Apax Global Alpha Investors - APAX

Apax Global Alpha Investors - APAX

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Stock Name Stock Symbol Market Stock Type
Apax Global Alpha Limited APAX London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-4.00 -1.91% 205.00 16:35:07
Open Price Low Price High Price Close Price Previous Close
208.00 202.00 209.50 205.00 209.00
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speedsgh: Final Results scheduled to be released on 2 March so not too long to wait to hear a more up-to-date NAV to 31/12/21. HTTPS://www.apaxglobalalpha.com/investors/calendar/ 259p (EUR 3.02) as at 30/9/21 241p (EUR 2.81) as at 30/6/21 219p (EUR 2.45) as at 31/12/20 196p (EUR 2.16) as at 30/6/20 188p (EUR 2.22) as at 31/12/19 188p (EUR 2.10) as at 30/6/19 170p (EUR 1.90) as at 31/12/18 170p (EUR 1.92) as at 30/6/18 165p (EUR 1.86) as at 31/12/17 162p (EUR 1.85) as at 30/6/17 163p (EUR 1.91) as at 31/12/16 152p (EUR 1.82) as at 30/6/16 138p (EUR 1.88) as at 31/12/15 127p (EUR 1.79) as at 30/6/15 129p (EUR 1.66) as at 31/12/14
jmh4: 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?
theprovosts: 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
speedsgh: Funds Advised by Apax acquire PIB Group - HTTPS://www.investegate.co.uk/apax-global-alpha-ld--apax-/rns/funds-advised-by-apax-acquire-pib-group/202101260700038292M/ 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: Funds Advised by Apax Partners sell Boats Group - HTTPS://www.londonstockexchange.com/news-article/APAX/funds-advised-by-apax-partners-sell-boats-group/14806747 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 - HTTPS://www.londonstockexchange.com/news-article/APAX/funds-advised-by-apax-invest-in-azentio-software/14806745 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.
gre: Excellent presentation by the company in their online "Investor Update" at lunchtime today. It gave a very good insight into the way the company operates and how it is coping with the Covid 19 crisis. Slides from the presentation have now uploaded onto their website: www.apaxglobalalpha.com/media/2157/aga-2020-combined.pdf
jonwig: There's an Investor Day today, with a webcast and presentation pdf here: https://www.apaxglobalalpha.com/investors/results-reports-presentations/ Ithink the presentation has been up for a while.
advfn_sales: Here is your chance to meet with Apax Global Alpha: Using this unique discount code, ADVFN25, you will be able to get £25 off at Mello London 2018, a 2 day investor conference from the 26th – 27th November 2018 at the Clayton Hotel, Chiswick, London. Http://melloevents.com/mello-london/ Tickets are normally priced at £99 for two days and £79 for one. Type in ADVFN25 as the discount code. Many Thanks and take advantage of this premium offer. See you there.
davebowler: Winter floods;? Apax Global Alpha was launched in June last year, when it raised £218.2m (equivalent to €300m) through anoversubscribed IPO. Immediately prior to admission the fund acquired PCV Lux SCA and its subsidiaries, whichwas formed in 2008 as an investment vehicle for certain partners and employees of Apax Partners LLP. The IPOprice of 119.2p was set at a 13% discount to the NAV of the initial portfolio and, at admission, Apax GlobalAlpha therefore had a market capitalisation of £585m. Previous investors in PCV Lux SCA are subject to various'lock?up' arrangements and the fund currently has a free float of 45%. In total 30% of shares are subject to 5year arrangements and a further 25% are subject to 10 year arrangements. The latest annual process saw 37mshares come out of lock?up, but only 2.5m shares tendered and placed.? The portfolio includes investments in Apax Private Equity Funds as well as 'Derived' Investments. Thesecomprise both debt and listed equities and represent investment ideas that are generated by the team's day today investment activities and research, but that are not suitable for Apax's buyout funds. The long?term targetis 50% 'private equity' / 50% 'derived' investments.? The fund is targeting an annualised total shareholder return, across economic cycles, of 12–15% (net of feesand expenses) including a dividend yield (paid semi?annually) equivalent to 5% p.a. of NAV, once fully invested.There is no double charging of management fees and no fees on cash.Performance, Portfolio & Outlook? In Euro terms the fund's NAV fell from €1.88 to €1.82 (?3.2%) in H1'16, although it rose in Sterling terms from138p to 152p (+10.1%). A second semi?annual dividend of 3.95p was declared, equivalent to 2.5% of NAV, whilethe first semi?annual dividend of 3.69p was paid in April and on a total return basis, the NAV return was ?0.6%in the period (+12.8% in Sterling terms). Since IPO the NAV total return is +5% in Euro terms.? Underlying portfolio performance was positive and on a constant currency basis the NAV would have been up1.2%. However, approximately 60% of the fund's investments are US Dollar denominated and the appreciationof the Euro against the US Dollar was therefore unhelpful. The Private Equity segment of the portfolio was up0.9% in the period as positive