Apax Global Alpha adjusted NAV falls

Apax Global Alpha said total adjusted net asset value fell to €1.4bn from €1.5bn in the 2021 fiscal year, with adjusted NAV per share decreasing to €2.83 (£2.44) from €3.02 (£2.54) in the six months to June 30.

Weak public equity markets affected the valuation of the Apax Funds' publicly listed holdings, the company said.

"These positions reflect residual stakes in previously IPO'd portfolio companies. These portfolio companies have already returned 2.8x of the original investment in cash to the Funds, with a further 2.1x remaining based on 30 June 2022 share prices)."