 13:31

Funds Advised by Apax acquire PIB Group -

On 25 January 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it had entered into a definitive agreement to acquire the PIB Group ("PIB"), a leading independent specialist insurance intermediary. The transaction is expected to close in the first half of the year.

On a look through basis, AGA is expected to invest approximately €20m in the company.

Note that these figures relate to AGA's look through position of Apax X's overall investment in PIB and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1

Launched in 2015, PIB is a highly diversified insurance distribution consolidator focusing on specialist commercial lines and non-standard personal lines products with deep expertise across both direct and B2B distribution through its broking, underwriting and network divisions. PIB Group income has risen from nil to approximately £175m on a pro-forma basis in 2020 in five years. The company employs over 2000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India.

The acquisition by Apax X will help PIB continue its impressive growth trajectory, both organically and through accelerating strategic M&A to continue its domestic and international expansion. The Apax Funds have significant experience investing in the insurance sector and helping companies consolidate large, fragmented markets, including Assured Partners, Genex and Hub International, which were successfully exited in 2019, 2018 and 2013 respectively.

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments ("Derived Investments"). In July 2019, AGA made a commitment of c.$450m2 to Apax X.

[speedsgh] 29/12/2020 13:59

Funds Advised by Apax Partners sell Boats Group -

The Apax IX Fund ("Apax IX"), in which AGA is a limited partner, has announced that it has agreed to sell its stake in Boats Group, a leading online marketplace and provider of software solutions for the recreational marine industry, to Funds advised by Permira. Apax IX has also agreed to sell a minority stake in ThoughtWorks, a global software consultancy, to a group of investors. Both transactions are expected to close by the end of Q1 2021, subject to customary closing conditions.

The full exit from Apax IX's investment in Boats Group is expected to deliver a total Gross MOIC of approximately 4.2x and a Gross IRR of approximately 41%.

Both the Boats Group and ThoughtWorks transactions were agreed at uplifts to their last Unaffected Valuations1, and together they represent an average uplift of c.30% to last Unaffected Valuations and an uplift of c.€29m (c.€0.06 per share) in the Adjusted Net Asset Value ("Adjusted NAV") of AGA at 30 September 20202.

Note that these figures relate to AGA's look through position of Apax IX's overall investments in Boats Group and ThoughtWorks and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on today's exchange rates where applicable3.


Funds Advised by Apax invest in Azentio Software -

On 28th December 2020, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it had entered into a definitive agreement to acquire the Software Products business from 3i Infotech, a global information technology company. The transaction is expected to close in early 2021, subject to shareholder and regulatory approvals.

On a look through basis, AGA is expected to invest approximately €5.4m in the newly formed company, which will be named Azentio Software.

Note that these figures relate to AGA's look through position of Apax X's overall investment in Azentio Software and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1

Since its incorporation in 1993, 3i Infotech has been providing a range of IT services and software products to 1,200+ customers across multiple industry verticals in over 50 countries. The company operates through two business segments: Services and Software Products. The Software Products business comprises a comprehensive set of core software products for customers in banking, financial services and insurance verticals ("BFSI") and includes key products such as Kastle™ (universal banking platform), AMLOCK™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund™ Plus (asset management platform).

Having closely followed the company's progress, Apax X identified an opportunity to carve out the software business from 3i Infotech to create a leading BFSI software provider in the region. Following the transaction, Apax X will support the newly formed Azentio Software with increased investments in R&D and sales and marketing. Azentio Software will focus on modernising its current product portfolio, launching new products and providing best in class service levels to all customers. The Apax Funds will also use Azentio as a platform to do M&A across the BFSI software space in the region.

[jonwig] 04/11/2020 07:13

Strong quarterly results again, NAV 208p.



Standout: Two Private Equity exits signed (idealista, Neuraxpharm) and two IPO's (Duck Creek, Max Stock) at an average uplift of 63% to June 2020 valuations.

[jonwig] 28/10/2020 08:56

Investee company goes public, 100% uplift on book:

[jonwig] 22/9/2020 07:11

Another disposal at a big premium:

[jonwig] 25/8/2020 07:27

These H1 results look pretty sound given the events during the period:



20% discount to NAV of 196p looks excessive. (And Duck uplift not included. They're also expecting more exits in H2.)
(IC had an article last week about PE companies. There's no consistency in the distribution of premiums/discounts.)