Apax Global Alpha Share Discussion Threads

[jonwig] 27/4/2016 06:26

Q1 results. Slight fall in NAV (1.8% after dividend payment adjustment) largely down to Euro appreciation. Not too bothering, as NAV of 31/03 was 143p.

Annual dividends 5% of NAV look sustainable. Current yield about 5.8%:

[jonwig] 18/4/2016 16:56

Apax signs insurance joint venture with Accenture:



This looks promising.

[jonwig] 26/8/2015 07:22

There's a holdings RNS on SOPH here from 13 July. perhaps the IRR and MOIC are as yet unrealised numbers?

[jaws6] 26/8/2015 06:38

Surprised it does not say they hold or may be below 3 % in Sophos ?
Need to check this.

[jonwig] 26/8/2015 06:18

H1 results, first since float:



NAV of 127p at 30 June, up 8% over period. And:

The Company's investment objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised total shareholder return across economic cycles of 12-15%, net of fees and expenses. Once fully invested, the Company is targeting an annualised dividend yield of 5% of Net Asset Value per annum.

So implied yield at current NAV is around 5.2%.

Only one mention of Sophos:

Sophos, a security software business, successfully listed in London during June 2015 in the largest-ever IPO of a technology business in the UK. The issue was significantly oversubscribed. The IPO valuation represented a MOIC of 2.7x and 24% IRR. A key driver of Sophos' investment performance was its transformation from an end point security provider to a strategy of providing 'Complete Security' and focusing on network security, mobile security and security solutions delivered via the cloud.

[shauney2] 27/6/2015 11:16

Re the SOPH ipo.Not sure how much this APAX fund has in Sophos.

From the Telegraph

Oxford graduates Jan Hruska and Peter Lammer will continue to own 18.9pc of the business, putting them on a paper fortune of over £180m, while private equity firm Apax will own 40.1pc of the business after listing.

The company’s directors also own 1.7pc of London’s biggest listed software company.

Apax bought a 70pc stake in Sophos in 2010 for £372m following Mr Hruska and Mr Lammer’s failed attempt to take the company public in New York in 2009.

[jaws6] 26/6/2015 11:52

soph started today now 235 .will hear soon how much they made on this sale

[jpuff] 15/6/2015 22:31

Same here with you invest scaled back

[t-trader] 15/6/2015 10:20

Sarah,

Just checked my account too and yes the commission charge has been removed.

[jonwig] 15/6/2015 08:28

Well done!
I'm sure they were inundated with complaints.

[sarahbudd] 15/6/2015 08:15

my commission has disappeared.:-)

[t-trader] 14/6/2015 08:54

Sarah,

I too bought these through Youinvest and 3i, got 5427 shares in each. Have been charged £29.95 commission by Youinvest, but nothing with 3i. I too will query the charge, let me know how you get on?

[sarahbudd] 13/6/2015 19:33

Thanks..yes I certainly will be taking it up with them. Yes scaled back unfortunately. Really unimpressed with youinvest

[jonwig] 13/6/2015 18:53

Sarah - this is in the prospectus (page 108, or pdf p114):

Intermediaries may charge retail investors a fee for buying or holding the allocated Ordinary Shares for them (including any fees relating to the opening of an individual savings account or a self-invested personal pension for that purpose) provided that the Intermediary has disclosed the fees and terms and conditions of providing those services to the retail investor prior to the underlying application being made

I'd take this up with them and quote from the prospectus!

You were probably scaled down to 64.7% of what you wanted?

[sarahbudd] 13/6/2015 16:14

Question to anyone.. I applied for these through Youinvest (AJBELL) and looks like I have been scaled down to 1411 shares. However, AJBell have charged me a £29.95 commission - when in their email states no commission payable, as per usual IPO. Any one else in same boat?... especially as normal commission only £9.95

[wirralowl] 12/6/2015 09:00

Not had chance to read it yet, but there's a 2 page article in this week's Shares Mag re: 'Apax-backed' Sophos, which is expected to go straight into the FTSE 250, apparently...

[jonwig] 12/6/2015 05:33

Shauney - yes, I understand Apax Partners are one of the owners, and this PE Fund has a stake in Apax Partners.

I was told Sophos would be institutions only, including US ones, and that there would be "a fight for stock".

[shauney2] 11/6/2015 19:42

Thanks jonwig.

I take it Apax are the same as the company behind software security company Sophos who are due to float on the main market in July.

[jonwig] 11/6/2015 19:15

Not really surprised, considering the discount offered:

"TD Direct Investing has allocated shares on a
pro-rata basis across all customer applications
in line with the allocation it received from Apax
Global Alpha Limited. Customers will receive
approximately 64.7% of the amount applied for,
rounded down to the nearest whole share"

But ... they could have closed it early instead!

Offer price is approx. 119.2p.

[jonwig] 03/6/2015 17:09

Sophos ItF:



I've been waiting for this for some time, but PIs may not be able to apply.

However, Apax should be big winners!

Comment:

[wirralowl] 01/6/2015 15:43

Thanks jonwig. Yeah, seems very fair to offer at a discount to NAV and then to also set the dividend against NAV too (rather than the issue price, as most IPO's seem to do). They look to have a decent track record in diversified investments and I'm reassured to see that Witan Investment Trust have committed to a 4% stake. An initial yield of around 5.7% is also a nice starting point, which hopefully will grow over time. I've applied for some this afternoon via selftrade.

[jonwig] 01/6/2015 13:39

Thanks for that, Wirral.

I'm applying for both myself and Mrs jw. The issue discount is attractive, and the quoted historic performance is after charges.

Could close early - look out for RNS!

[wirralowl] 01/6/2015 13:23

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."

[jonwig] 31/5/2015 09:00

Target yield is 5% of NAV, TSR 12-15% pa.

"The shares are offered at a 13%
discount to 31 March 2015 NAV
as adjusted for certain pre-IPO
and other expenses."

Therefore initial yield would be 5.75% on offer price.

Target is 50% PE (initially 43%) and 50% (initially 57%) cash, corporate debt, quoted equities.

Closing on or before 9 June, first dealings 15 June.

Offer price sterling spot equivalent of €1.6390.

Fees are 1.25% of assets and a 20% performance fee if earned. (!!)

[jonwig] 31/5/2015 08:44

. .

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Apax Global Alpha Limited (“AGA”, Ticker: APAX. LN) is a closed-end investment company with an initial portfolio, which it is acquiring, with a Net Asset Value as at 31 March 2015 of €611m(1).
AGA is seeking admission of its Ordinary Shares to the Premium Segment of the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange.
AGA offers a unique exposure to a diversified portfolio of private
equity and derived investments.
Apax Partners LLP, a leading global private equity house with
€34bn of funds raised to date, is the Investment Adviser.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Allocation approx 64.7% of application. Price approx. 119.2p.
First dealings 15 June 2015. Share price quote in sterling.

AGA's objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Shareholder Return (TSR), across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value (NAV), once fully invested.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Significant holdings, 8 May 2019 (total 491m shs):

Future Fund Board ...... 32,701,581 6.6%
Apax Gurnsey ........... 27,709,711 5.6%
Martin Halusa, etc ..... 25,908,817 5.3%
Witan Inv Tst .......... 24,572,760 5.0%
Investec Wealth ........ 23,827,773 4.9%
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~