Estimated Adjusted NAV as at 31 December 2023

Apax Global Alpha Limited (LON: APAX), the closed-ended investment company providing access to the Apax Private Equity Funds, today announced its estimated Adjusted NAV as at 31 December 2023, having received the Apax Funds’ valuations for Q4 2023. The performance of the individual funds is shown below (net of relevant fees and carried interest estimates)1.

AGA estimates its Adjusted NAV2 as at 31 December 2023 to be c.€1,288m (FY22 c.€1,299m) or €2.62 cents per share / £2.27 pence per share. Income from the portfolio and gains were largely offset by c.€65m paid in dividends to shareholders during the year and the impact of FX due to the EUR strengthening against the USD.

FY23 Total Adjusted NAV Return was 4.1% (6.1% constant currency) with Q4 Total Return of 1.9% (4.5% constant currency).

Details on the composition and valuation of the AGA portfolio as at 31 December 2023 (which may differ to those shown in the table below due to the various holding structures through which AGA invests) will be included in AGA’s 2023 Annual Results, being released on 5 March 2024.

Commenting on the performance, Ralf Gruss, Partner at Apax and a member of the AGA Investment Committee, said: “Despite weaker economic activity in 2023, there was good momentum across the Private Equity portfolio with deal activity picking up in the second half of the year as more compelling investment opportunities emerged. The Apax Funds’ strategy is not predicated on continued market tailwinds and its foundation focuses on buying right at entry and accelerating business performance during the funds’ ownership to generate alpha. We believe it is a strategy well suited for the current environment.”

Valuations for the Apax Funds to which AGA has an exposure, have reported the following movements for the period from 30 September 2023 to 31 December 2023:

  Valuation at 30.09.233 Capital Calls (Distributions) Unrealised Gain / (Loss) Valuation at 31.12.233 Like-for-like % change4
Apax XI EUR €m (29) 32 3 NM
Apax XI USD $m (149) 196 47 NM
Apax X EUR €m 2,287 194 (18) 37 2,500 1%
Apax X USD $m 8,368 719 (70) 476 9,493 5%
Apax IX EUR €m 2,064 (108) (27) 1,929 (1%)
Apax IX USD $m 6,089 3 (322) 181 5,951 3%
Apax VIII EUR €m 494 7 501 1%
Apax VIII USD $m 599 29 628 5%
Apax Europe VII €m 112 83 195 74%
Apax Europe VI €m 278 15 293 5%
Apax Digital $m 1,226 34 59 1,319 5%
Apax Digital II $m 131 84 0 215 0%
Apax Global Impact $m 77 7 (2) 82 (2%)
AMI $m 262 (6) 20 276 8%
AMI II $m (20) 11 (1) (10) NM



Contact details

Investor Relations – AGA
Katarina Sallerfors
T: +44 7436908492


    1. AGA holds exposures to the Apax Funds via various individual holdings which also have different fee structures. Additionally, AGA has commitments in different currency sleeves of the Apax Funds. These allocations may differ by fund and may also be different to the currency allocations of the Apax Funds themselves.
    2. Adjusted NAV represents estimated NAV less estimated performance fee reserve as at 31 December 2023.
    3. Where relevant, the valuations are expressed net of any estimated carried interest payable should the funds hypothetically be liquidated as at 30 September 2023 and 31 December 2023 respectively.
    4. The like-for-like change represents the change in valuation from the prior to the current reporting date, adjusting for changes due to calls and distributions. Any calls made during the period are added to the prior valuation and distributions are added back to the current valuation.


  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”, “Apax”, 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 Company makes Private Equity investments in Apax Funds, and has a portfolio of primarily debt investments, derived from the insights gained via Apax’s Private Equity activities.

Further information regarding the Company and its publications are available on the Company’s website at

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 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 $65 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

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