TIDMAPAX
RNS Number : 5538G
Apax Global Alpha Limited
07 November 2018
(LSE: APAX)
Apax Global Alpha Limited
Quarterly results for the period ended 30 September 2018
For further information regarding the announcement of AGA's 2018
third quarter results, including the details for today's analyst
and investor webcast at 9.30am (UK time), please visit
www.apaxglobalalpha.com.
Key highlights
-- 3Q18 Total NAV Return(1) was +1.8% (+1.9% constant currency).
LTM(2) Total NAV Return was +11.6% (+11.9% constant currency)(3) ,
reflecting strong performance of the Private Equity portfolio
-- 3Q18 Adjusted NAV(4) decreased by EUR6.6m to EUR937.3m
reflecting the first semi-annual dividend paid in respect of 2018
of EUR23.7m
-- Adjusted NAV per share of EUR1.91 (GBP1.70), compared to EUR1.92 (GBP1.70), at 30 June 2018
Outstanding commitments and funding sources
-- AGA was 102% invested with a net cash balance of -EUR14.1m as
the facility was drawn by EUR17.3m at the end of the period
-- Outstanding commitments to the Apax Funds (together with
recallable distributions) amounted to EUR278.4m (30% of NAV) with
funding sources of EUR438m (47% of NAV) which comprises EUR314.8m
of Derived Investments and EUR123.6m related to undrawn facility,
net cash and net current assets
3Q18 performance highlights
-- The Invested Portfolio(5) delivered a Total NAV Return of
+1.8%, Private Equity contributed +3.5%, Derived Investments
contributed -1.6%, and FX had an impact of -0.1%
-- Derived Debt contributed +0.1% and Derived Equity -1.7% to Total NAV Return
-- Aggregate Gross IRR(6) and Gross MOIC(6) on full exits
(GlobalLogic and Azelis) was 53.7% and 4.5x
-- Gross IRR(7) and Gross MOIC(7) on Derived Debt exits was 9.9%
was 1.2x. There were no realisations from the Derived Equity
portfolio
Ralf Gruss, COO of Apax Partners, said:
"These are encouraging results that demonstrate the performance
potential of AGA. The strong operational momentum of the Private
Equity portfolio is translating into value accretion of the
Invested Portfolio. A maturing Private Equity portfolio also
continues to create lucrative exit opportunities."
Adjusted NAV(4) Private Derived Cash Facility Other 3Q18 9M18 LTM
movements Equity Investments drawn Total Total Total
EURm EURm EURm EURm EURm EURm EURm EURm
-------- ------------- ------- --------- ------- ------- -------
Adjusted NAV at
30 June 2018 638.1 341.8 16.9 (39.9) (13.0) 943.9 912.4 881.9
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+ Investments 0.9 33.7 (37.5) - 2.9 - - -
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
- Divestments (33.8) (40.5) 66.8 - 7.5 - - -
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+ Interest and dividend
income - - 5.5 - 0.1 5.6 15.2 21.5
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+/- Unrealised gains/(losses) 33.2 (16.4) - - - 16.8 56.0 77.0
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+/- Realised gains/(losses) - (3.9) - - - (3.9) 1.9 20.3
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+/- FX gains/(losses)(8) (0.3) (0.7) - - - (1.0) 5.5 (3.1)
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+/- Costs and other
movements - - (2.2) - 0.2 (2.0) (6.9) (9.5)
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
- Dividends paid - (23.7) - - (23.7) (46.6) (46.6)
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+/- Performance
fee reserve 0.8 0.8 - - - 1.6 (0.2) (4.2)
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
+/- Revolving credit
facility
drawn/repaid - - (22.6) 22.6 - - - -
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
Adjusted NAV at
30 September 2018 638.9 314.8 3.2 (17.3) (2.3) 937.3 937.3 937.3
------------------------------- -------- ------------- ------- --------- ------- ------- ------- -------
Private Equity portfolio highlights
-- The Apax Funds returned EUR33.8m to AGA, mainly from the sale of GlobalLogic
-- Unrealised gains were EUR33.2m and adverse FX movements were EUR0.3m
-- In Q3, Apax IX completed two new deals (Genius Sports and
Authority Brands) amounting to EUR16.6m
-- In Q3, aggregate Gross IRR(6) and Gross MOIC(6) on full exits
(GlobalLogic and Azelis) was 53.7% and 4.5x
-- Over the past twelve months, EUR79.9m was invested and
EUR74.2m was realised from the Private Equity portfolio
-- FX exposure of c.45% in US dollar denominated investments
-- Sector exposure spread across all Apax Partners' focus
industries. Tech & Telco and Services were the most heavily
weighted sectors, accounting for 32% and 31% of the Invested
Portfolio
-- Geographic exposure evenly spread between North America and
Europe, representing 41% and 41% of the Invested Portfolio
-- Private Equity portfolio is maturing with 87% of Private
Equity investments from 2014-2017 vintage
Private Equity - operational metrics 30 September 2018 30 June 2018
-----------------
Portfolio year-over-year LTM revenue growth(9) 14.2% 13.6%
================================================ ================= ============
Portfolio year-over-year LTM EBITDA growth(9) 15.6% 17.5%
================================================ ================= ============
Enterprise Value / EBITDA valuation multiple(9) 15.8x 14.8x
================================================ ================= ============
Net debt / EBITDA multiple(9) 4.7x 4.5x
================================================ ================= ============
Number of new investments in the quarter(10) 2 4
================================================ ================= ============
Number of exits in the quarter(11) 1 0
------------------------------------------------ ----------------- ------------
