Apax Global Alpha Ltd - Guernsey-based closed-ended investment company - Net asset value amounts to €2.63 per share, or £2.31 on March 31, down 0.8% from NAV per share of €2.65, or £2.34 on December 31. Total NAV return for the first quarter is 1.9%, or 2.8% at constant currency. Says the largest driver of NAV return is earnings growth from the private equity portfolio companies, with earnings before interest, depreciation and amortisation growth of 16% in the last 12 months. Says its invested portfolio consists of €887.7 million in private equity and €368.0 million in derived investments. Looking ahead, notes good pipeline of new investments offers value creation opportunities for shareholders.

Apax partner Ralf Gruss says: ‘Despite the market backdrop, AGA has had a good start to the year, and we’ve seen continued good operating performance across the portfolio companies. Whilst the macro environment remains volatile, the private equity pipeline looks promising.’

Current stock price: 172.33 pence each

12-month change: down 9.0%

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