Why invest in AGA?

Access to a portfolio of 'hidden gems', mostly companies you can't buy elsewhere.

Mostly private companies, many of which were acquired by the Apax Funds in control buyouts not accessible to shareholders elsewhere. The majority of these businesses operate globally, in coveted categories, in four attractive sectors.

Shareholders also get exposure to a smaller portfolio of debt that generates income towards the dividend and additional returns.

c.10.7%
5-year annualised cumulative return as at 31 March 2024
83
Private Equity portfolio companies as at 31 March 2024
4
sectors

“All-weather” strategy well-suited 
to generate alpha

The vast majority of value creation in private equity is driven by operational improvement. Earnings growth and achieving a re-rating against peers, rather than market tailwinds, drive the value of portfolio companies to yield superior returns for investors.

+1500bps
EBITDA growth increase during Apax Funds’ ownership
25+
Dedicated operational professionals who bring functional expertise and a focus on digital transformation to the fore as at 31 March 2024

Robust balance sheet, strengthened by portfolio of debt

Capital not invested in private equity is deployed into a smaller portfolio of debt to generate income towards the dividend and additional returns for AGA.

22%
invested in debt to generate income towards dividend and additional returns as at 31 March 2024
12.9%
Yield to Maturity as at 31 March 2024

Attractive dividend policy

The Board recognises the importance of returning cash to shareholders and, at IPO, AGA implemented a dividend policy to distribute 5% of NAV p.a. to shareholders.

5%
Target dividend yield as a % of NAV p.a.
476m
Total dividends paid to shareholders since IPO as at 31 March 2024