Full Year 2023 Apax Global Alpha Ltd Earnings Call Transcript
Hi, good morning, everyone, and thank you for joining Apax Global Alpha's full-year results presentation. My name is Ralf Gruss. I'm the COO of Apax and a member of AGA's Investment Committee. With me today on the call is Salim Nathoo. Salim is also a member of AGA's Investment Committee as well as a member of the Investment Committees of the Apax private equity funds.
I will provide you with an overview of AGA's portfolio and performance in 2023, and I will then hand over to Salim to cover the private equity portfolio in more detail before we open up for questions.
Just go to the next page, please. In 2023, AGA achieved a total NAV of 4.1% or 6.1% on a constant currency basis. Performance was driven by earnings growth in private equity and strong returns from the debt portfolio. The adjusted NAV was broadly flat year on year at EUR1.3 billion. We saw both an increase in the NAV of the debt and the private equity portfolios. These increases were, however, offset by the dividend payments to shareholders and negative FX
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