Apax Global outlook optimistic despite uncertain tariff environment
Apax Global Alpha Ltd on Friday said it is well positioned to deal with macroeconomic challenges, despite a dip in net asset value in the first quarter.
Apax Global Alpha is a closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP.
The company said net asset value per share fell 3.8% to £2.00 as at March 31 from £2.08 at December 31.
Apax Global Chair Karl Sternberg said: ‘The board believes that the Apax team, with its deep sector expertise, is well suited to navigate the uncertain and challenging macro environment that has emerged. The board is concerned by the discount and we continue to evaluate potential options to ensure that shareholders benefit from the intrinsic value of AGA’s investment portfolio.’
Ralf Gruss, partner at Apax and a member of the AGA investment committee, said: ‘AGA’s underlying private equity portfolio companies continued to exhibit steady performance in the quarter, with total return impacted by foreign exchange driven headwinds. Since our last update, we have seen a sharp shift in the macro backdrop, with recent US tariff announcements adding to market volatility. While the situation is still evolving, the AGA private equity portfolio is largely insulated with 90% of the portfolio not expected to face any first-order impacts, reflecting the Apax Funds’ focus on tech, services, and internet/consumer businesses.’
Apax Global shares were 1.2% higher at 119.60 pence each on Friday morning in London.
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