Apax Global Alpha Share News (APAX)

LONDON (Alliance News) - Apax Global Alpha Ltd said Tuesday it generated a "pleasing" 2.2% total return in 2017 despite its portfolio being held back by a stronger euro.

In 2017, total net asset value return was 2.2%. This was "significantly impacted" by the 12% strengthening of the euro to the US dollar over the period. On a constant currency basis, NAV total return stood at 10.2%.

NAV per share shrank to EUR1.86 at the end of 2017 compared to the EUR1.91 the year prior.

Apax Global Alpha declared a second interim dividend of 4.17 pence, up from the 4.13 pence paid the year prior.

Chief Operating Officer of Investment Manager Apax Partners Ralf Gruss said: "The performance for the year was pleasing despite being overshadowed by the weakness of the US dollar. AGA gained exposure to a number of new and exciting portfolio companies in Private Equity, while realising value in older vintages. The strategy to focus more on equities delivered impressive results in Derived Investments."

Apax Global Alpha Chairman Tim Breedon added: "AGA's strong underlying investment performance in 2017 was depressed by adverse currency movements. The portfolio remains well positioned to deliver future growth."

Shares in Apax Global were 3.2% lower at 136.00 pence on Tuesday.