**Summary**
Apax Global Alpha Limited (AGA) released its interim results for the period ended 30 June 2025, highlighting key financial and operational updates. The companys Net Asset Value (NAV) decreased to €1.11 billion from €1.23 billion at the end of 2024, primarily due to the depreciation of the US dollar against the euro. Despite this, the underlying private equity portfolio demonstrated steady performance, with average LTM EBITDA and revenue growth of 12.9% and 10.4%, respectively.
During the period, AGA deployed approximately €101 million across five new private equity investments and portfolio company tuck-in M&A transactions. The company also received distributions of €29 million and expects an additional €31 million from signed but not yet closed transactions. The debt portfolio achieved a total return of -7.2% (+3.1% on a constant currency basis).
A significant development is the recommended cash acquisition of AGA by Janus Bidco Limited, a newly-formed Guernsey limited company backed by Ares Management LLC. This offer provides shareholders with a full cash exit or a rollover alternative, representing a premium to recent share prices and a tighter discount to NAV. The transaction is subject to shareholder and regulatory approvals and is expected to complete in late Q3 or early Q4 2025.
The Chairmans statement emphasizes the challenges faced by AGA in recent years, including a weaker global economy, higher interest rates, and underperformance in certain portfolio companies. The Board believes the Bidco proposal is in the best interests of shareholders, offering a quick cash exit or continued investment. The statement also acknowledges the loss of one of the UKs listed private equity funds and expresses confidence in Apax as a high-quality private equity advisor.
In summary, AGAs interim results reflect a period of strategic transition, with a focus on the proposed acquisition by Janus Bidco Limited, which aims to address shareholder concerns about liquidity and performance. The companys underlying portfolio continues to show resilience, but currency fluctuations and market conditions have impacted overall returns.
| Metric | 30 June 2025 (EUR) | 30 June 2025 (GBP) | 31 Dec 2024 (EUR) | 31 Dec 2024 (GBP) |
|---|---|---|---|---|
| NAV | 1,107m | 950m | 1,227m | 1,015m |
| NAV per share | 2.29 | 1.97 | 2.51 | 2.08 |
| Total NAV Return | -6.1% | 0.8% | ||
| Debt Investments Total Return | -7.2% | |||
| Private Equity LTM EBITDA growth | 12.9% | 14.1% | ||
| Private Equity LTM revenue growth | 10.4% | 8.9% | 0||
| Net debt / EBITDA multiple | 4.6x | 4.5x | ||
| Enterprise Value / EBITDA valuation multiple | 18.2x | 17.8x | ||
| Distributions received | €29m | €61.7m (full year) | ||
| New Investments | €101m | €154.5m (full year) |
| Metric | 30 June 2025 | 31 Dec 2024 |
|---|---|---|
| Private Equity Investments | 89% | 83% |
| Debt Investments | 11% | 17% |
| Derived Equity | 0% | 0% |
| Metric | 30 June 2025 | 31 Dec 2024 |
|---|---|---|
| North America | 55% | 55% |
| Europe | 18% | 17% |
| United Kingdom | 16% | 14% |
| Israel | 3% | 2% |
| India | 2% | 2% |
| Rest of World | 6% | 10% |
| Metric | 30 June 2025 | 31 Dec 2024 |
|---|---|---|
| Tech | 45% | 49% |
| Services | 35% | 30% |
| Internet/Consumer | 16% | 16% |
| Healthcare | 4% | 5% |