Apax Global Alpha Share Discussion Threads

[speedsgh] 10/6/2022 19:51

Apax Global Alpha leaps 12% to make case for private equity -

[typo56] 10/6/2022 16:20

ICGT has a very similar intraday chart to APAX. It feels like the same thing is driving them up on a weak day.

[typo56] 10/6/2022 11:10

I see IC mentioned on Monday saying,

" some private equity trusts have made our list with Apax Global Alpha (APAX) appearing high up. While focused on growth, some private equity trusts pay dividends out of capital as a boon to their shareholders. However, with an economic downturn likely to hurt all manner of asset classes, including private equity, you may wish to exercise caution on trusts that use capital to pay income."

[typo56] 10/6/2022 11:07

Thanks. Perhaps tipped somewhere.

[speedsgh] 10/6/2022 10:56

I'm not sure the rise is related to this morning's rns but don't ask me what it is related to. Probably nothing significant in the long term.

[typo56] 10/6/2022 10:53

Does a €0.01 per share uplift in ANAV really justify a 9% rise in the share price?

What am I not understanding here?

[speedsgh] 10/6/2022 07:17

Funds Advised by Apax Sell Stake in MyCase -

The Apax X Fund ("Apax X"), in which Apax Global Alpha Limited ("AGA") is a limited partner, announced that it has closed the sale of a controlling stake of portfolio company MyCase ("the Company"), a leading provider of cloud-based legal practice management software and payment services, to AffiniPay. The purchase consideration for MyCase consists of cash and stock and following the transaction, the Apax Funds remain a minority shareholder in the combined business.

The transaction values AGA's current look through investment in MyCase at approximately €22.5m1. This represents an uplift of c.48% to last Unaffected Valuations2 and an uplift of c.€7.3m (c.€0.01 per share) in the Adjusted Net Asset Value ("Adjusted NAV") of AGA at 31 March 2022.

Note that these figures relate to AGA's look through position of Apax X's overall investment in MyCase and are stated before taking into account any closing adjustments and are translated based on the latest exchange rates available where applicable3.

Founded in 2010, MyCase provides legal practice management software and integrated payments to legal professionals across small and medium-sized law firms in the US. The software covers the entire client lifecycle with leads, case management, billing/invoicing, and reporting.

Apax X acquired MyCase in 2020, carving out the business from AppFolio, a publicly traded software company. The investment thesis was to capitalise on rapidly increasing technology adoption by law firms by investing in a leading player with clear improvement opportunities in go-to-market, product expansion, M&A, and carve-out driven acceleration of the business. Leveraging the Apax Funds' deep experience in the software sub-sector and Apax's Operational Excellence Practice, Apax X partnered with MyCase on several initiatives over the course of the investment period to drive value creation...

[rcturner2] 01/6/2022 06:23

I am a holder here and PEY on the same basis.

[skyship] 31/5/2022 20:35

Joined in here today. The discount not as high as many peers; but the yield at 183p = 6.74%.

Also they declare the dividend at 5% of NAV, so should always be a high yielder - they give shareholders a return, unlike HVPE & PIN who give nothing so they can maximise cashflow returns for the managers rather than the shareholders. Shame on them...

[jonwig] 06/5/2022 07:17

Quarterly results:



A slight negative, but creditable stability overall. NAV 244p is steady.

[speedsgh] 07/4/2022 07:26

Proposed commitment to AMI Opportunities Fund II -

AGA announces that the Board intends to commit USD $40 million to the AMI Opportunities Fund II. This is in accordance with the Company's investment policy to invest in new Private Equity Funds advised by Apax. This commitment remains conditional on, inter alia, the approval and execution of the relevant legal documentation.

The AMI Opportunities Fund II is the successor fund to the AMI Opportunities Fund, focused on investment opportunities in Israeli mid-market companies. The Fund shares insights with Apax's other strategies, leveraging Apax's deep local expertise and network in the Israeli market, built over a 25-year presence in the country, to identify attractive investment opportunities.

[speedsgh] 22/3/2022 08:10

Apax Digital Funds invest in ClearBank -

On 21 March 2022, The Apax Digital Fund ("ADF") and Apax Digital Fund II ("ADF II", together "the Apax Digital Funds"), both of which AGA is a limited partner in, announced an investment in ClearBank, one of the largest next-generation clearing and embedded banking platforms in the UK.

On a look through basis, AGA is expected to invest approximately €5.4m in the company. Note that these figures relate to AGA's look through position of ADF and ADF II's overall investments in ClearBank and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1

ClearBank is a leading supplier of embedded banking services in the UK and the only next generation payments provider with direct access to all banking payment schemes in the UK (e.g. Faster Payments, BACS, CHAPS), providing over 13 million real and virtual bank accounts to businesses and their consumers. As a regulated bank, ClearBank manages transactions end-to-end from order transmission to settlement, liquidity management and clearing. ClearBank works with leading financial brands such as Coinbase and ADF portfolio company Tide.

