Apax Global Alpha Limited, a closed-ended investment company listed on the London Stock Exchange, announces its third-quarter results for the period ended September 30, 2024. The companys Net Asset Value (NAV) was €1.20 billion, with a NAV per share of €2.45/£2.04. Performance improved in the quarter, but total NAV return per share remained flat at -0.2% due to FX headwinds.
AGAs portfolio consisted of c.80 private equity investments, making up 83% of its invested portfolio, which posted strong EBITDA growth of 16.3%. Recent exits and the take-private of Thoughtworks reduced exposure to residual listed holdings, limiting potential volatility. AGA deployed c.€107m in 5 new investments and exited 6, achieving an average gross MOIC of 2.7x.
AGA returned c.€67m to shareholders through dividends and share buybacks, with the latter creating 0.1% NAV per share accretion. The company was well-capitalized, with calls for the next 12 months covered 3.0x and unfunded commitments of €838m.
Chairman Karl Sternberg emphasized AGAs focus on generating value for shareholders through a combination of regular dividends and NAV accretion via buybacks.