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(Alliance News) - Apax Global Alpha Ltd on Thursday posted a first-half net asset value hike and raised its payout.
The company, which invests in a portfolio of private equity funds, said its net asset value rose 15% to EUR1.38 billion on June 30, from EUR1.20 billion at the end of December. NAV per share increased to EUR2.82 from EUR2.45.
Shares in Apax Global were 0.5% lower at 219.00 pence each in London on Thursday morning.
Its total net asset value return amounted to 17%, trending ahead of its 12% to 15% annualised target.
"The first half of 2021 continued to be dominated by the Covid-19 pandemic, with the emergence of new variants posing a new cause for concern. The successful rollout of effective vaccines in many developed countries has however brought a new sense of optimism, positively impacting consumer sentiment as many governments have gradually relaxed measures designed to slow the spread of the virus, thus allowing economies to re-open. Growth has rebounded and economic activity is starting to return to pre-pandemic levels," the company said.
"The outlook is one of cautious optimism and uneven recovery, with growth prospects diverging across regions, countries, and sectors. Rising cost pressures may cause inflation to rise and, depending on the response of central banks, could have a negative impact on asset prices."
Apax Global lifted its interim payout by 23% to 5.97p from 4.87p a year earlier.
By Eric Cunha; ericcunha@alliancenews.com
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