LONDON (Alliance News) - Apax Global Alpha Ltd, a London-listed private equity fund managed by Apax Guernsey Managers Ltd, which is in turn advised by Apax Partners LLP, on Wednesday reported an increase in net assets.
Apax Global Alpha raised GBP218.2 million in its initial public offering in June, when it joined the exchange with a GBP585.4 million market capitalisation. It is chaired by Tim Breedon, the former chief executive of Legal & General Group PLC, who is currently a non-executive director at Barclays PLC.
Its adjusted net asset value, excluding performance fee reserves, increased by EUR65.0 million pro forma to EUR877.9 million in the six months ended June 30 due to investment performance, equivalent to a like-for-like increase of 8.0%.
Its invested portfolio had a gross internal rate of return of 35.6% in the six months, outperforming its benchmarks by 29.2% in the period.
"We are actively identifying new opportunities to invest or commit the net proceeds from the IPO within the 6-12 months post-listing. While the general pricing environment remains elevated, the Apax Private Equity funds are finding good value opportunities, particularly in Europe. In North America and the Emerging Markets, they continue to be focused on under-appreciated niches.
"At the same time, AGA continues to see good flow in Derived Investments and we have identified a number of attractive investment opportunities where we can exploit market inefficiencies as they arise," Nico Hansen, CIO of Apax Partners, said in a statement.
Breedon added: "The investment manager acknowledges the fact that the markets are currently in a historically rich valuation context but at the same time remains excited about the current pipeline and will continue to apply the necessary discipline in assessing good value opportunities. Hence, AGA intends to fully invest or commit the net proceeds of the IPO in accordance with its investment policy within twelve months of its listing on the London Stock Exchange and to remain substantially fully invested or committed thereafter."
"On the exit side, the investment manager also believes that the environment will remain supportive and therefore expects further monetisation opportunities to be explored in the second half of the year," Breedon said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Apax Global Alpha (APAX)