Apax Global Alpha Share Discussion Threads

[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.)

[speedsgh] 18/8/2020 14:04

Seems to be a seller out there at the mo. 70,000 at 155.5p today, following sells at 155p yday in blocks of 203,900; 99,000; 2 x 50,000; etc.

[philba] 17/8/2020 14:19

Indeed Jonwig, a great day to be a duck!!
hxxps://www.barrons.com/articles/duck-creek-just-priced-its-ipo-above-its-range-what-we-know-51597419690

Note, the APAX 30th June NAV to be announced on 25th August won't have this gain included.

[jonwig] 17/8/2020 07:21

A nice little earner here:

[jonwig] 25/6/2020 14:51

gre - thanks. Saw it but haven't read it yet ... will do.

[gre] 25/6/2020 14:03

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] 26/3/2020 17:30

Virus impact, realistic, could be worse:

[jonwig] 03/3/2020 07:33

Annual results;



NAV of 188p after a good year. Price has over-corrected.

[nimbo1] 10/2/2020 09:54

out again! quite fun this share

[nimbo1] 04/2/2020 15:38

back in today - made a few pence but needed have bothered.

[nimbo1] 17/12/2019 15:06

let all my shares go this am and yest. will chase other investment trusts with wider discounts but same / better underlying nav performance. been a nice trade

[nimbo1] 25/11/2019 21:42

hope so!

2 of the best performing trusts underlying editda growth wise (their holdings) and nav wise - ICG and Oakley are on huge discounts - oakley especially looks like a great buy here given the director buys.