(Alliance News) - Investment firm Apax Global Alpha Ltd on Friday said it has gotten an increase to its multi-currency revolving credit facility, while also saying its adjusted net asset value was largely unchanged in the first quarter of 2022.
The amended lending facility from Credit Suisse Group AG will increase to EUR250 million from EUR140 million, reflecting Apax's increased NAV and the greater proportion of its invested portfolio in private equity, with the margin remaining unchanged at 230 basis points over the risk-free rate for the currency drawn.
Apax Global Alpha is a closed-ended investment company that invests in a portfolio of private equity funds advised by private equity firm Apax Partners LLP.
For the period ended on March 31, AGA continued its strategy to invest in funds advised by Apax with a new USD60 million commitment to the Apax Global Impact fund.
Adjusted NAV was largely unchanged at EUR1.4 billion on March 31, including the dividend payment of EUR37.4 million paid during the quarter. Adjusted NAV per share was EUR2.90, down from EUR3.03 on December 31.
Apax Partners Chief Operating Officer Ralf Gruss said: "Against a backdrop of volatile markets and macro conditions impacted by inflationary pressures and geopolitical risks, the established Apax Funds strategy of creating alpha through business improvement, of investing in coveted sub-sectors of prior expertise, and of buying selectively is well suited to the period ahead.
"As a result, AGA's portfolio remains well positioned for continued strong performance and to generate further value for shareholders."
Apax Global Alpha shares were down 0.4% at 190.30 pence each on Friday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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Apax Global Alpha (APAX)