Q3 2024 Apax Global Alpha Ltd Earnings Call Transcript

Nov 07, 2024 / 09:30AM GMT
Ralf Russ - Apax Global Alpha Limited - Partner

Good morning, everyone. Thank you for joining Apax Global Alpha's Q3 2024 results presentation. My name is Ralf Russ. I'm a partner at Apax and a member of AGA's investment Committee. I look forward to taking you through the presentation and I will answer any questions you may have at the end of the call. As a reminder and for those who are new to the company, AGA provides access to a global portfolio of mostly private companies owned by the Apax Private Equity Funds. And I'm pleased to report that the performance of the portfolio has improved in the quarter ending 30 September 2024.

At quarter end, AGA's NAV was about EUR1.2 billion, which translates to EUR2.45 or GBP2.04 per share. Whilst on a constant currency basis, total NAV return per share was up 1.7% in the quarter, the impact of foreign exchange headwinds meant that total NAV return per share was slightly negative at 0.2%. To put this performance into context, there are a few points that I want to highlight.

First, as mentioned at the half-year results, the private equity portfolio

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