Apax Global Alpha posts net asset value decline as takeover looms

Apax Global Alpha Ltd on Friday posted worsened returns during the first half, after agreeing to a takeover by Apax Partners LLP.

The Guernsey, Channel Islands-based investment firm reported a net asset value per share of 197 pence at June 30, down from 208p at December 31.

Apax Global’s NAV total return was negative 6.1% in the first half of 2025, worsening from negative 1.4% in the first half of 2024. The firm attributed this to a weaker dollar against the euro.

At constant currency rates, Apax Global said its NAV total return was positive 2.5%.

Investment income fell to £7.3 million during the six months that ended June 30 from £15.1 million a year before.

Apax Global’s pretax loss widened to £79.0 million from £18.9 million. Net losses on private equity assets widened to £61.0 million from £22.8 million.

Still, Chair Karl Sternberg said performance in its private equity portfolio was ‘encouraging’.

In July, Apax Global agreed to a takeover valuing the fund at roughly £794.5 million. The buyer, Janus Bidco Ltd, is a newly-formed company owned by an investment vehicle which will be advised by London-based private equity firm Apax Partners LLP.

Janus will be funded via equity from funds and investors which are either managed or advised by Ares Management LLC.

‘Assuming shareholders vote in favour of the Bidco proposal, this will be my final chairman’s statement,’ Sternberg said.

‘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 which offer substantial advantages over long-term asset funds. Despite the lull in performance over the last few years, we believe that Apax remains a high-quality private equity advisor.’

Apax Global shares were up 0.5% at 163.80 pence on Friday morning in London and have risen 13% in the past 12 months.

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