Apax Global Alpha Limited has released its quarterly results for the period ending 31 March 2024. The company's Adjusted NAV was €1.25 billion at the end of Q1 2024, with an Adjusted NAV per share of €2.54/£2.17. The Total NAV Return declined by (0.5)% ((1.9%) constant currency) in the three months to 31 March 2024, primarily due to negative developments in one of the Private Equity Portfolio companies. The Private Equity portfolio saw solid operating performance, with Last Twelve Months ("LTM") EBITDA growth of approximately 18.0%. However, the contribution of earnings to Q1 Private Equity returns slowed, driven by a small number of portfolio companies, including Vyaire.
Following deteriorating trading at Vyaire during Q1, Apax Global Alpha took a €24 million writedown on its value across the Private Equity and Debt portfolios, reducing its exposure to Vyaire. The company deployed approximately €23 million in Private Equity investments on a look-through basis in Q1 2024, with a further €62 million deployed since quarter-end. The Debt portfolio achieved a Total Return of 3.5% (1.8% constant currency) in the quarter.
At the end of Q1 2024, Apax Global Alpha was 94% invested and had unfunded commitments to the Apax Funds of €908 million. The invested portfolio was split 76% in Private Equity and 22% in Debt Investments, with the remaining 2% invested across three Derived Equity positions. The company had €72 million in cash (including net current assets) at the period end.
AGA offers access to a global portfolio of mostly private companies not available to public market investors elsewhere. The Private Equity portfolio is balanced across Apax Fund vintages, with 40% in the investing phase, 38% in the maturity phase, and 22% in the harvesting phase. The main drivers of growth came from Apax X portfolio companies, demonstrating the maturity of that portfolio. Apax Global Alpha is reassessing its capital allocation policy, with updates expected at the Capital Markets Day on 26 June 2024.
For further details on AGA's Q1 2024 Results, including the Company's results presentation and details for the analyst and investor webcast, visit www.apaxglobalalpha.com.