Apax Fund Valuations as at 31 December 2015

RNS Number : 8977M

Apax Global Alpha Limited

25 January 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES OR TO "US PERSONS" (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR INTO OR WITHIN AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN. RECIPIENTS OF THIS ANNOUNCEMENT IN JURISDICTIONS OUTSIDE THE UK SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY APPLICABLE LEGAL REQUIREMENTS IN THEIR JURISDICTIONS. IN PARTICULAR, THE DISTRIBUTION OF THIS ANNOUNCEMENT MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS.

FOR IMMEDIATE RELEASE

25 January 2016

APAX GLOBAL ALPHA LIMITED

Apax Funds Valuations

Apax Global Alpha Limited ("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 December 2015 valuations to their limited partner investors today. These valuations are set out below at an individual fund level (net of relevant fees and carried interest estimates). AGA holds exposures to the Apax Funds via various individual holdings which also have different fee structures.

Details on the composition and valuation of the AGA portfolio as at 31 December 2015 (which may differ to those shown in the table below due to the various holding structures) will be included in AGA's 2015 Annual Results, which are expected to be released on 8 March 2016.

Valuations for the Apax Funds to which AGA has an exposure have reported the following movements for the period from 30 September 2015 to 31 December 2015:

	Valuation as at 30 September 20151	Capital Calls	(Distributions)	Unrealised Gain / (Loss)	Valuation as at 31 December 20151	Like for like % change2
Apax Europe VI €m	2,523		(428)	516	2,611	20%
Apax Europe VII €m	7,048		(174)	628	7,501	9%
Apax VIII €m	2,118	741		188	3,047	7%
Apax VIII $m	2,669	1,014		171	3,854	5%
AMI $m	(6)	70		1	65	NM3

Notes

1. Where relevant, the Valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 September or 31 December 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 added to the prior valuation and distributions are added back to the current valuation.

3. Not Measured as AMI has received the first capital call from its limited partners during the quarter and repaid its drawn facility.

Contact details

Investor Relations
Sarah Wojcik
Telephone:	[phone]
Email:	[e-mail]
Media enquiries (Apax Global Alpha Limited)
Alex Jones, Matthew Goodman, Georgiana Brunner, Greenbrook Communications
Telephone:	[phone]
Email:	[e-mail]
Media enquiries (Apax Partners LLP)
Alex Wessendorff
Telephone:	[phone]
Email:	[e-mail]
Company Secretary
Matt Horton, Jacques Colley, Aztec Group
Telephone:	[phone]
Email:	[e-mail]

About Apax Global Alpha Limited

AGA is a company limited by shares which has been incorporated in Guernsey and is supervised by the Guernsey Financial Services Commission as a registered closed-ended investment scheme, the ordinary shares of which were listed on the Premium segment of the Main Market, the market of that name operated by the London Stock Exchange, on 15 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 also 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, cash flow requirements, the dividend policy and other factors.

Further information regarding the Company and its publications are available on the Company's website at www.apaxglobalalpha.com

About 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 December 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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