Derived Investments portfolio highlights
-- Realised losses were EUR3.9m, unrealised losses were
EUR16.4m, income of EUR5.6m, offset by adverse FX movements of
EUR0.7m
-- In Q3, AGA completed two new investments in debt (Alexander
Mann and Veritext), one new equity investment (Lonza) and two
add-on investments in equity (Mitie and Just Group), amounting to
EUR33.7m
-- In Q3, AGA fully exited four debt investments generating
proceeds of EUR40.5m. There were no equity exits
-- Gross IRR on Derived Debt exits was 9.9%(7) and Gross MOIC was 1.2x(7)
-- Over the past twelve months, EUR208.3m was invested and
EUR236.5m was realised from the Derived Investments portfolio
-- FX exposure of c.56% in US dollar denominated investments
-- Sector exposure spread across all Apax Partners' focus
industries. Services were the most heavily weighted sector,
accounting for 37% of the Invested Portfolio
-- Geographic bias towards North America representing 49% of the Invested Portfolio
-- Portfolio split between Derived Debt and Derived Equity was 50% and 50% respectively
Derived Investments - operational metrics 30 September 2018 30 June 2018
-----------------
Debt year-over-year LTM EBITDA growth(12) 16.8% 15.4%
=============================================== ================= ============
Debt average income yield to maturity(12) 12.8% 12.3%
=============================================== ================= ============
Debt average years to maturity 6.3 6.1
=============================================== ================= ============
Debt average income yield(13) 12.1% 11.8%
=============================================== ================= ============
Equity year-over-year LTM earnings growth(14) 17.7% 16.1%
=============================================== ================= ============
Equity price-to-earnings ratio(14) 18.1x 23.5x
Number of investments in the quarter(15) 5 9
Number of full exits in the quarter(16) 4 3
----------------------------------------------- ----------------- ------------
Other Invested Portfolio highlights
-- Exposures remained skewed towards Private Equity at 67% and Derived Investments of 33%
-- FX exposure c.48% in US dollar denominated investments
Invested Portfolio analysis(6) EURm EURm % %
----- ----- ----
Private Equity 638.9 67%
=============================== ===== ===== ==== ====
* AMI 16.8 2%
=============================== ===== ===== ==== ====
* AEVI 5.9 1%
=============================== ===== ===== ==== ====
* AEVII 60.5 5%
=============================== ===== ===== ==== ====
* AVIII 393.9 40%
=============================== ===== ===== ==== ====
* AIX 161.1 18%
=============================== ===== ===== ==== ====
* ADF 0.7 1%
=============================== ===== ===== ==== ====
Derived Investments 317.1 33%
=============================== ===== ===== ==== ====
* Derived Debt 158.1 16%
=============================== ===== ===== ==== ====
* Derived Equity 159.0 17%
=============================== ===== ===== ==== ====
Total 956.0 956.0 100% 100%
------------------------------- ----- ----- ---- ----
Sector mix EURm Invested Portfolio(5) Private Derived Investments
% Equity %
%
----- --------------------- -------
Tech & Telco 28% 32% 20%
============= ===== ===================== ======= ===================
Services 33% 31% 37%
============= ===== ===================== ======= ===================
Healthcare 23% 21% 28%
============= ===== ===================== ======= ===================
Consumer 14% 15% 14%
============= ===== ===================== ======= ===================
Digital 1% 1% 0%
============= ===== ===================== ======= ===================
Other 1% 0% 1%
============= ===== ===================== ======= ===================
Total 956.0 100% 100% 100%
------------- ----- --------------------- ------- -------------------
Geographic analysis EURm Invested Portfolio(5) Private Derived Investments
% Equity %
%
----- --------------------- -------
North America 44% 41% 49%
==================== ===== ===================== ======= ===================
Europe 34% 41% 18%
==================== ===== ===================== ======= ===================
United Kingdom 10% 6% 17%
==================== ===== ===================== ======= ===================
Israel 3% 5% 0%
==================== ===== ===================== ======= ===================
India 5% 4% 9%
==================== ===== ===================== ======= ===================
China 3% 2% 7%
==================== ===== ===================== ======= ===================
Rest of World 1% 1% 0%
==================== ===== ===================== ======= ===================
Total 956.0 100% 100% 100%
-------------------- ----- --------------------- ------- -------------------
Summary of top 30 investments in Private Equity and Derived Investments Valuation NAV
EURm %
--------------
Top 30 Private Equity portfolio (look-through basis) - AGA's indirect exposure
=============================================================================== ============== ====
Azelis 72.3 8%
=============================================================================== ============== ====
AssuredPartners 64.1 7%
=============================================================================== ============== ====
Exact Software 50.3 5%
=============================================================================== ============== ====
Unilabs 34.9 4%
=============================================================================== ============== ====
Idealista 34.8 4%
