Apax Global Alpha reported a “strong” performance across its portfolio in the first six months of the year on Thursday, with a total net asset value return of 17.4%, or 14.9% at constant currency.
Apax said its total adjusted net asset value increased to around €1.4bn (£1.19bn), with its adjusted net asset value per share increasing to €2.81 from €2.45 over the six months ended 30 June.
It said it was focussed on four target sectors and a “good-to-great” strategy of business improvement in private equity, which was driving the portfolio’s strong returns.
The Apax funds identified a number of “attractive” investment opportunities in the period, with Apax Global Alpha deploying €85m across 11 new private equity investments.
Record distributions of €131.1m were received from full and significant partial private equity exits.
A new commitment of $90m was made to the Apax Digital Fund II which invests in minority equity and growth buyout opportunities in mid-market technology companies.
The board said the company’s liquidity position was “healthy”, with available cash after net liabilities of €29m, and an undrawn evergreen revolving credit facility of €140m.
Derived Investments of €439m provided a further source of funding for Apax Global Alpha.
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