Apax Global Alpha Limited, a Guernsey registered closed-ended collective investment scheme, has announced a director/PDMR shareholding. Ralf Gruss, a PDMR of the company, has agreed to transfer 1,674,186 ordinary shares in the company to a related entity. The company is not a party to these arrangements, other than where required in respect of maintaining the lock-up arrangements. There has been no change to the total number of shares in lock-up for a 10-year period following the date of admission as a result of this transaction. The company's objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The company is targeting an annualized total return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of net asset value. The investment policy of the company is to make private equity investments in Apax Funds, and derived investments which are investments in equities and debt derived from the insights gained via Apax Partners' private equity activities.