Apax benefits from Paycor IPO – The Apax IX Fund, which Apax Global Alpha is invested in a limited partner, is an indirect shareholder in Paycor, a leading U.S. provider of payroll and HR-related software. On 20 July 2021 Paycor announced the pricing of its initial public offering of common stock (IPO) and shares of Paycor started trading on the Nasdaq Global Select Market on 21 July 2021. The closing price per share of common stock on 21 July was $26.05, up from an opening price of $23.
At the closing price, and based on closing exchange rates, Apax Global Alpha’s look through position in Paycor is valued at about €55.6m. This represents an uplift of 1.2% or €0.6m to Paycor’s fair value at 31 March 2021 and an uplift of about 0.05% of the NAV at 31 March 2021.
Note that these figures relate to the trust’s look through position of Apax IX’s overall investment in Paycor and are stated before taking into account any fees, costs, and carried interest.
Apax Global Alpha also holds a debt position in Paycor as part of Apax’s derived investments portfolio. That debt position should be repaid in the coming days.
Paycor provides human resources software covering elements such as payroll, benefits and HR records.