=============================================================================== ============== ====
ThoughtWorks 34.7 4%
=============================================================================== ============== ====
Engineering 30.8 3%
=============================================================================== ============== ====
Acelity 29.9 3%
=============================================================================== ============== ====
Vyaire Medical 27.5 3%
=============================================================================== ============== ====
EVRY 31.6 3%
=============================================================================== ============== ====
Neuraxpharm Group 25.6 3%
=============================================================================== ============== ====
Cole Haan 25.0 3%
=============================================================================== ============== ====
Duck Creek Technologies 25.0 3%
=============================================================================== ============== ====
Wehkamp 20.2 2%
=============================================================================== ============== ====
Quality Distribution 19.1 2%
=============================================================================== ============== ====
MATCHESFASHION.COM 18.6 2%
=============================================================================== ============== ====
Safetykleen 16.9 2%
=============================================================================== ============== ====
Candela 14.8 2%
=============================================================================== ============== ====
ECi Software Solutions 12.3 1%
=============================================================================== ============== ====
Zensar Technologies 10.1 1%
=============================================================================== ============== ====
Tosca Services 9.8 1%
=============================================================================== ============== ====
Shriram City Union 9.6 1%
=============================================================================== ============== ====
Genius Sports Group 9.4 1%
=============================================================================== ============== ====
Tivit 7.7 1%
=============================================================================== ============== ====
Guotai Junan Securities 8.2 1%
=============================================================================== ============== ====
Healthium 7.8 1%
=============================================================================== ============== ====
Boats Group 7.5 1%
=============================================================================== ============== ====
Authority Brands 7.0 1%
=============================================================================== ============== ====
One Call 6.9 0%
=============================================================================== ============== ====
Psagot 6.8 0%
=============================================================================== ============== ====
Other (Other investments, carried interest, facility & non-currrent assets) (40.3) (5%)
=============================================================================== ============== ====
Total Private Equity 638.9 68%
=============================================================================== ============== ====
Derived Investments portfolio
=============================================================================== ============== ====
Syncsort 21.6 2%
=============================================================================== ============== ====
KRKA 19.3 2%
=============================================================================== ============== ====
Quality Distribution 17.3 2%
=============================================================================== ============== ====
Vyaire Medical 16.7 2%
=============================================================================== ============== ====
Greencore 15.2 2%
=============================================================================== ============== ====
Sinopharm 15.0 2%
=============================================================================== ============== ====
PowerSchool 13.1 1%
=============================================================================== ============== ====
ECi Software Solutions 13.0 1%
=============================================================================== ============== ====
Sophos 13.0 1%
=============================================================================== ============== ====
Civitas Solutions 12.7 1%
=============================================================================== ============== ====
Alexander Mann Solutions 12.4 1%
=============================================================================== ============== ====
Just Group 10.4 1%
=============================================================================== ============== ====
Lonza 9.9 1%
=============================================================================== ============== ====
Safetykleen 9.8 1%
=============================================================================== ============== ====
Legal Zoom 8.8 1%
=============================================================================== ============== ====
PDC Brands 8.8 1%
=============================================================================== ============== ====
LegalShield 8.7 1%
=============================================================================== ============== ====
