Apax Global Alpha Limited
Funds advised by Apax Partners announce acquisition of Guesty
On 27 April 2021, The Apax Digital Fund ("ADF") and the AMI Opportunities Fund ("AMI", together with ADF, the "Apax Funds"), in which AGA is a limited partner, have announced an investment in Guesty, a leading short-term rental ("STR") and alternative property management software platform. The investment is part of a $50m Series D funding round led by ADF.
On a look through basis, AGA is expected to invest approximately €1.7m in the company. Note that these figures relate to AGA's look through position of the Apax Funds' overall investment in Guesty and are stated before taking into account any closing adjustments and are translated into Euro based on today's exchange rates where applicable.1
Headquartered in Tel Aviv, Israel, Guesty provides professional hosts and property management companies with an end-to-end solution to automate and streamline the complex operational needs of managing flexible inventory. With Guesty, users can manage listings from multiple online travel agencies including Airbnb, Booking.com, Agoda, Vrbo and TripAdvisor, and use the company's guest-centric communication, billing and task management tools. Following a COVID-impacted 2020, Guesty has seen a significant rebound in demand for short-term rentals with 2021 summer reservation volumes in the US currently 282% higher compared to last year and 32% higher compared to pre-Covid, 2019 volumes.
The funding will be used to accelerate growth in key markets as the hospitality sector emerges from the Covid-19 pandemic, enhance product capabilities to serve diverse customer segments and provide capital for future M&A.
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 Partners as well as a focused portfolio of debt and equity investments ("Derived Investments"). In 2017, AGA made a commitment of $50m to ADF and in 2015, AGA made a commitment of $30m to AMI.
For more information about the transaction, please visit: https://www.apax.com/news/press-releases/
Investor Relations - AGA
T: +44 207 872 6526
Based on Bloomberg closing EUR/USD FX rate on 26 April 2021 of 1.2086
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Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to "AGA" or "the Company". References to Apax Partners LLP have been abbreviated to "Apax Partners" or "the Investment Adviser"
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About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax Partners' Private Equity activities.
Further information regarding the Company and its publications are available on the Company's website at www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners LLP ("Apax") is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.