Apax Global Alpha Limited Apax Funds' Valuations as at 30 September 2016 (3331N)
25 October 2016 - 5:00PM
UK Regulatory
TIDMAPAX
RNS Number : 3331N
Apax Global Alpha Limited
25 October 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 THE ANNOUNCEMENT MAY BE RESTRICTED BY LAW IN
CERTAIN JURISDICTIONS.
Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax Partners" or
"the Investment Adviser"
FOR IMMEDIATE RELEASE
25 October 2016
(LSE: APAX)
Apax Global Alpha Limited
Apax Funds' Valuations as at 30 September 2016
This notification is made in accordance with DTR 6.3 of the
Disclosure and Transparency Rules.
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 (the "Apax
Funds").
AGA is pleased to announce it has received the Apax Funds'
valuations as at 30 September 2016. 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 30 September 2016 (which may differ to those shown in the table
below due to the various holding structures) will be included in
AGA's 2016 Third Quarter Results, which are expected to be released
on 1 November 2016.
Valuations for the Apax Funds to which AGA has an exposure to,
have reported the following movements for the period from 30 June
2016 to 30 September 2016:
Valuation Capital (Distributions) Unrealised Valuation Like-for-like
as at Calls Gain / as at % change(2)
30 June (Loss) 30 September
2016(1) 2016(1)
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Apax
Europe
VI
EURm 1,148 - (255) 14 907 1%
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Apax
Europe
VII
EURm 5,569 - (849) (1) 4,719 0%
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Apax
VIII
EURm 2,833 - (76) 42 2,799 1%
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Apax
VIII
$m 3,698 - (110) 101 3,689 3%
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
AMI
$m 83 - (7) (3) 73 -4%
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Apax
IX EUR
EURm - - - (13) (13) NM(3)
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Apax
IX USD
$m - - - (42) (42) NM(3)
-------- ---------- -------- ------------------------------ ------------------------------ ----------------------------- --------------
Notes:
1. Where relevant, the Valuations are expressed net of any
estimated carried interest payable should the funds hypothetically
be liquidated as at 30 June or 30 September 2016.
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. NM as Apax IX EUR and Apax IX USD have drawn down on the
capital call facility as a bridge to the first capital call for
fund costs and investments in the fund.
Contact details
Investor Relations
Sarah Wojcik
Telephone: +44 (0)20 7872 6300
Email: investor.relations@apaxglobalalpha.com
Media enquiries (Apax Global Alpha Limited)
Georgiana Brunner/Matthew Goodman/Annabel Clay, Greenbrook Communications
Telephone: +44 (0)20 7952 2000
Email: aga@greenbrookpr.com
Media enquiries (Apax Partners LLP)
Alex Wessendorff
Telephone: +44 (0)20 7872 6461
Email: alex.wessendorff@apax.com
Company Secretary
Matt Horton/Jacques Colley, Aztec Group
Telephone: +44 (0)1481 749 700
Email: AGA-Admin@aztecgroup.co.uk
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment
scheme incorporated as a non-cellular company that listed on the
London Stock Exchange on 15 June 2015. It is regulated by the
Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital
appreciation from its investment portfolio and regular dividends.
The Company is targeting an annualised Total Return, 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, investment opportunities, cashflow 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 EUR40
billion in aggregate as at 30 September 2016. Funds advised by Apax
Partners invest in companies across four global sectors of Tech
& Telco, 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 is authorised and regulated by the Financial
Conduct Authority in the UK.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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