Apax Global Alpha is an investment firm which announced on Friday that it will receive an increase to its multi-currency revolving credit facility (RCF) from Credit Suisse.
Apax Global Alpha is a closed-end investment company that invests in a portfolio of private equity funds advised by Apax Partners LLP, a private equity firm.
Apax Global Alpha stated its adjusted net asset value was largely unchanged in the first quarter of 2022 and that Credit Suisse, where the group’s lending facility is from, will raise the RCF from €140m to €250m.
Credit Suisse is amending Apax’s lending facility based on increased NAV and the greater proportion of its investment portfolio in private equity since the margins are staying unchanged at 230 basis points over the risk-free rate for the currency drawn.
AGA’s strategy of investing in Apax-managed funds continues in the quarter ended March 31, with a new $60m investment to the Apax Global Impact fund.
On March 31, adjusted NAV was unchanged at €1.4bn, including the €37.4m dividend payment made during the quarter. The adjusted NAV per share was €2.90 on December 31, down from €3.03 the previous day.
Ralf Gruss, Chief Operating Officer of Apax Partners said, “Against a backdrop of volatile markets and macro conditions impacted by inflationary pressures and geopolitical risks, the established Apax Funds strategy of creating alpha through business improvement, of investing in coveted sub-sectors of prior expertise, and of buying selectively is well suited to the period ahead.”
“As a result, AGA’s portfolio remains well positioned for continued strong performance and to generate further value for shareholders.”
