Apax Global Alpha

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Apax Global Alpha (AGA) provides exposure to a global diversified portfolio of private equity investments by investing in funds advised by Apax. Capital not invested in private equity is deployed into private debt investments for additional sources of income to fund dividend payments and the distribution pool for buybacks.

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15.11.24

Apax Global Alpha — Transaction activity picked up in Q324

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Share Price Performance

Price Performance
%	1M	3M	12M
Actual	4.0	3.0	(9.5)
Relative	6.6	5.5	(16.9)
52 week high/low	167.8p/136.2p

Overview

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.