Development Credit Bank 8.2 1%
=============================================================================== ============== ====
OVS 8.2 1%
=============================================================================== ============== ====
Mitie 7.8 1%
=============================================================================== ============== ====
Vipshop 6.9 1%
=============================================================================== ============== ====
Answers 6.9 1%
=============================================================================== ============== ====
Boats Group 6.9 1%
=============================================================================== ============== ====
Repco Home Finance 6.8 1%
=============================================================================== ============== ====
Strides Shasun 6.8 1%
=============================================================================== ============== ====
Genex 6.5 1%
=============================================================================== ============== ====
Veritext 4.4 1%
=============================================================================== ============== ====
Can Fin Homes 4.3 0%
=============================================================================== ============== ====
EVRY 4.1 0%
=============================================================================== ============== ====
FullBeauty 3.8 0%
=============================================================================== ============== ====
Other investments 9.8 1%
=============================================================================== ============== ====
Total Derived Investments 317.1 34%
=============================================================================== ============== ====
Total Investments 956.0 102%
=============================================================================== ============== ====
Cash 3.2 0%
=============================================================================== ============== ====
Revolving credit facility drawn (17.3) 0%
=============================================================================== ============== ====
Net current assets (2.2) (2%)
=============================================================================== ============== ====
Total NAV 939.7 100%
=============================================================================== ============== ====
Performance fee reserve (2.4)
=============================================================================== ============== ====
Total Adjusted NAV 937.3
------------------------------------------------------------------------------- -------------- ----
For more information, the Company's quarterly results
presentation is available to view at: www.apaxglobalalpha.com
Apax Funds valuations as at 30 September 2018
AGA is pleased to announce it has received the Apax Funds'
valuations as at 30 September 2018. 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 2018 are set out in AGA's 3Q 2018 quarterly
results. These differ to those shown in the table below due to the
various holding structures through which AGA invests.
Valuations for the Apax Funds to which AGA has an exposure to,
have reported the following movements for the period from 30 June
2018 to 30 September 2018:
Valuation Capital (Distributions) Unrealised Valuation Like-for-like
at 30 June Calls Gain / at 30 September % change(18)
2018(17) (Loss) 2018(17)
------------ -------- ---------------- ----------- -----------------
Apax Europe
VI EURm 773 - - (44) 729 (6%)
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Apax Europe
VII EURm 2,358 - - (106) 2,252 (4%)
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Apax VIII EURm 3,266 - (307) 141 3,100 4%
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Apax VIII $m 4,559 - (363) 170 4,366 4%
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
AMI $m 330 - - (2) 328 (1%)
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Apax IX EUR
EURm 1,041 - - 120 1,161 12%
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Apax IX USD
$m 3,337 - - 352 3,689 11%
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Apax Digital
$m (24) - - 43 19 NM(19)
---------------- ------------ -------- ---------------- ----------- ----------------- --------------
Contact details
Investor enquiries Media enquiries
Sarah Wojcik Andrew Kenny
IR Manager - AGA Head of Communications
Telephone: +44 (0)20 7666 6573 Telephone: +44 (0) 20 7872 6371
Email: sarah.wojcik@apax.com Email: andrew.kenny@apax.com
Footnotes
1. Total NAV Return means the movement in the Adjusted NAV per
share over the period plus any dividends paid. Total Return
reflects the sub-portfolio performance on a stand-alone basis. It
excludes items at overall AGA level such as cash, management fees
and costs
2. LTM = Last Twelve Months to 30 September 2018
3. Total NAV Return in the nine months to September 2018 was +7.8% (+7.2% constant currency)
4. Adjusted NAV represents NAV of EUR939.7m adjusted for the
performance fee reserve of EUR2.4m at 30 September 2018
5. Invested Portfolio excludes cash and cash equivalents,
revolving credit facility drawn and net current assets; including
these, the NAV is EUR939.7m. Adjusted NAV excludes the performance
fee reserve of EUR2.4m and is EUR937.3m at 30 September 2018
6. Gross IRR and Gross MOIC on full exits calculated based on
the aggregate cash flows in euro across all funds for the realised
deal in GlobalLogic which closed in August 2018 and Azelis which is
expected to close in November 2018. Gross IRR represents concurrent
