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(Alliance News) - Apax Global Alpha Ltd on Thursday said a firm within the portfolio had hurt its performance in the first quarter, after shareholders rejected a proposed wind-up of the company on Wednesday.
As at March 31, the London-based investment trust said net asset value per share was EUR2.55, up 17% from EUR2.18 at the end of 2023's first quarter.
Total NAV return for the quarter was negative 0.5%, with the performance impacted by "negative developments in one of the private equity portfolio companies in the quarter", Apax said.
Total adjusted NAV reached EUR1.25 billion at the end of the quarter, down from EUR1.29 billion a year prior.
A solid operating performance across the private equity portfolio over the past 12 months led to earnings before interest, tax, depreciation and amortisation growth of 18%, unchanged from the same period last year.
Ralf Gruss, a member of Apax's investment committee, said: "While Q1 performance was negatively impacted by developments in one of the private equity portfolio companies, we believe AGA's overall portfolio remains in good shape, offering solid value growth for shareholders. We are seeing continued momentum with several new private equity investments since the beginning of the year and there is a good pipeline of both new investments and exits."
At its annual general meeting, held on Wednesday, shareholders rejected a resolution concerning a proposed wind-up of the company.
250.2 million votes, representing 89%, were cast against resolution 14, which suggested "that the company be wound-up, liquidated, reconstructed or unitised, and that...the directors of the company put forward proposals to conduct an orderly winding up, liquidation, reconstruction or unitisation of the company."
All other resolutions were duly passed.
Shares in Apax were down 0.1% at 144.00 pence each in London on Thursday.
By Hugh Cameron, Alliance News reporter
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