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(Alliance News) - Apax Global Alpha Ltd on Wednesday posted a higher total return for the third quarter of 2020, with strong returns from its Private Equity portfolio and helpful sector selection.
The company, which investment in private equity and derived investments, reported a total net asset value positive return of 8.5% in the three months to September 30, compared to a return of 4.9% in the same period a year before.
It also was better than the negative return of 0.5% in the second quarter.
Of the NAV total return, there was a 12% contribution from Private Equity and 2.1% from Derived Debt. Only Derived Equity weighed on performance, falling by 2.4%.
Apax Global's adjusted net asset value at the end of September was EUR1.12 billion, up from EUR1.06 billion on both the same date the year before and on June 30.
During the period, Apax Global signed two private equity exits and two initial public offerings, at an average uplift of 63% to valuations at the end of June.
"Despite the challenging environment, we are pleased to see that AGA's investment strategy and sector focus have delivered continued strong NAV performance in the quarter. In the private equity portfolio, there were several successful realisations in the period as well as attractive new investments. Whilst the impact of further lockdown measures remains to be seen, AGA's private equity portfolio has proven to be resilient and is well positioned," said Ralf Gruss, chief operating officer of Apax Partners.
Shares in Apax Global Alpha were down 0.9% at 157.80 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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