Apax Global Alpha Limited, a closed-ended investment company listed on the London Stock Exchange, released its interim results for the period ended June 30, 2024. The companys Net Asset Value (NAV) decreased to €1.24 billion, with a NAV per share of €2.52/£2.13. The decrease was attributed to a decline in the Private Equity portfolio NAV and dividend payments. Despite challenges, the company expects to deploy €75 million on private equity investments and has a positive outlook for its latest global buyout fund. The company also announced a new capital allocation framework that includes regular dividends and a "Distribution Pool" for share buybacks. The Board has agreed to change the performance fee settlement to cash, improving transparency and reducing reliance on alternative performance metrics.
| Metrics | H1 2024 (EUR) | H1 2024 (GBP) | FY 2023 (EUR) | FY 2023 (GBP) |
|---|---|---|---|---|
| NAV/Adjusted NAV | 1,237m | 1,048m | 1,288m | 1,116m |
| NAV/Adjusted NAV per share | 2.52 | 2.13 | 2.62 | 2.27 |
| NAV per share | 2.52 | 2.13 | 2.64 | 2.28 |
| Total NAV Return | (1.4%) | (3.3%) | N/A | N/A |
| Total Return - Private Equity | 73% | (2.5%) | (4.4%) | N/A |
| Total Return - Debt Investments | 18% | 2.1% | 0.1% | N/A |
| Total Return - Derived Equity | 0% | 17.1% | 14.1% | N/A |