Apax funds post significant gains in the second quarter

Apax funds post significant gains in second quarter – Apax Global Alpha holds a wallet of capital investment derivative funds and investments (equity and debt positions in companies that the Apax team knows well). This morning, Apax Global Alpha released valuation statements for each of the underlying Apax funds it holds. We think there are encouraging signs in these numbers which are good news for Apax Global Alpha’s own. NAV.

The valuations of the Apax Funds to which AGA is exposed showed the following movements for the period from March 31, 2021 to June 30, 2021:

The bulk of the portfolio is made up of Limited partnership investments in the private equity funds of the investment adviser. Typically, these funds have an expected life of around 10 years. Subject to approval by Read our guide to Boards and Directors

" class="glossary_term">advice and the investment manager, Apax Global Alpha is legally committed to providing capital to new Apax funds as soon as they are launched.

During the “investment phase” of a private equity fund, the money that investors, including Apax Global Alpha, have committed is taken and deployed in private equity investments. Typically, while almost all of the money committed will be taken, some of the money is withheld to support the growth of the underlying companies if necessary. Over the next few years, the fund’s portfolio will enter the “maturity phase”. Follow-up investments may be made and the first distributions from the portfolio may be reinvested. Therefore, the percentage invested may exceed 100% of the funds raised. Finally, the private equity fund’s portfolio is entering a “harvest phase”. Investments are gradually transformed into cash and cash handed over to investors, including Apax Global Alpha.

The recent Apax funds (AX, AIX and AVIII) held by Apax Global Alpha have both euro and dollar partnerships, hence the commitment figures in different currencies.

Apax X (AX), the latest, announced on January 29, 2021 that it had raised $ 11 billion (reaching its hard cap, excluding affiliated entities).

Like its predecessors, AX seeks investment opportunities in the technology, services, healthcare and consumer sectors. Apax Digital Fund (ADF) invests in software, internet and technology services. AMI Opportunities focuses on investments in Israel.

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