Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3.2pp positive contribution from earnings momentum across its private equity (PE) investments. The company experienced a pick-up in new investments, and also saw some positive trends on the realisation front. Following recent exits and accounting for the take-private transaction of Thoughtworks, AGA’s pro-forma exposure to listed holdings has been reduced to 4%, limiting the impact on AGA’s returns. While these investments have already yielded a realised return of 3x investment cost, their de-rating post IPO has been one of the contributors to AGA’s weaker performance lately. Within its recently updated capital allocation framework, AGA now offers a stable dividend of 11p per share (which implies an attractive 7.5% dividend yield) as well as buybacks funded with excess cash flow from realisations.