Apax Global Alpha Limited, a closed-ended investment company providing access to the Apax Private Equity Funds, has announced its estimated Adjusted NAV as of June 30, 2024. The company aims to offer investors superior long-term returns by providing access to a diversified portfolio of high-quality companies owned by the Apax Private Equity Funds. At this time, the estimated NAV and Adjusted NAV were approximately €1,237m, with an estimated NAV per share and Adjusted NAV per share of €2.52 cents per share / £2.13 pence per share.
The estimated Total NAV Return for the six months to June 30, 2024, was (1.4%) ((3.3%) constant currency), with an estimated Q2 Total NAV Return of (1.0%) ((1.5%) constant currency). The performance was negatively impacted by writedowns on the value of Vyaire, an Apax VIII portfolio company. Excluding the impact of Vyaire, AGA's estimated Total NAV Return would have been 1.5% ((0.3%) constant currency) for the same period.
As of June 30, 2024, approximately 80% of the invested portfolio was in Private Equity, with the majority of the remaining portfolio held in Debt investments. In the first six months of the year, AGA deployed €48m across three new Private Equity investments and significant portfolio company bolt-on acquisitions. Additionally, there were five realizations in the Private Equity portfolio in Q2 and post-period end.
In June, the AGA Board announced a new capital allocation framework, comprising regular dividends to shareholders and the creation of a "Distribution Pool" earmarking funds for share buybacks. €30m was allocated to the "Distribution Pool" immediately to take advantage of the investment opportunity presented by the current wide discount, and share buybacks have commenced.
The Apax Funds to which AGA has exposure reported their valuation movements for the period from March 31, 2024, to June 30, 2024. Further details on the composition of AGA's portfolio as of June 30, 2024, will be included in AGA's 2024 Interim Results, which will be released on September 5, 2024.
The like-for-like change represents the change in valuation from the prior to the current reporting date, adjusting for changes due to calls and distributions. Any calls made during the period are added to the prior valuation, and distributions are added back to the current valuation.
This announcement provides insights into Apax Global Alpha Limited's estimated Adjusted NAV and portfolio developments as of June 30, 2024, offering valuable information for investors and stakeholders.