TIDMAPAX
RNS Number : 6890T
Apax Global Alpha Limited
22 July 2020
(LSE: APAX)
Apax Global Alpha Limited
Apax Funds' Valuations as at 30 June 2020
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 certain
Private Equity funds (the "Apax Funds") advised by Apax Partners
LLP.
AGA has received the Apax Funds' valuations as at 30 June 2020
which 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 June 2020 (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 2020 Half Year Results, being released on
25 August 2020.
Valuations for the Apax Funds to which AGA has an exposure, have
reported the following movements for the period from 31 March 2020
to 30 June 2020:
Valuation Capital (Distributions) Unrealised Valuation Like-for-like
at 31.03.20(1) Calls Gain / at 30.06.20(1) % change(2)
(Loss)
---------------- -------- ---------------- ----------- ----------------
Apax X EUR
EURm (31) - - 5 (26) NM(3)
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax X USD
$m (116) - - 41 (75) NM(3)
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax IX EUR
EURm 2,539 - - 446 2,985 18%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax IX USD
$m 7,720 - - 1,493 9,213 19%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax VIII EURm 1,786 - (102) 292 1,976 16%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax VIII $m 2,354 - (136) 475 2,693 20%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax Europe
VII EURm 79 - - 28 107 35%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax Europe
VI EURm 668 - (121) 50 597 7%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Apax Digital
$m 271 187 - 110 568 24%
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
AMI $m 478 - - (57) 421 (12%)
---------------- ---------------- -------- ---------------- ----------- ---------------- --------------
Contact details
Lorraine Rees
Investor Relations - AGA
Telephone: +44 (0)207 872 6381
Email: lorraine.rees@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 March 2020 and 30 June 2020 respectively
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 meaningful ("NM") as Apax X EUR and Apax X 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
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. 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 LLP ("Apax Partners") is a leading global private
equity advisory firm and over its more than 40-year history, Apax
Partners has raised and advised funds with aggregate commitments of
over EUR40 billion. 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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