Last checked at 
LONDON (Alliance News) - Apax Global Alpha Ltd, the London-listed vehicle offering access to investments made by private equity firm Apax Partners LLP, on Tuesday said it will look to exploit "value opportunities" in the wake of a tough start to 2016 for financial markets.
"Markets offer interesting investment opportunities for Apax Global Alpha following recent corrections and the ability of Apax Global Alpha to exploit opportunities across different sectors, geographies, and asset classes is predestined to benefit from a continuation of the more volatile market environment," Ralf Gruss, chief operating officer of Apax Partners, said in a statement.
Net asset value, adjusted to exclude performance fee reserves, rose by EUR110.7 million to EUR923.6 million on December 31, 2015, Apax Global Alpha said in its first set of accounts since going public, citing investment performance, equivalent to a total return of 13.6%. Its adjusted NAV per share was EUR1.88, equivalent to GBP1.38, at the end of 2015, up from EUR1.66 on a pro-forma basis one year earlier.
Apax Global Alpha said it will pay a first semi-annual dividend of 3.69 pence per share.
The fund had invested 98% of the proceeds of its initial public offering by the end of 2015, and had a cash balance of EUR22.9 million at the end of that year. Its portfolio is split into private equity and derived investments (debt and equities). There was a bias towards private equity, which accounted for 52% of investments at the end of 2015. Geographically, 57% of the portfolio was invested in North America.
Chaired by Tim Breedon, a non-executive director at Barclays PLC and the former chief executive of Legal & General Group PLC, Apax Global Alpha joined the London Stock Exchange in June 2015. Its IPO raised GBP218.2 million, then the equivalent of EUR300.0 million, at 119.2 pence per share. The stock was up 3.4% at 114.98p on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.