Apax Global sees off global volatility to report improved NAV

(Sharecast News) - Apax Global Alpha reported a 7% rise in total net asset return last year, as a solid performance in private equity helped offset volatile global equity markets.The firm said the 7.1% rise, or 5.4% increase at constancy currency rates, reflected the "strong operational performance" of its private equity portfolio and a "positive contribution from derived debt".Within the total NAV return, private equity was up 9.2%, derived investments were down -2.5%, foreign exchange was ahead 1.7% and costs and other movements were off -1.3%.As at 31 December, adjusted NAV was E930.8m, compared to E912.4m a year earlier, and the firm was 98% invested with a net cash balance of E17.3m.Ralf Gruss, chief operating officer of private equity firm Apax Partners, AGA's investment adviser, said: "AGA delivered positive returns in a year where most markets turned negative. The private equity portfolio had pleasing returns driven by the strong operational momentum in the portfolio companies and three lucrative exits."In derived investments, the quality of the derived debt portfolio allowed for outperformance against credit markets."Listed equity investments, however, disappointed and could not withstand market volatility."AGA is a closed-ended investment company that listed on the London Stock Exchange in 2015 and targets an annual total return of between 12% and 15%, net of fees and expenses. It invests in private equity via Apax Funds as well as in equities and debt.