Apax Global Alpha Share Discussion Threads

[speedsgh] 27/5/2021 15:54

Funds advised by Apax invest in Faculty (25/5/21) -

On 24 May 2021, The Apax Digital Fund ("ADF"), in which AGA is a limited partner, announced an investment in Faculty, a leading British artificial intelligence ("AI") company. The investment is part of a £30m growth funding round led by ADF.

On a look through basis, AGA is expected to invest approximately €2.0m in the company. Note that these figures relate to AGA's look through position of the Apax Digital Fund's overall investment in Faculty and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1

Founded in 2014, Faculty has grown rapidly to become one of the world's most experienced teams of AI and machine learning specialists, able to support any organisation to make AI effective and drive value. The company has a specialist team that includes over 50+ PhDs with experience of working with over 200 customers across the globe.

The investment will help accelerate new product development, expand Faculty's geographic footprint, and drive the expansion of the company's 'AI as a Service' model. The investment will also support the rollout of Faculty's new learning and development programme, which will sit at the centre of the business to help develop technical and commercial talent as the company scales.

[makinbuks] 21/5/2021 08:15

Yes, very much my thoughts and position. To be fair, stakes of 4 - 6% are significant and probably get you direct access to the board and the manager but its not like they have a seat on the board of access to information we don't (or at least they shouldn't have. But to lose two major institutions is careless and likely to weigh for some time. The only good thing is that the deals were swiftly executed. Its not like the situation at Brunner or Majedie where you've got Aviva selling into the market over a prolonged period

[salpara111] 20/5/2021 14:17

Not sure what to make of this. I am still above water but will be watching much more closely going forward.
The next company update will be critical in determining where the share price goes in the next 3-6 months.

[speedsgh] 20/5/2021 11:25

OK, thanks. Missed the 3.7m remaining shareholding in the rns.

So first Future Fund Board of Guardians sell their entire holding representing 6.66% of APAX shares in issue.

And now Lexington sell 20.7m shares (4.2% of APAX shares in issue) leaving them with just 3.7m shares (0.8%).

Has certainly introduced a question mark or two in my mind...

[makinbuks] 20/5/2021 11:02

Announcement says they still own another 3 million. That in itself is odd, why sell 95% of your holding? I think we should be worried, most unusual when I'm believing there is unlocked potential in the investments. A comment from the company would be helpful

[speedsgh] 20/5/2021 09:21

In March this year Future Fund Board of Guardians sold their entire holding of 32.7m shares at 180p. Now Lexington Partners have sold 20.7m shares at 188p with a 90-day lock-up on their remaining holding (no idea how many they have retained).

But should we read anything into these sales by major shareholders?

[jmh4] 20/5/2021 09:19

Very disappointing! Management seem to be giving the company away at the expense of current shareholders. I wonder what some of the larger investors will have to say about it?

[jonwig] 20/5/2021 07:11

188p. A bit disappointing maybe?

[jonwig] 19/5/2021 18:37

Secondary placing (Lexington holding). Will be interesting to see price achieved.

[salpara111] 05/5/2021 11:59

Attractive looking update, rather disappointing market reaction!
As a new holder who got in after the recent drop to 190 I am happy to hold for the medium term.

[speedsgh] 05/5/2021 07:58

Therein lies the opportunity. At least that's the hope! :o)

[jonwig] 05/5/2021 07:55

A bit anomalous that 3i has a huge premium to its NAV, based on just one company investment, yet this is still at a significant discount.

[speedsgh] 05/5/2021 07:49

Quarterly results for the period ended 31 March 2021 -

Q1 Total NAV Return: 10.4% (6.8% constant currency)

NAV per share
31/3/21: EUR 2.65 (GBP 2.25)
31/12/20: EUR 2.45 (GBP 2.19)

[speedsgh] 28/4/2021 07:37

Funds advised by Apax Partners invest in Guesty -

On 27 April 2021, The Apax Digital Fund ("ADF") and the AMI Opportunities Fund ("AMI", together with ADF, the "Apax Funds"), in which AGA is a limited partner, have announced an investment in Guesty, a leading short-term rental ("STR") and alternative property management software platform. The investment is part of a $50m Series D funding round led by ADF...

