Apax Global Alpha Share Discussion Threads

[chc15] 01/2/2022 09:36

Have started adding here at 208,will add on any big drops..

[speedsgh] 27/1/2022 13:23

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.



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

[novision] 27/1/2022 13:09

Alleged 22% NAV Discount here....

[novision] 27/1/2022 13:09

Alleged 22% NAV Discount here....

[its the oxman] 24/11/2021 13:08

Im no expert. Both are good plays for the long term. Happy to hold both. Higher div here if thats your preference.

[ali47fish] 19/11/2021 18:11

oxman i am new to this fund- is it better than icgt-obviusly it is ranked higher but similar discount appreciate your take

[its the oxman] 05/11/2021 08:34

See another 10p here near term. Hoping for move into mid 30s.

[nimbo1] 04/11/2021 10:23

delighted with the price action here allowing me to buy back in size c 220p this am. As you say Cleary an overhang of some sort

[its the oxman] 04/11/2021 09:20

Must be a seller of size though as struggling to break clear of 220p.

[its the oxman] 04/11/2021 09:17

Bit of a delayed reaction this morning to the significant nav gain just announced. Surely a move to new highs can't be far away. Yield nearer 6% now as well which is nice.

[rcturner2] 04/11/2021 07:17

Yep excellent performance.

Total NAV Return(1) of 9.9% in the quarter (8.3% constant
currency).
-- Total Adjusted NAV increased to c. EUR 1.5bn with Adjusted
NAV per share, growing from EUR2.81 (GBP2.41) to EUR3.02 (GBP2.59)
in the three months to 30 September 2021.

[jonwig] 04/11/2021 07:15

Quarterly statement:



NAV up from 241p to 259p over the period. PE +13.6% is pretty good!

[makinbuks] 02/11/2021 17:10

Not familiar with icgt, but certainly in comparison to HVPE I agree with you, its lagging 10% very broadly as I said in 155 above

[its the oxman] 02/11/2021 11:11

Nav update due soon I believe.

[its the oxman] 02/11/2021 11:10

Is this looking increasingly left behind by hvpe and icgt or is it not a fair comparison?

[rcturner2] 01/11/2021 09:31

I bought in first thing today. Good long term track record and decent discount and dividend at the current share price.

[uhound] 26/10/2021 16:13

Bought in here this morning after watching for a while. Seems like a bargain to me!

[makinbuks] 25/10/2021 15:13

Yes, when you consider the price broke £2 last December, progress this year at +5% has been modest although you do need to consider the dividend which nearly doubles that. There were two major sales by institutions which caused dents in the price and there are alternatives such as OCI and Harbourvest who offer better value in discount terms. But I expect many investee companies will have grown EBITA 25% over the year so yes I would say a 10% uplift could easily be justified back to the all time highs

[andyj] 25/10/2021 14:55

Yes I added.

[its the oxman] 22/10/2021 21:12

Anybody buying this at 211p. Looks attractive now it's pulled back nearly 20p.

[speedsgh] 06/10/2021 07:54

Apax Funds to acquire Eating Recovery Center -

On 5 October 2021, the Apax X Fund ("Apax X"), in which AGA is a limited partner, announced that it had signed a definitive agreement to acquire a majority ownership stake in Eating Recovery Center ("ERC"), a leading provider of eating disorder and mood and anxiety treatment in the US, in partnership with Oak HC/FT and management. The transaction is expected to close in Q4 2021, subject to customary closing conditions.

On a look through basis, AGA is expected to invest approximately €23m in the company, depending on final closing arrangements. Note that this figure relates to AGA's look through position of Apax X's overall investment in ERC and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.

ERC is a national leader in eating disorder treatment in the US. The company's differentiated clinical model meets patients where they are in their treatment journey by offering the full continuum of higher levels of care. Through the recent expansion of its Pathlight division, ERC addresses a more comprehensive set of behavioural health conditions including primary mood and anxiety disorder treatment. ERC lowers financial barriers to accessing behavioural care by partnering with most major commercial insurers in the US, so patients can focus their energy on pursuing recovery.

Apax X, in partnership with ERC's leadership team, will uphold the company's focus on clinical excellence while expanding access to care physically and digitally. The Apax Funds have a strong track-record investing in 'Healthcare Services', a core Apax Healthcare sub-sector...

[salpara111] 20/9/2021 12:51

Surprised that my limit order I set last week at 226 was executed today! I got in at 190 back in April so together with the divi I have taken about 20% profit. I like the business and would happily buy back in again on any weakness.

[speedsgh] 16/9/2021 15:45

Private Equity: Discounts ‘too wide’ as Apax, HarbourVest, HgCapital & Dunedin deliver -

A string of positive updates from private equity investment trusts continues to underscore the anomaly of many of their shares trading at steep discounts to the asset value.

Apax Global Alpha (APAX), which invests in the private equity funds of Apax Partners, jumped 3.3% today as it announced a 5.9% rise in net asset value (NAV) following this week’s successful flotation of Thoughtworks, a global tech consultant whose shares ‘popped’ 40% on their first day of trading on Nasdaq.

The half-hearted market response to news of the 89% uplift in the valuation of its Thoughtworks stake in the Apax IX fund is typical of the £1bn investment company and its sector.

Despite a good track record of backing unquoted technology, services, healthcare and consumer businesses, Numis Securities estimates Apax shares trade 14% below NAV, offering an attractive entry point given the 5% dividend yield and 36% total shareholder return they have provided in the past year.

‘Yet again, we think this rams home the conservative valuation of the positions in private equity portfolios and confirms our belief that the discounts on these funds are still too wide,’ said QuotedData analyst James Carthew.

Last month, the Guernsey-based, London-listed Apax reported interim results showing a 6.4% gain in the second quarter. Numis analyst Andrew Rees believes the third quarter should be positive, too, given the share price rises in its larger listed holdings such as Duck Creek Tech, Paycor and Global-e, although elderly care provider InnovAge, a 3% position, has been weak, sliding 42% since its Nasdaq debut in March.

Over five years, with the semi-annual dividends included, the investment company has delivered 126% to shareholders, way ahead of the FTSE All Share’s meagre 32% and beating the more competitive returns of 86.5% from the MSCI AC World index or the 119% from the US S&P 500...

[speedsgh] 16/9/2021 15:42

Initial Public Offering of Thoughtworks -

The Apax IX Fund ("Apax IX"), in which AGA is a limited partner, is an indirect shareholder in Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. Following Thoughtworks' announcement on the 14 September 2021 of the pricing of its initial public offering of common stock ("IPO"), shares of Thoughtworks started trading on the Nasdaq on the 15 September 2021. The closing price per share of common stock on the 15 September was $29.29 ("Closing Price").

At the Closing Price, and based on latest exchange rates1, AGA's remaining look through position in Thoughtworks is valued at approximately €158m. In addition, AGA's pro-rata share of IPO proceeds to be received by a subsidiary of Apax IX on closing of the IPO is c. €15m. Together with the remaining value, this represents an uplift of c. 89% or c.€82m to Thoughtworks' fair value at 30 June 2021 and an uplift of c.5.9% of AGA's Adjusted NAV (or €0.17 per share) at 30 June 2021.

Note that these figures relate to AGA's look through position of Apax IX's overall investment in Thoughtworks and are stated before taking into account any fees, costs, and carried interest...

[deanowls] 08/9/2021 16:08

Why would Warburg have apax in on the deal. Being bought for 5bn and apax putting in a few million?