14th Aug 2019 10:54
(Alliance News) - Apax Global Alpha Ltd on Wednesday said its net asset value increased by 11% in the first half of 2019.
The FTSE 250-listed investment trust said NAV per share increased to EUR2.10 from EUR1.90 over the six months to the end of June, with private equity investments remaining the major driver of performance.
The Derived Debt portion of the portfolio achieved returns in line with the company's longer-term target, Apax noted, whilst returns in Derived Equity were flat for the first six months.
Apax said its interim results reflect the "strongest" half-year investment performance since its initial public offering in 2015, with NAV total return at 13.4% for the six-month period.
The trust declared an interim payout of 5.27 Euro cents, or 486 pence, up from 433p paid a year earlier.
Looking ahead, Chair Tim Breedon said: "Much of the outlook for 2019 remains the same as it did at the beginning of the year. There is still uncertainty from trade tensions between the US and China, and new tensions might possibly arise between the US and Europe. In addition, Brexit concerns remain unresolved."
"It is likely that public-to-private deals and corporate carve-outs will continue to feature more prominently in sourcing deals in the Private Equity portfolio," continued Breedon. "In Derived Investments, the focus remains on identifying attractive opportunities that will allow AGA to continue to deploy its excess liquidity."
The stock was trading flat on Wednesday in London at 155.00p a share.
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Apax Global Alpha