Apax reported a rise in net asset value return amid driven by the strong performance in private equity portfolio and a 'positive' contribution from derived debt helped ease weakness in listed equity investments.

For the year ended 31 December, total net asset value return grew 7.1% with private equity contributing 9.2%, derived investments -2.5%, FX 1.7% and costs and other movements -1.3%, the company said.

Performance in the private equity portfolio was led by operational momentum in the portfolio companies and three lucrative exits. In derived Investments, the quality of the derived debt portfolio allowed for 'outperformance against credit markets,' the company said.

'Listed equity investments however disappointed and could not withstand market volatility.'

Total Return of Private Equity was 17.4% for the year, and derived debt delivered total return of 4.5%.

Outstanding commitments to the Apax Funds amounted to â¬251.8m with funding sources of â¬479.3m.

Funding sources included derived Investments of â¬320.6m, undrawn facility of â¬140.0m, net cash of â¬17.3m and net current assets of â¬1.4m.

A second semi-annual dividend of 4.12p per share was declared, equivalent to 2.5% of euro NAV at 31 December 2018.

'AGA delivered positive returns in a year where most markets turned negative. The Private Equity portfolio had pleasing returns driven by the strong operational momentum in the portfolio companies and three lucrative exits. In Derived Investments, the quality of the Derived Debt portfolio allowed for outperformance against credit markets. Listed equity investments however disappointed and could not withstand market volatility,' said Ralf Gruss, COO of Apax Partners.




At 9:57am: (LON:APAX) Apax Global Alpha Ltd share price was -0.75p at 144.25p