AGA’s NAV fell to €1.11 billion as of June 30, down from €1.23 billion at year-end 2024
LONDON: Apax Global Alpha Limited (AGA) reported a decline in net asset value (NAV) for the first half of 2025, as the private equity investment company prepares for a recommended cash acquisition by Janus Bidco Limited.
AGA’s NAV fell to €1.11 billion as of June 30, down from €1.23 billion at year-end 2024, equating to €2.29/£1.97 per share. The total NAV return for the period was -6.1%, primarily driven by the depreciation of the U.S. dollar against the euro. On a constant currency basis, the portfolio delivered a positive return of 2.5%.
The company deployed approximately €101 million across five new private equity investments and tuck-in M&A activity during the period. It also expects to invest €4.5 million in Foods Connected post-period end. Distributions totaled €29 million, with an additional €31 million expected from signed but not yet closed transactions, including exits from Assured Partners, Paycor, Lexitas, Fractal Analytics, Viasat, and Tivit.
AGA’s debt portfolio posted a total return of -7.2%, or +3.1% on a constant currency basis. Shareholder returns included €39.7 million through dividends and buybacks, with 5.1 million shares repurchased.
On July 21, AGA confirmed a Rule 2.7 announcement that its board had agreed to a recommended cash offer from Janus Bidco, a Guernsey-based entity backed by Ares Management LLC. The offer represents a 30.6% premium to the one-month VWAP and a 33.1% premium to the six-month VWAP, narrowing the discount to NAV to 17.1%.
Chairman Tim Breedon said the offer provides shareholders with a full cash exit or a rollover alternative, following a strategic review that included exploring secondary-market sales of private equity assets. Breedon noted that structural illiquidity and persistent NAV discounts prompted the board to seek alternatives.
Assuming shareholder approval, the transaction will mark the end of AGA’s listing as a UK private equity fund. Breedon expressed confidence in Apax Partners LLP’s continued advisory role and thanked shareholders for their support.