(Sharecast News) - Apax Global Alpha said in an update on Friday that adjusted net asset value was largely unchanged at the end of the March quarter at €1.4bn (£1.2bn), down from €1.5bn at the end of 2021.
The FTSE 250 company said that included the dividend payment of €37.4m, or 6.36p per share, during the three months ended 31 March.
It said its Invested portfolio was weighted towards private equity at 72%, while derived investments made up 28%.
Operationally, Apax said that despite volatile markets, the portfolio proved "resilient" during the quarter with a total net asset value return of -1.7%, or -3.8% at constant currency.
Valuations in the period were primarily affected by weakness in listed investments within the private equity portfolio, following initial public offerings.
The board said transformation of the portfolio companies was "integral" to delivering strong operational performance, with last 12 months EBITDA growth and last 12 months revenue growth standing at 21.6% and 18.7%, respectively.
Deal activity in the period remained "strong", with the Apax Funds completing one full exit of Unilabs, and four new investments in Alcumus, YunZhangFang, T-Mobile and Ole Smokey.
Apax Global Alpha said it was continuing its strategy to invest in funds advised by Apax with a new $60m commitment to the Apax Global Impact fund in the period.
The board described its liquidity position as "healthy", comprising €146m available cash and an evergreen revolving credit facility of €140m, that remained undrawn.
It said the derived investments portfolio of €358m provided a further source of capital flexibility, and compared to total outstanding commitments to the Apax Funds, including recallable distributions, of €441m.
Since the period ended, Apax said it committed $40m to the AMI II fund, while its evergreen revolving credit facility was increased to €250m from €140m, in keeping with the higher net asset value and the greater proportion of private equity in the portfolio today than on inception, with the other key terms unchanged.
The facility was available for general corporate purposes, including short-term financing of investments such as the drawdown on commitments to Apax Funds.
"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," said Apax Partners chief operating officer Ralf Gruss.
"As a result, AGA's portfolio remains well positioned for continued strong performance and to generate further value for shareholders."
At 0934 BST, shares in Apax Global Alpha were down 0.36% at 190.3p.
Apax Global Alpha (APAX)