The Apax Global Alpha Board have declared an interim dividend of 5.70p per share, with an ex-date of the 14th September 2023 and a record date of 15th September.
Other financial highlights include:
AGA achieved a Total NAV Return1 of 2.4% (3.6% constant currency) in the six months ended 30 June 2023. Adjusted NAV2 was largely unchanged at €1.3bn (31 Dec 2022: €1.3bn) or €2.64/£2.27 per share.
The main drivers of Total NAV Return were value creation across the Private Equity portfolio as well as strong returns from the Debt portfolio.
In Private Equity, continued momentum saw portfolio companies achieve average LTM EBITDA growth of 14.1%3 despite some slowdown in earnings growth in Q2 2023.
AGA received €35m in distributions from the Apax Funds, primarily from three full exits achieved at an average uplift of 24%4. This brings total distributions received from the Apax Funds in the last 5 years to €998m compared to calls of €651m in the same period.
AGA deployed €11.4m5 across three new investments in the first six months of 2023, including the first standalone investment in the Apax Global Impact Fund to which AGA has committed $60m. The pipeline for new investments remains healthy with Apax XI, the latest global buyout fund, signing its first two investments in May and July.
The Debt portfolio, which primarily consists of first and second lien loans to complement the Private Equity portfolio, achieved a Total Return1 of 5.3% in the first six months of 2023. The portfolio had a yield to maturity of 13.3% and, with 99% of investments being floating rate loans, the income yield was 11.4% at 30 June 2023.
