London Stock Exchange welcomes Apax Global Alpha Limited
London Stock Exchange today welcomed Apax Global Alpha Limited to open the first day of dealings in the Company’s shares on the Main Market following its successful IPO.
Apax Global Alpha Limited is a closed-end investment company which offers a unique exposure to a diversified portfolio of private equity and derived investments with an initial portfolio with an estimated NAV of €611m as at 31 March 2015. The Company is targeting an annualised total shareholder return, across economic cycles, of 12%-15% (net of fees and expenses) including a dividend yield of 5% of NAV, once fully invested.
The Private Equity investments are comprised entirely of investments in Apax Private Equity Funds, which target companies in Apax’s four specialist sectors: technology & telecoms, services, healthcare and consumer. The Derived Investments are public and private debt and equity investments derived from insights gained through Apax’s private equity activities. The Company will typically follow Apax’s core sector and geographical focus in making Derived Investments, which may be made globally.
The Company raised £218.2 million through the issue of 183,037,695 shares at 119.2p per share as part of the IPO and had a market capitalisation of £585.4 million on admission.
Apax Partners LLP is adviser to the Company’s investment manager, Apax Guernsey Managers Limited.
Tim Breedon, Chairman, Apax Global Alpha, said:
"It is exciting to see Apax Global Alpha successfully complete its move into the public markets. I am delighted the issue was so well received by investors, who stand to benefit from Apax Global Alpha’s unique investment proposition. Investors will gain exposure to Apax’s track record in private equity as well as attractive derived investment opportunities as part of a diversified portfolio.”
Credit Suisse Securities (Europe) Limited (“Credit Suisse”) and Jefferies International Limited (“Jefferies”) acted as Joint Global Coordinators and Joint Bookrunners in relation to the IPO, and Jefferies acted as Sponsor to the Company.