The Apax Digital Funds will leverage the Apax Funds' experience in fintech and software to partner with management and help drive the business forwards. The new investment will help accelerate ClearBank's global expansion of its clearing and embedded banking offering, initially in Europe before moving into North America and Asia Pacific...

[speedsgh] 19/3/2022 18:48

[duplicate]

[speedsgh] 08/3/2022 13:56

Proposed commitment to Apax Global Impact Fund -

AGA announces that the Board intends to commit USD $60 million to the Apax Global Impact Fund. This is in accordance with the Company's investment policy to invest in new Private Equity Funds advised by Apax. This commitment remains conditional on, inter alia, the approval and execution of the relevant legal documentation.

The Apax Global Impact Fund will build on Apax's strong ESG credentials and closely align with Apax's sector-driven strategy, seeking out opportunities to support companies which deliver tangible societal and/or environmental impact. The strategy revolves around four themes - Health & Wellness, Environment & Resources, Social & Economic Mobility, and Digital Impact Enablers.

[speedsgh] 02/3/2022 12:32

I note that the adjusted NAV per share was unchanged in euro terms in the final qtr of FY21 which is a little surprising.

30/9/21: EUR 3.02 (£2.59)


31/12/21: EUR 3.02 (£2.54)


As mentioned in previous posts the NAV is likely to have reduced appreciably since year end which, assuming this isn't reversed, will translate into a lower dividend payout in the current FY.

DIVIDEND PER SHARE:
TOTAL FY 2021 - 12.33p
TOTAL FY 2020 - 10.15p
TOTAL FY 2019 - 9.54p
TOTAL FY 2018 - 8.45p
TOTAL FY 2017 - 8.41p
TOTAL FY 2016 - 8.08p
TOTAL FY 2015 - 3.69p

[salpara111] 02/3/2022 11:12

Was in and out of this last year for a nice 10% return and now just looking at it again. It is clear that the NAV will have dropped quite a bit from the 31 Dec given market conditions....my guess is probably down around 10% but that still leaves a decent discount to NAV, as a result I've picked up some this morning at 186.

[makinbuks] 02/3/2022 09:51

Yes 38% discount currently to the 31st December NAV, Everything through 2021 appears in line with expectations, 40% PE return, 15% on derivatives. So clearly the market believes there has been a significant diminution post year end. Is there a Russian connection? The drop appear to coincide with the start of the war

[jonwig] 02/3/2022 08:13

FY results:



NAV of 254p is quite an anomaly!

[makinbuks] 23/2/2022 16:56

Why this sudden drop?

[andyj] 23/2/2022 12:26

Added at 193

[speedsgh] 14/2/2022 08:04

Apax X invests in Alcumus and Ole Smoky -

The Apax X Fund ("Apax X"), in which AGA is a limited partner, has announced that it has signed a definitive agreement to acquire Alcumus, a global leader in technology-led risk management and compliance solutions. Apax X has also signed a definitive agreement to acquire a controlling stake in Ole Smoky Distillery ("Ole Smoky"), one of the fastest growing spirits companies in the US. Both transactions are expected to close in Q1 2021, subject to customary closing conditions.

On a look through basis, AGA is expected to invest approximately €20m in Alcumus and approximately €10m in Ole Smoky, depending on final closing arrangements.

Note that these figures relate to AGA's look through position of Apax X's overall investments in Alcumus and Ole Smoky 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 applicable1.

Alcumus provides Environment, Health and Safety (EHS) as well as Environmental, Social and Governance (ESG) risk management and compliance software and services. The EHS and ESG services sectors, which the Apax Funds know well having tracked them for several years, are seeing significant growth driven by an increasingly complex regulatory environment and rising EHS and ESG expectations and requirements - tailwinds Alcumus is expected to benefit from. Apax X will leverage the Apax Funds' experience across services and software to partner with the existing management team in capitalising on long-term secular growth and consolidation in the market.

Ole Smoky is a leading distiller of premium American whiskeys that are renowned for their high quality, innovative and award-winning flavors. The investment follows on from previous acquisitions in the consumer-packaged goods sector where the Apax internet/consumer team focuses on opportunities to acquire well-positioned premium brands. In line with this strategy, Apax X identified Ole Smoky as a compelling investment opportunity in the high-growth spirits sector and will look to accelerate the company's growth through continued investment in the core brand and supporting the strategic acquisition of complementary brands.

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 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.