Apax Global Alpha Makes Negative Total Return In First Quarter

LONDON (Alliance News) - Apax Global Alpha Ltd, the London-listed vehicle offering access to investments made by private equity firm Apax Partners LLP, on Wednesday said it made a negative total return in the first quarter, hit by a stronger euro.

The fund said it made a negative total return in the quarter to the end of March of 1.8%, with its adjusted net asset value declining to EUR883.6 million from EUR923.6 million a year earlier, after the payment of its dividend.

The group said its investment portfolio remains 52%-exposed to private equity and 48% to derived investments, with the services sector is strongest weighting and 59% of the invested portfolio in North America.

"AGA's performance has been resilient in a quarter characterised by considerable volatility in financial markets," said Apax Partners Chief Operating Officer Ralf Gruss.

Apax shares were down 0.1% to 124.2 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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