Apax Fund Valuations as at 30 September 2015

RNS Number : 7119C

Apax Global Alpha Limited

19 October 2015

 

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 any references in this announcement to Apax Global Alpha Limited have been abbreviated to "AGA" or "the Company". Any references to Apax Partners LLP have been abbreviated to "Apax Partners" or "the Investment Adviser".

FOR IMMEDIATE RELEASE

19 October 2015

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 Q3 2015 valuations to their limited partner investors today. These valuations are set out below on an individual fund level (net of relevant fees and carried interest estimates). AGA holds exposure 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 2015 (which may differ to those shown in the table below due to the various holding structures) will be included in AGA's Investment Manager's Q3 2015 market update, which is expected to be released on 4 November 2015.

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

	Valuation as at 30 June 20151	Capital Calls / (Distributions)	Unrealised Gain / (Loss)	Valuation as at 30 September 20151	Like for like % change2
Apax Europe VI €m	3,104	(471)	(109)	2,523	(4)%
Apax Europe VII €m	8,137	(1,032)	(57)	7,048	(1)%
Apax VIII €m	1,405	602	111	2,118	8%
Apax VIII $m	1,694	823	152	2,669	9%
AMI $m	(5)	0	(1)	(6) 3	(31)%

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 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 subtracted from the current valuation and any distributions during the period are added back.          
3. AMI NAV reflects investments currently valued at cost minus the value of the outstanding drawn facility and other costs incurred by the fund.

Contact details

Investor Relations
Lorraine Rees
Telephone:	[phone]
Email:	[e-mail]
Media enquiries (Apax Global Alpha Limited)
Alex Jones/Matthew Goodman, 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 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 30 September 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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