Apax IX sells stake in Kepro

The Apax IX Fund (“Apax IX”), in which Apax Global Alpha Limited (“AGA”) is a limited partner, announced that it has signed the sale of its entire stake in portfolio company Kepro, a leading provider of tech-enabled solutions to government-sponsored healthcare programs, to CNSI, a provider of healthcare technology products and solutions.

The transaction values AGA’s current look through investment in Kepro at approximately €20.6m. This represents an uplift of c.12.5% to last Unaffected Valuations1 and an uplift of c.€0.8m (c.€0.00 per share) in the Adjusted Net Asset Value (“Adjusted NAV”) of AGA at 30 September 2022.

Note that these figures relate to AGA’s look through position of Apax IX’s overall investment in Kepro and are stated before taking into account any closing adjustments, fees, costs, and carried interest, and are translated based on the latest exchange rates available where applicable2. The sale remains subject to customary closing conditions.

Headquartered in Nashville, Tennessee, Kepro contracts with government-sponsored programs such as Medicaid and Medicare, to facilitate high-quality healthcare for priority populations. Kepro structures its business into three business lines: care management, quality oversight and assessments & clinical eligibility. In addition to utilising technology as the backbone for its services, Kepro sells standalone software solutions to four Medicaid programs.

Apax IX acquired Kepro in 2017. The original investment thesis was to back a leading player in an attractive, fragmented market which was benefitting from increased outsourcing by government payers looking to ensure cost-efficient quality and compliance. Over the past five years, Apax IX has supported the business on several growth initiatives including strategy, M&A, sales optimisation and talent acquisition, which together generated strong commercial momentum and helped transform the business into a national, tech-enabled market leader.

Andrew Cavanna, Kepro Board Member and Partner at Apax Partners, said: “We are proud to have supported Kepro in its evolution over the past five years. Through the leadership of Dr Susan Weaver and her management team, the business grew its capabilities and the value it delivers to its customers. We wish the combined companies every success in the future.”

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments (“Derived Investments”). In May 2016, AGA made a commitment of c.€328m3 to Apax IX.

For more information about the transaction, please visit: https://www.apax.com/news/press-releases/

Contact details
Investor Relations – AGA
Lorraine Rees
T: +447889089220


  1. Unaffected Valuation is determined as the fair value in the last quarter before exit (30 June 2022), when valuation is not affected by the exit process (i.e. because an exit was signed, or an exit was sufficiently close to being signed that the Apax Funds incorporated the expected exit multiple into the quarter end valuation)
  2. Based on Bloomberg closing EUR/USD FX rate on 8 November 2022 of 1.0074
  3. Represents AGA’s commitment of €154.5m in Apax IX euro tranche and $175.0m in Apax IX USD tranche translated to euro using latest closing FX rate as above.


  1. Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to “AGA” or “the Company”. References to Apax Partners LLP have been abbreviated to “Apax Partners” or “the Investment Adviser”
  2. Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (“MAR”)
  3. This announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to “US persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions
  4. The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited (“AGA”). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, AGA’s shares (the “Shares”) have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States
  5. This announcement may include forward-looking statements. The words “expect”, “anticipate”, “intends”, “plan”, “estimate”, “aim”, “forecast”, “project” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA’s intentions, beliefs or current expectations concerning, among other things, AGA’s results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA’s present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.

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.

Further information regarding the Company and its publications are available on the Company’s website at www.apaxglobalalpha.com.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

Apax is authorised and regulated by the Financial Conduct Authority in the UK.