Portfolio overview

Apax Global Alpha Limited

Apax Global Alpha Limited (AGA) offers unique, liquid exposure to the expertise of Apax Partners (Apax), a leading global private equity firm. The Company is listed on the London Stock Exchange.

The Company's portfolio is expected to be allocated in approximately equal proportions between Private Equity and Derived Investments, which are investments in equities and debt derived from the insights gained via Apax Partners' Private Equity activities.

The fund is structured to leverage Apax Partners' expertise in order to provide superior returns. AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total NAV Return1, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value (NAV).


2.1 How We Generate Alpha


The investment mix will fluctuate over time due to market conditions and other factors.

(1) Total NAV Return for a period/year means the return on the movement in the Adjusted NAV per share at the end of the period/year together with all dividends paid during the period/year, to the Adjusted NAV per share at the beginning of the period/year.



Assets Under Management

As at 31 March 2017, the Portfolio includes investments and/or commitments to invest in five Apax Private Equity funds, as well as other derived debt and equity investments. 


Adjusted NAV*
Private Equity Investments (Pre performance fees)
Derived Investments in Equities (Pre performance fees)
Derived Investments in Debt (Pre performance fees)


 *Adjusted for estimated performance fee at 31 March 2017, calculated on a liquidation basis.



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