Apax Global Alpha shares fell 0.6% to 187p in early morning trading on Friday after the group announced a total adjusted NAV slide to €1.4 billion against €1.5 billion in the last year.
The firm noted weak public equity markets affected the valuation of its publicly listed holdings, which reflect residual stakes in previously IPO’d companies.
Apax Global Alpha reported £1.2 billion adjusted NAV, alongside a £2.44 adjusted NAV per share in HY1.
The company highlighted a private equity portfolio Total Return of negative 5.7% across the HY1 2022 period.
Meanwhile, Apax Global Alpha mentioned a total NAV return of negative 3.5% over the financial term.
“In an environment of volatile markets and macro conditions impacted by inflationary pressures and geopolitical risks, the established Apax Funds’ strategy of “mining the hidden gems” has continued to deliver,” said Apax Global Alpha COO Ralf Gruss.
“As a result, AGA’s portfolio remains well positioned in the currently challenging market environment and to take advantage of opportunities for further value creation for shareholders.”
Apax Global Alpha recommended a dividend of 6p per share for HY1 2022.