Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Apax Global Alpha NAV falls as board backs Janus takeover
(Sharecast News) - Apax Global Alpha 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.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
