Apax Global Alpha NAV falls as board backs Janus takeover
Apax Global Alpha Ltd. reported a fall in net asset value in the first half of 2025 on Friday, as currency movements weighed on returns, while its board backed a takeover offer from Janus Bidco.
Net asset value stood at €1.11bn at 30 June, down from €1.23bn at the end of 2024, equivalent to €2.29 or £1.97 per share.
The FTSE 250 company recorded a total NAV return of -6.1% in the period, largely driven by the depreciation of the US dollar against the euro.
On a constant currency basis, NAV return was positive at 2.5%.
The underlying private equity portfolio delivered steady performance, with average EBITDA growth of 12.9% and revenue growth of 10.4%.
During the half year, Apax Global Alpha deployed around €101m across five new private equity investments and portfolio company acquisitions.
It also received €29m in distributions, with a further €31m expected from signed but not yet closed transactions, including the sale of Assured Partners, the take-private of Paycor, and exits from Lexitas, Fractal Analytics, Viasat and Tivit.
The debt portfolio posted a total return of -7.2%, or 3.1% on a constant currency basis.
Shareholder returns during the period amounted to €39.7m through dividends and buybacks.
Chairman Karl Sternberg said the board had carefully considered strategic options following a period of weaker performance and a persistent discount to NAV, with shares trading at an average 27.4% discount since June 2021.
"While undertaking that process we received a proposal from Bidco to acquire the entire issued share capital of AGA," he said.
"After rigorous analysis, supported by our advisers, the board concluded that the Bidco proposal is in the best interests of shareholders as a whole compared to alternatives available to the company."
The board highlighted that the offer represented a 30.6% premium to the one-month volume weighted average price and a 33.1% premium to the six-month average, equating to a tighter 17.1% discount to second-quarter NAV.
"The board shares my regret at the loss of one of the UK's listed private equity funds; we remain firm believers in the value of the closed-ended listed structure for holding illiquid assets," Sternberg added.
"We firmly believe that the Bidco proposal represents the best outcome for shareholders."
At 1123 BST, shares in Apax Global Alpha were up 0.49% at 163.8p.
Reporting by Josh White for Sharecast.com.
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