LONDON, UK: The Apax IX Fund, in which AGA is a limited partner, is an indirect shareholder in Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation.
Following Thoughtworks’ announcement on the 14 September 2021 of the pricing of its initial public offering of common stock (IPO), shares of Thoughtworks started trading on the Nasdaq on the 15 September 2021. The closing price per share of common stock on the 15 September was $29.29.
At the Closing Price, and based on latest exchange rates1, AGA’s remaining look through position in Thoughtworks is valued at approximately €158m. In addition, AGA’s pro-rata share of IPO proceeds to be received by a subsidiary of Apax IX on closing of the IPO is c. €15m.
Together with the remaining value, this represents an uplift of c. 89% or c.€82m to Thoughtworks’ fair value at 30 June 2021 and an uplift of c.5.9% of AGA’s Adjusted NAV (or €0.17 per share) at 30 June 2021.
Note that these figures relate to AGA’s look through position of Apax IX’s overall investment in Thoughtworks and are stated before taking into account any fees, costs, and carried interest.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax as well as a focused portfolio of debt and equity investments (“Derived Investments”). In May 2016, AGA made a commitment of c.€303m to Apax IX.