8th May 2019 08:48
LONDON (Alliance News) - Apax Global Alpha Ltd on Wednesday reported a strong start to 2019, with the closed-ended investment firm's Private Equity unit in particular doing well.
Apax posted an 8.7% total net asset value return for the first three months of 2019, or 6.5% at constant currency. Over the 12 months to March, the net asset value return was 17%.
Private Equity was the strongest performer, contributing 6.4% to the total return. Derived Investments delivered 0.3%, Foreign Exchange 2.2%, Derived Debt 0.5%, though "other movements" dragged 0.2%.
Apax's Private Equity unit posted a 12% total return, with Derived Debt strong at 4.8%, and Derived Equity 1.2%.
Apax's adjusted net asset value at March 31 was EUR988.2 million, from EUR930.8 million at the end of December.
"The strong operational momentum and strong exits of the Private Equity portfolio continued in the first quarter of 2019, translating into value accretion of the Invested Portfolio and strong performance for Apax," said Chief Operating Officer Ralf Gruss.
Shares were flat on Wednesday in early trade, quoted at 147.00 pence each.
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