Apax Global Alpha Limited (LON:APAX) today announced quarterly results for the period ended 31 March 2019.
Key highlights
· 1Q19 Total NAV Return1 was +8.7% (+6.5% constant currency)2. LTM3 Total NAV Return1 was +17.2% (+11.5% constant currency)2 reflecting strong performance of the Private Equity portfolio
· 2018 second semi-annual dividend of 4.12 pence was paid on 5 April 2019, equivalent to 2.5% of euro NAV at 31 December 2018
Outstanding commitments and funding sources
· AGA was 97% invested with net cash after liabilities of €28.0m4
· Outstanding commitments to the Apax Funds (together with recallable distributions) amounted to €259.2m (26% of NAV) with funding sources of €459.0m (46% of NAV). Funding sources comprise Derived Investments of €291.0m, undrawn facility of €140.0m, cash of €48.9m and net current liabilities of €20.9m
1Q19 performance highlights
· The contributions to Total NAV Return1 of +8.7% were: Private Equity +6.4%, Derived Investments +0.3%, FX +2.2% and costs and other movements -0.2%
· Derived Debt contributed +0.5% and Derived Equity -0.2% to Total NAV Return1
· Total Return1 of Private Equity was 12.3% (10.0% constant currency). Derived Debt delivered Total Return1 of 4.8% (2.5% constant currency). Derived Equity had a Total Return1 of 1.2% (-1.5% constant currency)
· Aggregate Gross IRR5 and Gross MOIC5 on Private Equity two full exits was 38.2% and 3.3x
· Gross IRR6 and Gross MOIC6 on one Derived Debt exit was 2.4% and 1.0x and on three Derived Equity exits was 36.5% and 1.3x
Ralf Gruss, COO of Apax Partners, said:
“The strong operational momentum and strong exits of the Private Equity portfolio continued in the first quarter of 2019, translating into value accretion of the Invested Portfolio and strong performance for AGA.”