... Headquartered in Tel Aviv, Israel, Guesty provides professional hosts and property management companies with an end-to-end solution to automate and streamline the complex operational needs of managing flexible inventory. With Guesty, users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Agoda, Vrbo and TripAdvisor, and use the company's guest-centric communication, billing and task management tools. Following a COVID-impacted 2020, Guesty has seen a significant rebound in demand for short-term rentals with 2021 summer reservation volumes in the US currently 282% higher compared to last year and 32% higher compared to pre-Covid, 2019 volumes.

The funding will be used to accelerate growth in key markets as the hospitality sector emerges from the Covid-19 pandemic, enhance product capabilities to serve diverse customer segments and provide capital for future M&A...

[qvg] 19/4/2021 19:37

was that the Rosemary Banyard interview?

[makinbuks] 19/4/2021 11:12

Opened but didn't hold. The ramifications of the sale still unwinding no doubt

[nimbo1] 16/4/2021 18:53

very nice uncrossing trade at 207.. hope it opens around there next week.

[makinbuks] 13/4/2021 10:52

Yes the sale was a huge disappointment and has weighed heavily. To be fair it was conducted swiftly and may in the long run be more satisfactory than having a seller lurking in the background over many months. I just wonder if APAX themselves could have done something about it. If someone of that size wants out and is willing to sell at below NAV is that not worth holding a tender for to buyback?

[jmh4] 12/4/2021 16:14

The numbers on APAX look good to me. Yield, P/E, current price at disc to NAV. There's a lot to like.

[makinbuks] 09/4/2021 15:45

Welcome, I believe you have come in at a very good level. I'm hoping that the recent weakness caused by a substantial sale will reverse in time when we get NAV updates and realisations above NAV

[salpara111] 09/4/2021 09:57

Well, my 192 limit order was executed yesterday so I guess I'm in now!

[speedsgh] 25/3/2021 11:43

Private Equity: Where are the real bargains? -

#APAX #CHRY #MNTN #GROW #III #HGT #HVPE #AUGM #SYNC #LMS #ICGT #PEY #OCI

[speedsgh] 25/3/2021 11:37

Funds advised by Apax to acquire Rodenstock Group -

On 24 March 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake in Rodenstock Group ("Rodenstock"), a leading manufacturer of premium ophthalmic lenses. The transaction is expected to close by Q3 2021, subject to applicable regulatory requirements.

On a look through basis, AGA is expected to invest approximately €21.3m in the company. Note that these figures relate to AGA's look through position of Apax X's overall investment in Rodenstock and are stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.

Founded in 1877, Rodenstock has been a global leader in prescription lenses for over 140 years, with a strong track record of innovative product development and market leading technologies. Headquartered in Munich, Germany, Rodenstock employs around 4,900 people worldwide and is represented by sales subsidiaries and distribution partners in more than 85 countries. Rodenstock has a strong and growing pipeline of innovation; its patented DNEye Pro technology stands at the core of its business strategy and made Rodenstock the first company to measure the individual shape and size of each eye and use thousands of data points to produce individualised eyeglass lenses, called Biometric Intelligent Glasses (B.I.G. VISION™). The company's portfolio also includes eyewear under the Rodenstock and Porsche Design brands.

Apax X will support the Rodenstock management team's vision of accelerating the company's growth through innovation, commercial execution and digitalisation, whilst continuing to deliver the highest level of service to clients and partners. The Apax Healthcare team have a deep understanding of innovative MedTech through prior investments in the space, including companies such as Candela, a pioneering non-surgical aesthetic device company, and Acelity, the global leader in wound-care products.