(Alliance News) - Apax Global Alpha Ltd on Wednesday reported a higher total return for its third quarter after a robust performance from its private equity portfolio.
The company, which invests in private equity and derived investments, reported a total net asset value return of 4.9% for the three months ended September 30. This compared to a 1.8% total return in the same period of 2018.
Of the 4.9% total NAV return, 3.1% came from private equity, 0.6% from derived debt, and 2.3% from foreign exchange. Derived equity deducted 0.6% from total NAV return, while costs & other movements deducted 0.3% and performance fee adjustment subtracted a further 0.2%.
The past 12 months total return to September 30 was 18%, which Apax Global Alpha attributed to the robust performance of its private equity portfolio and gains on foreign exchange. In 2018, the 12 month figure for total NAV return to September 30 was 12%.
The investor's adjusted net asset value was EUR1.06 billion, up from EUR1.03 billion on June 30 and EUR937.3 million year-on-year. Adjusted NAV excludes Apax Global Alpha's EUR4.6 million performance fee reserve on September 30. Adjusted NAV per share was EUR2.15, rising from EUR1.91 a year before and from EUR2.10 at the end of June.
Apax Partners Chief Operating Officer Ralf Gruss said: "The results for the September quarter reflect the continued momentum of [Apax Global Alpha] seen throughout the year. Excellent performance in private equity reflects mainly value creation from the Apax VIII and Apax IX fund portfolio companies. Returns from derived debt were strong, and weighting of derived equity in the portfolio was further reduced."
Shares in Apax Global Alphas were down 1.3% at 164.80 pence in London on Wednesday morning.
By Anna Farley; annafarley@alliancenews.com
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Apax Global Alpha (APAX)