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
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
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 net asset value stable at year-end
(Sharecast News) - Apax Global Alpha reported an adjusted net asset value of €1.29bn at year-end in its 2023 results on Tuesday, down slightly from €1.30bn at the end of 2022, and translating to an adjusted net asset value per share of €2.62 or £2.27. The FTSE 250 company said the movement in adjusted net asset value was primarily due to an increase in the net asset values of the debt and private equity portfolios, offset by dividends paid to shareholders and foreign exchange movements.
Its total net asset value return was 4.1%, or 6.1% at constant currency, with significant contribution from the debt portfolio.
Private equity performance was driven by earnings growth across the underlying portfolio companies, with an average last-12-months EBITDA growth of 18% at the end of 2023.
Throughout the year, Apax Global received €90m in distributions from the Apax funds, including from six full exits achieved at an average uplift of 20%.
Additionally, the firm deployed €95m across 10 new investments, primarily in the second half of the year.
The debt portfolio maintained a greater exposure to first-lien loans, achieving a total return of 11.8% in the year.
Despite a detailed review of the company's capital allocation policy, no changes were made, reaffirming the priority of ensuring continued cash returns to shareholders via regular dividends.
A final dividend of 5.64p per share for 2023 was determined, expected to be paid on 4 April.
In terms of board changes, Karl Sternberg joined as a non-executive director on 1 March, intending to replace Tim Breedon as chairman in the second half of the year.
At the same time, Chris Ambler retired as a director after nearly nine years in the role.
Financially, AGA was 93% invested as of 31 December, with unfunded commitments to the Apax funds reducing to €919m.
The invested portfolio was split 74% in private equity, 25% in debt investments, and 1% in derived equity positions.
Apax Global said it held €94m in cash at the end of the year.
"Over the past five years AGA has delivered an average total net asset value return of nearly 13% per annum and returned more than €300m in dividends to shareholders," said chairman Tim Breedon.
"The NAV contribution from both the debt and private equity portfolios against the more challenging economic backdrop of 2023 highlights the strength of the company's strategy.
"With investment activity in private equity ramping up in the second half of the year, there is strong momentum across the portfolio, with Apax's focus on driving performance through operating value creation being well suited in current markets."
At 0851 GMT, shares in Apax Global Alpha were up 0.26% at 154.6p.
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 and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
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.