operational performance was offset by lower valuation multiples. DerivedInvestments were down 0.4% reflecting write?downs for debt investments.? At the period end the fund was 94% invested and had €48.5m of cash. The portfolio was split broadly evenlyacross Private Equity (52%) and Derived Investments (48%), while exposure was diversified across Apax's focusindustries of Tech & Telecom (37%), Services (28%), Consumer (19%) and Healthcare (5%).? The Private Equity portfolio companies continue to perform well, generating last twelve month revenuegrowth and EBITDA growth of 7.4% and 9.8% respectively. It is relatively young, with 57% of its valuerepresented by investments made during 2015 or 2016, reflecting activity by Apax VIII. There were four newprivate equity investments closed during the period, while AGA has also committed $350m to Apax IX, a globalbuy?out fund. There were a number of full and partial realisations and Apax funds returned €38.7m during thesix months to 30 June.? Within the derived portfolio, investments were made in the listed equity of five companies, including Sophos.A debt investment was also made in Ellucian, a provider of higher education technology. There were sixdivestments, all of which realised positive IRRs.? RG noted that only 2% of the portfolio is directly exposed to UK companies and as such he feels that the fundis well positioned to withstand any volatility associated with 'Brexit'.Winterflood ViewApax Partners is a long?established and well?regarded private equity manager and Apax Global Alpha isdifferentiated from its listed private equity peers by its hybrid portfolio, which provides exposure to bothprivate and publicly traded investments. This helps the fund avoid the cash drag often associated with listedprivate equity funds. In addition its ability to take advantage of opportunities that are uncovered as part of theinvestment team's work on particular sectors is attractive, in our opinion. The fund's portfolio is less maturethan the majority of its peers, although its prospective dividend yield of around 6% will appeal to certaininvestors and its ability to sustain this is helped by income generated from its debt investments. That so fewlocked?up shareholders, many of whom will have intimate knowledge of the portfolio's prospects, sold sharesat the first opportunity is also encouraging. Furthermore following the next release of shares from lock?up inJune next year we would expect Apax Global Alpha to become eligible for inclusion in the FTSE All Share Indexand this should provide a boost to demand. Taking all of this into account, we think that the current discount of18% looks like an attractive entry point.
wirralowl: Thanks for starting the thread, jonwig. Looks an interesting alternative to the usual.. Taken from ii: Private equity IPO offers big returns By Lee Wild | Fri, 22nd May 2015 - 11:29 Share this Private equity IPO offers big returns Getting access to successful private equity houses has not been straightforward for your average investor. But Apax Partners, one of Europe's biggest private equity firms, is listing an investment vehicle on London's main market next month, and forecast shareholder returns look attractive. Apax is using the float to list PCV, a vehicle set up in 2008 for certain partners and employees. At the end of March, investments in four Apax private equity funds, debt and equities were worth €611.1 million (£437 million). Raising the required €250 million from the IPO on 15 June shouldn't be difficult. Investors have been offered shares at a 13% discount to net asset value (NAV), and Apax already has €135 million of commitments from cornerstone investors. No wonder, PCV's portfolio has grown 40% from €437 million at the end of 2012, outperforming broader market indices by around 18% a year and delivering an annual internal rate of return (IRR) of about 30%. Apax staff will be locked in for six years, and pre-IPO shareholders one year, with a staggered release of 20% per year. "The vehicle presents a unique opportunity for stock market investors to benefit from exposure to Apax's excellent investment track record, in addition to the attractive investment opportunities that Apax has identified in asset classes that are not accessible to a traditional buyout fund," explains Apax Global Alpha chairman Tim Breedon, who ran Legal & General until 2012 and is currently a non-exec at Barclays. With a mix of capital appreciation from its investment portfolio - mainly technology & telecoms, services, healthcare and consumer companies - and regular dividends, Apax is targeting an annualised total shareholder return, across economic cycles, of 12%-15% after fees and expenses. That includes a dividend yield of 5% of NAV once fully invested. "Private equity investments have historically outperformed the public markets across cycles," says Ralf Gruss, partner at Apax Partners. "We have been witnessing an attractive deal flow recently, and believe the fundraising will allow us to capture high alpha opportunities for Apax Global Alpha."
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