Apax Global Alpha aims to provide its shareholders with capital appreciation from its investment portfolio (target NAV returns are 12–15% per annum) and regular dividends (5% of the NAV per annum, payable semi-annually). Apax Global Alpha invests as a limited partner in private equity funds raised and advised by Apax Partners, and is a direct investor in debt and equity instruments which are sourced through leveraging the insight and global reach of Apax Partners.
Apax Global Alpha offers a way for investors to access private equity investments through a listed vehicle. To avoid the problem of cash drag that is often associated with investment in private equity, Apax Global Alpha may also invest in what it terms as derived investments. These derived investments include investments in public and private debt, and may also include some investments in listed equities.
An investor in Apax Global Alpha has exposure to equity stakes in around 60 underlying unlisted companies and around 30 derived investments.
The Apax Partners funds are focused on four sectors: tech, services, healthcare and consumer. Over $60bn has been committed to Apax funds over the firm’s 40+ year history.
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