Apax Fund Valuations as at 30 June 2015

RNS Number : 4210T

Apax Global Alpha Limited

17 July 2015

 

17 July 2015                                                                                                                           FOR IMMEDIATE RELEASE

Apax Global Alpha Limited

Apax Fund Valuations as at 30 June 2015

Apax Global Alpha Ltd ("AGA" or the "Company") has a portfolio of Private Equity and Derived Investments. Under its Private Equity strategy, AGA is a limited partner in private equity funds advised by Apax Partners LLP (the "Apax Funds").

AGA is pleased to announce that the Apax Funds have reported Q2 2015 valuations to their investors today. These valuations are set out below on an individual fund level (net of fees and carried interest). AGA holds exposure to the Apax Funds via various individual holdings and fee structures. Details on the composition and valuation of the AGA portfolio (which may differ to those shown in the table below due to the various holding structures) will be included in AGA's interim results announcement which is expected to be released on 26 August 2015.

Valuations for the Apax Funds to which AGA has an exposure have reported the following movements:

	Valuation as at 31 March1	Capital Calls / (Distributions)	Unrealised Gain / (Loss)	Valuation as at 30 June1	Like for like % change2
Apax Europe VI €m	3,497	(293)	(101)	3,104	(2.9)%
Apax Europe VII €m	9,320	(1,433)	340	8,137	3.7%
Apax VIII €m	1,235	154	17	1,405	1.4%
Apax VIII $m	1,421	211	63	1,694	4.4%
AMI $m	-	-	(5)	(5)	-

Investor Relations

Lorraine Rees

Telephone: [phone]

Email: [e-mail]                                                                           

Media enquiries (Apax Global Alpha Ltd)

Alex Jones, Greenbrook Communications

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Email: [e-mail]

Media enquiries (Apax Partners LLP)

Alex Wessendorff

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Email: [e-mail]

Notes

1.   The Valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 June 2015.

2.    The like for like change represents the change in valuation from the prior to the current reporting date, adjusting for changes due to calls and distributions. Any calls made during the period are subtracted from the current valuation and any distributions during the period are added back.

About Apax Global Alpha Ltd

AGA is a Guernsey closed-ended investment company that listed on the London Stock Exchange on 15^th June 2015.

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.

The investment policy of the Company is to make private equity investments in Apax Funds and Derived Investments which are investments in equities and debt derived from the insights gained via Apax Partners' Private Equity activities.  The Company's portfolio is expected to be allocated in approximately equal proportions between Private Equity and Derived Investments, although the investment mix will fluctuate over time due to market conditions, investments opportunities, cashflow requirements, the dividend policy and other factors.

About Apax Partners LLP

Apax Partners LLP ("Apax Partners") is a leading global private equity advisory firm. It operates globally and has more than 30 years of investing experience. Apax Partners has advised funds that total over €34 billion in aggregate as at 31 March 2015. Funds advised by Apax Partners invest in companies across four global sectors of Technology & Telecoms, Services, Healthcare and Consumer. These funds provide long‐term equity financing to build and strengthen world‐class companies. For further information about Apax Partners, please visit www.apax.com.

Apax Partners LLP is authorised and regulated by the Financial Conduct Authority in the UK.

 

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