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LONDON (Alliance News) - Investment firm Apax Global Alpha Ltd on Thursday reported a small drop in its net asset value per share for the first quarter as a strong euro overshadowed a good performance.
Apax's adjusted net asset value per share was GBP1.58 at the end of March compared to GBP1.65 at the end of 2017. Its net asset value total return was a negative 0.7% at reported currency but a positive 1.0% at constant currency.
Its total net asset value fell to EUR883.3 million from EUR912.4 million. The fall, Apax said, was due to a second dividend paid for 2017 as well as a EUR14.8 million foreign exchange hit.
Apax Partners Chief Operating Officer Ralf Gruss said: "Performance in the first quarter was positive on a constant currency basis however overshadowed by the continuing strengthening of the euro against the US dollar and the backdrop of volatile markets.
"AGA's private equity portfolio continues to demonstrate strong operational performance. Derived investments continued to have a steady flow of derived debt income and the derived equity portfolio outperformed broader market indices."
Shares were down 0.2% on Thursday at 139.50 pence each.