Proposed commitment to the Apax X Fund

Apax Global Alpha (“AGA”) wishes to announce that the Board intends to commit $450 million to the Apax X private equity fund (“Apax X”). This commitment is expected to be split 50:50 between the Euro and USD tranches of the fund.

This is in accordance with the Company’s investment policy to invest in new private equity funds launched by Apax Partners and with a view to maintaining a balanced exposure to Private Equity and Derived Investments. This commitment remains conditional on, inter alia, the approval and execution of the relevant legal documentation.

The Apax X Fund will aim to continue the Apax Funds’ established strategy of investing in buyout investments globally across four sectors: Tech & Telco, Services, Healthcare and Consumer.

Contact details

Investor enquiries 
Sarah Page
IR Manager – AGA
Telephone: +44 (0)20 7666 6573 

Media enquiries
Andrew Kenny
Head of Communications
Telephone: +44 (0) 20 7872 6371


  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
  2. 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.
  3.  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
  4. 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. 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

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