Apax Global Alpha Regulatory News (APAX)

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Total NAV Return1 of 9.9% in the quarter (8.3% constant currency).

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Total Adjusted NAV increased to c.€1.5bn with Adjusted NAV per share, growing from €2.81 (£2.41) to €3.02 (£2.59) in the three months to 30 September 2021.

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Performance in Private Equity driven primarily by earnings growth in the portfolio and an increase in multiples, mainly as a result of ThoughtWorks IPO in the quarter.

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Private Equity exits achieved at healthy uplifts2 of 56.9%.

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Strong investment pace in Private Equity, with AGA deploying c.€47m on a look through basis across three new Private Equity investments in the period.

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Distributions of c.€85m received from Private Equity, including proceeds from one full exit (TietoEvry), one partial exit (Wizeline) and two public listings (ThoughtWorks and Paycor) in the period.

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Five Derived Investments positions were realised in the quarter for a total of c. €70m, providing net realisations of c. €43m that can be used to meet future Private Equity calls.

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Liquidity position is healthy with available cash after net liabilities of €73m, and the evergreen revolving credit facility of €140m remaining undrawn. Derived Investments of c.€394m3 provide a further source of funding for AGA.

Q3 2021 (EUR)

Q3 2021 (GBP)

Adjusted NAV3

EUR 1,483m

GBP 1,274m

Adjusted NAV3 per share

EUR 3.02

GBP 2.59

NAV3 per share

EUR 3.03

GBP 2.61

Exposure

Q3 2021

Q3 2021constant currency

Total NAV Return1

9.9%

8.3%

Total Return1 - Private Equity

68%

13.6%

11.8%

Total Return1 - Derived Debt

23%

3.4%

1.5%

Total Return1 - Derived Equity

4%

6.5%

5.4%

Cash & Others

5%

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The Private Equity portfolio performed strongly in the quarter: Total Return1 of 13.6% (11.8% constant currency).

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Deal activity reflective of Apax's 'good to great' investment strategy and sub-sector expertise, focusing on companies where a significant re-rating opportunity exists based on business quality improvement.

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Aggregate Gross IRR4 and Gross MOIC4 on Private Equity exits in Q3 2021 were 73.6% and 6.5x respectively. Exits were achieved at an average uplift2 of 56.9%, reflecting the quality of the portfolio.

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On a look-through basis, AGA invested c.€47m5 in three new investments in Tech that closed during the period.

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Continued strong earnings growth and operating performance from the portfolio companies: LTM Revenue6 and EBITDA growth6 of 22% and 41% respectively across the Private Equity portfolio.

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LTM Enterprise Value/EBITDA valuations multiples increased to 23.5x from 18.0x in June 2021, primarily driven by the re-rating of ThoughtWorks achieved at IPO.

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The Apax Digital Fund II, to which AGA has made a commitment of $90m, closed at its $1.75bn hard cap in the period.

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Steady performance across the portfolio with Derived Investments achieving a Total Return1 of 3.8% (2.0% constant currency) in the quarter, driven by Derived Debt which makes up 87% of the Derived Investments portfolio.

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Continued focus on investments in lower risk first and second lien loans where there is a high degree of visibility on cash flow, and in target sub-sectors where Apax has unique insights gained from the Private Equity investment activity - c.€27m deployed across 4 new debt positions in Q3 2021.

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Five Derived Investments positions were realised during the quarter with net distributions of c. €43m. The realisations reflect AGA's strategy of creating liquidity from the Derived Investments portfolio to support capital calls from the Apax Private Equity funds.

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Strong operating performance from underlying Derived Debt portfolio companies: c.33% LTM EBITDA growth to 30 September 2021.

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Reflecting the increased share of first lien loans and the impact of lower base rates in the portfolio, the overall yield to maturity of the portfolio stands at 6.5% at 30 September 2021.

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No new investments in Derived Equity.

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Derived Debt delivered a Total Return1 of 3.4% (1.5% constant currency) and Derived Equity delivered Total Return1 of 6.5% (5.4% constant currency) in the quarter.

Adjusted NAV3 movements (€m)

Private Equity

Derived Investments

Cash

Treasury Shares

Facility drawn

Other

Q3 2021 Total

Adjusted NAV at 30.6.21

916.6

434.7

78.4

-

-

(49.4)

1,380.3

+ Investments

59.2

27.1

(122.1)

-

-

35.8

-

- Distributions/ divestments

(84.8)

(70.2)

154.7

-

-

0.3

-

+ Interest and dividend income

-

-

11.8

-

-

0.6

12.4

+/- Gains/(losses)

108.9

(2.8)

-

-

-

-

106.1

+/- FX gains/(losses)7

16.2

7.0

(0.4)

-

-

-

22.8

+/- Costs and other movements

-

-

(2.2)

-

-

0.1

(2.1)

 - Dividends paid

-

-

(34.4)

-

-

-

(34.4)

+/- Performance fee reserve

-

(2.1)

-

-

-

-

(2.1)

+/- Treasury shares

-

-

-

-

-

-

-

+/- Revolving credit facility

drawn/repaid

-

-

-

-

-

-

-

Adjusted NAV at 30.9.213

1,016.1

393.7

85.8

-

-

(12.6)

1,483.0

Private Equity - operational metrics

30 September 2021

30 June 2021

Portfolio year-over-year LTM revenue growth6

21.5%

22.3%

Portfolio year-over-year LTM EBITDA growth6

41.0%

42.7%

Enterprise Value / EBITDA valuation multiple6

23.5x

18.0x

Net debt / EBITDA multiple6

3.4x

3.7x

Derived Investments - operational metrics

30 September 2021

30 June 2021

Debt year-over-year LTM EBITDA growth8

32.6%

37.3%

Debt average income yield to maturity8

6.5%

6.8%

Debt average years to maturity

6.2

5.9

Debt average income yield9

6.5%

6.4%

Invested Portfolio analysis10

€m

€m

%

%

- AMI

52.5

4%

- AEVI

7.3

0%

- AEVII

23.4

2%

- AVIII

164.8

11%

- AIX

576.4

41%

- ADF

38.3

3%

- AX

153.4

11%

Private Equity

1,016.1

72%

- Derived Debt

348.8

24%

- Derived Equity

51.5

4%

Derived Investments

400.3

28%

Total

1,416.4

100%

1.

Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to "AGA" or "the Company". References to Apax Partners LLP have been abbreviated to "Apax" or "the Investment Adviser"

2.

Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 ("MAR")

3.

This announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to "US persons" (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions

4.

The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited ("AGA"). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition, AGA's shares (the "Shares") have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States

5.

This announcement may include forward-looking statements. The words "expect", "anticipate", "intends", "plan", "estimate", "aim", "forecast", "project" and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA's intentions, beliefs or current expectations concerning, among other things, AGA's results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA's present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.