TIDMAPAX
RNS Number : 3505V
Apax Global Alpha Limited
05 April 2019
(LSE: APAX)
Apax Global Alpha Limited
Apax Funds' Valuations as at 31 March 2019
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 it has received the Apax Funds'
valuations as at 31 March 2019. 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 March 2019 (which may differ to those shown in the table
below due to the various holding structures through which AGA
invests) will be included in AGA's Q1 2019 results, which will be
released on 8 May 2019.
Valuations for the Apax Funds to which AGA has an exposure to,
have reported the following movements for the period from 31
December 2018 to 31 March 2019:
Valuation Capital (Distributions) Unrealised Valuation Like-for-like
at 31 December Calls Gain / at 31 March % change(2)
2018(1) (Loss) 2019(1)
---------------- -------- ---------------- ----------- -------------
Apax Europe
VI EURm 650 - - 36 686 6%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
Apax Europe
VII EURm 2,014 - - 18 2,032 1%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
Apax VIII EURm 2,698 - - 303 3,001 11%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
Apax VIII $m 3,761 - - 326 4,087 9%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
AMI $m 391 2 (11) (1) 381 0%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
Apax IX EUR
EURm 1,157 21 - 224 1,402 19%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
Apax IX USD
$m 3,624 69 - 587 4,280 16%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
Apax Digital
$m 92 47 - 14 153 10%
---------------- ---------------- -------- ---------------- ----------- ------------- --------------
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. Where relevant, the valuations are expressed net of any
estimated carried interest payable should the funds hypothetically
be liquidated as at 31 December 2018 or 31 March 2019
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
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.
Over its more than 40-year history, Apax Partners has raised and
advised funds with aggregate commitments of c.EUR40 billion as at
31 March 2019. The Apax Funds 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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