2Q23 Results Highlights

Quarterly results for the period ended 31 March 2023

Apax Global Alpha (LON:APAX), the closed-ended investment company providing access to the Apax Private Equity Funds, today announced its first quarter results for the period ended 31 March 2023.

Key highlights

  • AGA achieved a Total NAV Return1 of 1.9% (2.8% constant currency) in the quarter ended 31 March 2023. Adjusted NAV remained stable at €1.3bn (31 Dec 2022: €1.3bn).
  • The largest driver of Total NAV Return was earnings growth from the Private Equity portfolio companies with LTM EBITDA growth of 15.6%2.
  • The debt portfolio delivered a Total Return of 2.8% in Q1 2023 (3.9% constant currency).
  • Despite a challenging market backdrop, the Apax Funds continued to focus on opportunities where value creation can be achieved through operational improvement. The Apax Funds completed two new Private Equity investments in the period in which, on a look-through basis, AGA deployed €10.1m.
  • In Private Equity, two full exits were completed during the period at an average uplift3 of 25%, a Gross IRR3 and Gross MOIC3 of 19% and 2.2x respectively.
  • Good pipeline of new investments offers value creation opportunities for shareholders.

Ralf Gruss, Partner at Apax and a member of the AGA investment committee, said:

“Despite the market backdrop, AGA has had a good start to the year, and we’ve seen continued good operating performance across the portfolio companies. Whilst the macro environment remains volatile, the private equity pipeline looks promising. The Apax Funds continue to focus on opportunities to invest in good companies, in target sectors where operational improvement can help transform businesses and achieve a re-rating on exit.”

Financial highlights

  • AGA was 97% invested as at 31 March 2023 and had unfunded commitments to the Apax Funds (together with recallable distributions) of €1.0bn.
  • At 31 March 2023, AGA’s invested portfolio consisted of €887.7m in Private Equity (71%) and €368.0m in Derived Investments (29%).
  • In early 2023, AGA received formal notice that the RCF will revert to a conventional fixed-term arrangement with an expiry date of 10 January 2025.
Q1 2023 Q1 2023 FY 2022 FY 2022
£ £
Adjusted NAV4 1,291m 1,135m 1,299m 1,150m
Adjusted NAV4 per share 2.63 2.31 2.65 2.34
NAV4 per share 2.63 2.31 2.65 2.34
  % of NAV Q1 2023 Q1 2023
constant currency
Total NAV Return1 1.9% 2.8%
Total Return1 – Private Equity 69% 1.8% 2.6%
Total Return1 – Derived Investments

o    Total Return1 – Derived Debt

o   Total Return1 – Derived Equity










Cash & Others 2%
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Portfolio highlights

  • Invested portfolio split across four key sectors: Tech & Digital (38%), Services (28%), Healthcare (18%), and Internet/Consumer (16%).
  • In Private Equity, the portfolio is well diversified across vintages: 11% invested before 2017, 38% were acquired in the 2017-2019 period, and 51% of investments are from 2020 and later.
  • The Private Equity portfolio delivered a Total Return1 of 1.8% (2.6% constant currency) in the period. This reflected resilient trading performance with LTM Revenue and EBITDA growth of 18.6%2 and 15.6%2 respectively across the Private Equity portfolio companies, demonstrating the robustness of their business models and the benefit of the Apax Funds’ investment approach.
  • AGA’s debt portfolio, which makes up 93% of Derived Investments, delivered a Total NAV Return1 of 2.8% in Q1 2023.
  • 99% of the Derived Debt investments are invested in floating rate loans. With increasing base rates, the portfolio generates a 9.8% income yield.
  • The average yield to maturity of the portfolio increased to 11.8% at 31 March 2023 (FY22: 12.1%).
  • The Derived Debt portfolio has outperformed the S&P/LSTA leveraged loan index5 with a five-year cumulative return on a constant currency basis of 38.8% compared to 19.5%.
  • The Derived Debt portfolio absorbs cash not invested in Private Equity, enhances the robustness of AGA’s balance sheet, provides a steady flow of income to support dividends, and additional returns.
  • There was one new investment in Derived Debt in Q1 2023 and one full exit in Derived Equity.

For further information regarding the announcement of AGA’s Q1 2023 Results, including the Company’s results presentation and details for today’s analyst and investor webcast at 9.30am (UK time), please visit www.apaxglobalalpha.com.

Download Announcement (PDF)

Download Presentation (PDF)

Contact details

Katarina Sallerfors, Investor Relations – AGA
Telephone: +44 207 666 6526
Email: Katarina.sallerfors@apax.com