(Alliance News) - Apax Global Alpha Ltd on Thursday said it performed strongly in the third quarter of 2021 as net assets increased.
The investment company said total adjusted net asset value increased to EUR1.5 billion as at September 30 with adjusted NAV per share growing to EUR3.02 from EUR2.81 last year.
Apax said performance in its Private Equity unit was driven primarily by earnings growth in the portfolio and an increase in valuation multiples, mainly as a result of ThoughtWorks initial public offering on Nasdaq in mid-September.
The company also said it deployed EUR47 million on a look-through basis across three new private equity investments in the period.
"It has been another strong quarter, and we are pleased to see that AGA's investment strategy and sector focus have continued to deliver robust NAV performance," said Chief Operating Officer Ralf Gruss.
"In Private Equity, we have seen a number of transactions, primarily in the Tech sector. There continues to be a solid pipeline of deals and real momentum across the portfolio," added Gruss.
FTSE 250-listed Apax Global Alpha shares were trading 0.7% higher in London on Thursday morning at 220.42 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Apax Global Alpha (APAX)