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Apax Global Alpha
Annual Report and Accounts 2024
Sharpening
our focus
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
02 | Apax Global Alpha | Annual Report and Accounts | 2024
OVERVIEW
01
Overview
Glossary
120
Strategic
Report
Apax Global Alpha Limited (“AGA” or the
“Company”) aims to offer shareholders
superior long-term returns by providing
access to a portfolio of private companies
which shareholders can’t buy elsewhere,
the majority of which are owned by the
Apax Funds in control buyout transactions.
Capital not currently invested in Private
Equity is deployed into a portfolio of Debt
Investments to generate additional returns
and income.
About AGA 04
Contents
02
Investment
Manager’s Report
03
Governance &
Risk Management
04
Financial statements
Independent auditor’s report
Statement of financial
position
Statement of profit
or loss and other
comprehensive income
Statement of changes
in equity
Statement of cash flows
Notes to the financial
statements
Shareholder Information
– Administration
– Investment policy
– AIFMD
Quarterly returns
since 1Q19
Portfolio allocation
since 1Q19
Summary of fees
Ongoing charges in
the reported period
AGA – Top gross portfolio
holdngs
Operating metrics
Investment environment and
outlook
Performance review
Commitments and funding
Portfolio review
Portfolio review – Private
Equity
Apax XI Fund update
Portfolio review – Private
Equity investment timeline
Sustainability governance
at Apax
Case Study: Private Equity
Portfolio review – Debt
Investments
Chairman’s statement
Principal strategic objectives
Access to a portfolio of
“Hidden Gems”
Active management
Responsible investment
Stakeholder engagement
Chairman’s introduction
Governance at a glance
AGA Board of Directors
An effective Board
Corporate Governance
Statement
Directors’ duties
Governance framework
Audit Committee report
Role of the Audit
Committee
Directors’ remuneration
report
Directors’ report
Viability statement
Statement of Directors’
responsibilities
Risk management
framework
69
74
76
77
78
79
108
109
110
112
114
115
116
117
119
20
21
23
24
25
28
29
32
36
38
08
10
11
14
15
16
40
41
42
44
46
48
52
54
55
57
59
61
62
63
Financial Statements &
Shareholder Information
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
03 | Apax Global Alpha | Annual Report and Accounts | 2024
OVERVIEW
Overview
Apax Global Alpha (“AGA”)
provides public market access
toprivate companies.
About AGA 04
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
04 | Apax Global Alpha | Annual Report and Accounts | 2024
OVERVIEW
About AGA
Public market access to private equity
FY 2024 Highlights Public access to private companies
Investing in AGA provides access to a portfolio
of private companies that shareholders can’t
accesselsewhere.
Portfolio
of Debt
Instruments
Private Equity
Portfolio
companies
AGA invests as a
Limited Partner
into Apax Funds
0.8%
FY 2023: 4.1%
FY 2024 Total NAV
Return per share
€1,227m
31 December 2023: €1,288m
Net Asset Value (NAV)
at 31 December 2024
£2.08
31 December 2023: £2.27
NAV per share at 31 December 2024
7.8%
31 December 2023: 7.2%
Dividend yield at 31 December 2024
€69m
FY 2023: €65m
Total capital returned in FY 2024
€2.51
31 December 2023: €2.62
NAV per share at 31 December 2024
£1.42
31 December 2023: £1.61
Share price at 31 December 2024
11.14p
FY 2023: 11.52p
FY 2024 dividends paid
Please refer to Alternative Performance Metrics (“APMs”) glossary on p.121 for further details on APM calculations used throughout the report.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
05 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
About AGA continued
Why AGA?
Access to a portfolio of
“hidden gems”, private
companies which
shareholders can’t buy
elsewhere
• Exposure to high-quality companies, the
majority of which were acquired by the Apax
Funds in control buyout transactions.
• Mostly companies that operate in the upper
mid-market with strong underlying growth
potential.
of portfolio NAV invested in
PrivateEquity
83%
See p.22 for an overview of AGA’s
top 30 Private Equity investments.
“All-weather” investment
strategy well-suited to
generate alpha
• Focus on business improvement with
earnings growth rather than market tailwinds
driving value creation across Private Equity
portfoliocompanies.
• Sector-led strategy providing access to a
focused global portfolio across Tech, Services,
and Internet/Consumer.
Five-year annualised
Cumulative Return
8.3%
See p.24 for an overview of Apax’s
investment strategy.
Capital allocation –
attractive dividend policy
with an active buyback
programme
• AGA has invested in all Apax Private Equity
Funds launched since IPO to drive long
termreturns.
• Cash returned to shareholders via semi-
annualdividends.
• Buyback programme to drive NAV accretion
when the discount is wide.