Gross IRR
7. Gross IRR and Gross MOIC calculated based on aggregate euro
cash flows since inception of deals realised during the period
8. FX on cash includes the revaluation of cash balances and net
losses arising from the differences in exchange rates between
transaction dates and settlement dates, and unrealised net losses
arising from the translation into euro of assets and liabilities
(other than investments) which are not denominated in euro
9. At December 2017 and June 2018 nine and twelve investments
were respectively excluded as these are financial services
companies often valued on book value or for which earnings
financials are not available e.g. complex carve-outs or growth
investments. The increase was due to new portfolio additions
10. New closed investments in the first nine months of 2018
11. Represents closed exits in the first nine months of 2018
12. Gross Asset Value weighted average of the respective metric
across the Derived Investments Debt portfolio
13. Gross Asset Value weighted average of the current full year
income (annual coupon/clean price as at the respective date) for
each debt position in the Derived Debt portfolio as at the
respective date
14. Gross Asset Value weighted average of the respective metric
across the Derived Investments Equity portfolio. (Cengage, Answers,
Solara and Rue21 excluded from both LTM earnings growth and P/E
ratio; additionally Mitie was excluded from LTM earnings growth. In
prior period, Solara was included in Strides pharma science
following its demerger in 2Q18
15. There were two new investments in Derived Debt (Alexander
Mann and Veritext), whereas there was one new Derived Equity
investment (Lonza) and two Derived Equity add-on positions (Mitie
and Just Group)
16. Four debt realisations comprise of two debt positions that
were called (Aptos and Vertafore) and two positions that were fully
exited (Advantage Sales & Marketing and Rentpath). There were
no equity realisations in 3Q18
17. Where relevant, the valuations are expressed net of any
estimated carried interest payable should the funds hypothetically
be liquidated as at 30 June 2018 or 30 September 2018
18. 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
19. Not Meaningful as Apax Digital has drawn down on the capital
call facility as a bridge to the first capital call for fund costs
and investments in the fund
Notes
1. 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"
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations (EU)
NO. 596/2014 ("MAR")
3. This announcement is 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
4. The information presented herein is not an offer for sale
within the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and will not
be registered under the US Investment Company Act of 1940, as
amended (the "Investment Company Act"). In addition, AGA's shares
(the "Shares") have not been and will not be registered under the
Securities Act or any other applicable law of the United States.
Consequently, the Shares may not be offered or sold or otherwise
transferred within the United States, or to, or for the account or
benefit of, US Persons, except pursuant to an exemption from the
registration requirements of the Securities Act and under
circumstances which will not require AGA to register under the
Investment Company Act. No public offering of the Shares is being
made in the United States
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate", "aim",
"forecast", "project" and similar expressions (or their negative)
identify certain of these forward-looking statements. These
forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among other
things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and the
environment in which AGA will operate in the future.
Forward-looking statements involve inherent known and unknown
risks, uncertainties and contingencies because they relate to
events and depend on circumstances that may or may not occur in the
future and may cause the actual results, performance or
achievements of AGA to be materially different from those expressed
or implied by such forward looking statements. Many of these risks
and uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of
regulators and other factors such as AGA's ability to continue
to obtain financing to meet its liquidity needs, changes in the
political, social and regulatory framework in which AGA operates or
in economic or technological trends or conditions. Past performance
should not be taken as an indication or guarantee of future
results, and no representation or warranty, express or implied, is
made regarding future performance. AGA expressly disclaims any
obligation or undertaking to release any updates or revisions to
these forward-looking statements to reflect any change in AGA's
expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based after
the date of this announcement, or to update or to keep current any
other information contained in this announcement. Accordingly,
undue reliance should not be placed on the forward-looking
statements, which speak only as of the date of this
announcement
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.
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, 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
and over its more than 35-year history, Apax Partners has raised
and advised funds with aggregate commitments of over EUR43 billion
as at 30 September 2018. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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