Apax Funds launch GamaLife with GNB Vida acquisition

The Apax IX Fund (“Apax IX”) has today announced the launch of GamaLife, a new European life and wealth platform. The opportunity is to back a strong management team to build a European player of scale through a market consolidation strategy within the life insurance market.

GamaLife announced today its first acquisition, GNB – Companhia de Seguros de Vida, S.A. (“GNB Vida”), a Lisbon-headquartered business offering protection, savings and retirement products distributed through Novo Banco.

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to the investment expertise of Apax Partners through its investments in a diversified portfolio of private equity funds advised by Apax Partners as well as derived investments in debt and equity. In May 2016, AGA committed $350m to Apax IX.

Apax Funds launch GamaLife with GNB Vida acquisition

London and Lisbon, 14 October 2019 – GamaLife, a new European life and wealth consolidation platform launches today with the acquisition of GNB – Companhia de Seguros de Vida, S.A. (“GNB Vida”), from Novo Banco Group (“Novo Banco”) in Portugal.

GamaLife, backed by funds advised by Apax Partners, intends to build on its acquisition of GNB Vida as the start of a wider consolidation strategy in the life insurance market. Led by Matteo Castelvetri, Group CEO, GamaLife was set up with a view to transform traditional life insurance companies via a forward-thinking approach whereby technological innovation and focus on both transparency and service take a primary role.

GamaLife’s acquisition strategy will focus on businesses with high turnaround potential and ability to benefit from cross-border best practices, whilst keeping central functions nimble.

Headquartered in Lisbon, GNB Vida offers protection, savings and retirement products distributed through Novo Banco’s 401 branches. The transaction will see GamaLife relaunch the product and distribution offering of GNB Vida with a view to becoming a true leader in the Portuguese insurance market thanks to a new longterm exclusive distribution agreement with Novo Banco. In doing so, GNB Vida will look to accelerate new product focus, in turn developing innovative solutions for the benefit of its end customers. GNB Vida is delighted to continue its relationship with Novo Banco and partner on this trajectory of accelerated growth.

Mr. Castelvetri said: “We are excited to launch GamaLife and believe Apax are an excellent partner to help us create an innovating pan-European life and wealth platform. We are delighted to complete our first acquisition in GNB Vida and enter the fast-growing Portuguese market. We believe that the combination of Novo Banco’s strong franchise and market position, together with our focus on new products and solutions, will bring substantial benefits to Novo Banco’s 1.3 million customers.”

Frank Ehmer, Partner at Apax Partners, said: “We have been proactively targeting the life insurance and wealth management markets for a number of years. We are excited to back Matteo and his team to grow the GamaLife platform, both organically and through further consolidation of the European market. In doing so, we are pleased to have the opportunity to help cement GNB Vida’s position as a market-leading life insurance partner for Novo Banco.”

Contact details

Investor enquiries 
Sarah Page
IR Manager – AGA
Telephone: +44 (0)20 7666 6573 
Email: sarah.page@apax.com

Media enquiries
Andrew Kenny
Head of Communications
Telephone: +44 (0) 20 7872 6371
Email: andrew.kenny@apax.com

About Apax Global Alpha Limited

AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.

AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.

The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax Partners’ Private Equity activities. The Company’s portfolio is expected to be allocated in approximately equal proportions between Private Equity and Derived Investments, although the investment mix will fluctuate over time due to market conditions, investment opportunities, cash flow requirements, the dividend policy and other factors. Further information regarding the Company and its publications are available on the Company’s website at www.apaxglobalalpha.com.

About Apax Partners LLP

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.€40 billion. Funds advised by Apax Partners invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long_term equity financing to build and strengthen world_class companies. For further information about Apax Partners, please visit www.apax.com.
Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.