Apax Global Alpha, a fund in the AIC’s private equity sector, has made a number of announcements this morning.
Apax Global Alpha commits to Digital Fund
It is committing US$50m to a new fund, Apax Digital Fund. The Apax Digital platform will aim to pursue a balanced portfolio of growth buyout and growth equity investments in technology companies globally.
They say that: “Our digital group invests in businesses that derive the vast majority of their revenues directly from online and/or digital activities, delivered via a computer or mobile connected device. We back management to build market leading businesses. Our digital group, comprised of executives and operators from leading online companies such as Priceline and Orbitz, leverages its collective experience as operators and entrepreneurs to provide real-world solutions and support to portfolio companies. Capabilities include expertise in site monetisation, conversion, multivariate testing, search engine marketing and data architecture. In combination with a proven track record in transformative M&A, and access to our deep global network of online executives (as advisers or board members), Apax has been able to support management teams to advance market leaders in the online personal finance, automotive sales, gaming and real estate sectors, amongst many others. Our digital investments include Bankrate, Dealer, King Digital Entertainment, Soufun, Trader Canada and Auto Trader.”
Release from lock-up
In addition, the fund has drawn attention to the next release of shares from lock-up. When the fund listed, existing shareholders agreed not to sell their shares immediately. On 15 June 2017, a second tranche of shares will be released from lock-up. After 15 June, the shares should become eligible for inclusion in various UK market indices. The next review date for inclusion in the indices is September 2017.
Investor day presentation
Last, Apax is hosting an investor day today at which it will make a presentation containing previously unreleased information. This includes new investments in Misys and Nets; and exits in Nets, Fortinet, Kepro and Unilabs. You can read the presentation here.
APAX : Apax Global Alpha commits to Digital Fund