In QuotedData’s morning briefing 22 July 2020:
- Apax Global Alpha (APAX) released a performance update covering the period to 30 June 2020. Salim Nathoo, part of the investment committee of APAX’s manager, noted: “Valuations of the Apax VIII and Apax IX funds recovered strongly in the second quarter of 2020, driven by an overall rebound in public equity markets and by the overweight exposure of these funds to sub-sectors such as software, tech-enabled services, and online marketplaces which have proven more resilient to Covid-19’s economic impacts and benefit from long-term structural growth. In general, swift cost actions taken at the outset of the pandemic allowed Apax VIII and Apax IX portfolio companies to increase their operating leverage and benefit from a rebound in sales after the easing of lockdown restrictions. This benefit was more prominent in the sub-sectors highlighted above, which also saw the biggest rebound in public market comparables. The balance of the portfolio of Apax VIII and Apax IX felt the impact of Covid-19 with varying levels of severity. These portfolio companies are generally experiencing sales rebound post-lockdown at different rates, but cost actions are mitigating some of the negative impacts and preparing the portfolio for uncertain economic conditions ahead.”
We also have major developments from Witan Pacific, Annual results and a CLO market outlook from TwentyFour Income, and a new named manager at City Merchants High Yield.