Apax Global Alpha net asset value drops on health, retail investments

(Alliance News) - Apax Global Alpha Ltd said its net asset value fell in 2024, impacted by healthcare and retail investments.

Apax Global Alpha is a closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP.

Its total net asset value return was 0.8% during 2024, but fell 3.0% at constant currency.

The total return was impacted by the remaining healthcare investments, particularly the Vyvair writeoff, and retail investments.

On December 31, its NAV was EUR1.23 billion, down 4.7% from EUR1.29 billion at the end of 2023. NAV per share dropped 4.2% to EUR2.51 from EUR2.62.

The firm said movement in NAV was mainly driven by a decrease in the Private Equity portfolio NAV and EUR69 million returned to shareholders in dividends and share buybacks.

It said the three core sectors of Tech, Services and Internet/Consumer all had net positive contributions to NAV, which was also supported by foreign exchange movements as the US dollar strengthened against the euro.

Apax Global Alpha said portfolio companies have reported average last twelve months earnings before interest, tax, depreciation and amortisation growth of 14.1%, down from 16.% in 2023.

This decline is driven by the healthcare and retail investments and a slowdown in "consumer and cyclically exposed business" such as some tech services companies, Apax Global Alpha said.

Chair Karl Sternberg said: "Whilst recent challenges have impacted short-term returns, the board believes the Apax 'Hidden Gems' strategy is sound and notes that underlying portfolio company performance has remained encouraging with robust EBITDA growth. It is reassuring to see the higher investment activity levels and we are pleased to see the recent buyout investments are off to a good start.

"We will continue to maintain an open dialogue with our shareholders and other stakeholders as we strive towards a fairer recognition by the market of the full value of the Apax Funds portfolio."

Apax Global Alpha shares were up 0.2% to 135.60 pence in London on Tuesday morning.

By Michael Hennessey, Alliance News reporter

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