LONDON (Alliance News) - Apax Global Alpha Ltd said on Tuesday its net asset value rose 1.9% by the end of first half of 2018, compared to the end of 2017.
The London-listed private equity fund, reported net asset value as at June 30 at EUR947.8 million, up from EUR929.9 million as at the end of December, and ahead of the EUR920.4 million recorded for the same date the year before.
Apax's total NAV return was up 6.0%, or by 5.2% on a constant currency basis, helped by a strong performance from its private equity holdings.
The fund's Private Equity holdings returned 11% during the period, while Derived Debt saw a return of 0.6%; however Derived Investments saw a negative return of 0.6% and Derived Equity a negative 2.3%, due to weakness in emerging markets.
Apax declared an interim dividend of 4.33 pence per share, up 2.1% from 4.24p the prior year.
"In private equity, valuations remain high. Consequently the Investment Adviser will continue to focus on monetisation of existing investments. Credit markets may offer a better risk-reward profile than they have in the past couple of years, in light of higher rates and widening credit spreads. Investments in public equity will need to take into account greater market volatility arising from increased political and macroeconomic risks," said Chairman Tim Breedon.
Shares in Apax Global Alpha were up 0.3% at 136.60 pence on Tuesday.
Apax Global Alpha (APAX)