Dividends paid to investors
in last five years
€319m
See p.6 for more information about AGA’s
capital allocation.
Robust balance sheet,
strengthened by portfolio
of Debt Investments
• Capital currently not invested in Private Equity
is deployed into a smaller portfolio of Debt
Instruments to generate additional returns
andincome.
• Debt positions are identified leveraging the
insights gained by Private Equity sector teams.
• AGA also has access to a Revolving Credit
Facility (“RCF”) which can be drawn to provide
additionalliquidity.
calls in the next 12 months covered
2.4x
See p.23 and p.38 for more information about
AGA’s balance sheet and Debt Investments.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
06 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
About AGA continued
Capital allocation
AGA invests as a Limited Partner
in the Apax Private Equity Funds.
Capital currently not invested in
Private Equity is deployed into a
portfolio of Debt Investments.
When the Apax Funds sell or refinance portfolio companies, AGA receives
distributions from the Private Equity Funds (net of fees and carried interest).
AGA also receives income from its Debt portfolio and the Company has a
Revolving Credit Facility which provides a further source of capital.
Additionally, the Board is committed to maximising shareholder returns and,
in the first half of 2024, conducted a comprehensive review of the Company’s
capital allocation policy.
At the Capital Markets Day in June 2024, the Board announced a new
capital allocation framework. The new framework reflects shareholder views
that AGA should use share buybacks to improve returns.
Capital allocation framework
Continued payment of regular dividends to
shareholders semi-annually, with the dividend being
fixed at an absolute level of 11p per share per annum.
Creation of a Distribution Pool which earmarks
funds on AGA’s balance sheet available for share
buybacks, allowing the Board to take advantage of
the opportunity presented by wide discounts.
€25m
Distribution Pool
as at 31 December 2024:
€513m
returned to shareholders since IPO
1
7.8%
Dividend yield at 31 December 2024
1. Includes capital returned via dividends and share buybacks.
• To ensure shareholders continue to benefit from the Company’s growth,
the Board may consider distributing capital through special dividends as
part of its capital allocation framework.
• Buybacks are considered if AGA’s shares trade at a discount in excess of 23% to the
last published NAV. The Board is committed to maximising value for shareholders
and will retain flexibility with regards to the level of discount at which it believes
buying its own shares is more accretive than making new portfolio investments.
• To take advantage of the investment opportunity presented by the current wide
discount, €30m was allocated to the Distribution Pool at announcement.
• In the year to 31 December 2024, €5m of the Distribution Pool has been used
to repurchase 2.9m shares at an average discount to NAV of 32%.
100% of “Excess Cash Flow” allocated to
the Distribution Pool on an annual basis until
the size of the Distribution Pool reaches
5% of the Company’s NAV.
Repayment of RCF
Excess cash flow
Total cash income from the Debt portfolio
Excess cash flow definition
Private Equity calls paid
All costs and expenses
Dividends paid
Total Private Equity distributions
€30m
allocated to the Distribution
Pool at announcement.
11p
per share
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARYOVERVIEW
07 | Apax Global Alpha | Annual Report and Accounts | 2024
Strategic Report
Chairman’s statement 08
Principal strategic objectives 10
Access to a portfolio of “Hidden Gems” 11
Active management 14
Responsible investment 15
Stakeholder engagement 16
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
08 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
Sharpening our focus
I am pleased to present the 2024 Annual Report and
Accounts. I joined the Board of Apax Global Alpha Limited
(“AGA”) inMarch 2024, and became Chairman upon the
retirement of Tim Breedon in July. This is my first Annual
Report to communicate directly with all of our investors,
whether institutional or individual.
I have spent much of my first few months engaging with
shareholders, my fellow Board members, and the Apax
teams. Most importantly, I wanted to hear shareholders’
views about AGA; particularly why our shares currently
trade at a c.35% discount to Net Asset Value. We also
commissioned JPES Partners to conduct an independent
perception study.
Their remit was, not only to have frank and open
conversations with existing investors in AGA, but also to
probe into the key detractors of the investment thesis and
to explore triggers for non-holders to establish a position
in AGA.
The current environment, with wide discounts and
shifting market dynamics, requires a sharp focus and
clear priorities to ensure we remain well-prepared for the
future. The single most important determinant of the
discount from here is better performance, evidenced
byrealisations.
The Total NAV Return over the year was 0.8%. Overall
performance was adversely affected by specific healthcare
and retail investments. Inparticular, we were hit by the
writedown in Vyaire Medical (“Vyaire”), acrossthe Private
Equity and Debt portfolios.
Chairman’s statement
“ The single
most important
determinant of the
discount from here
isbetter performance“
The recent weakness in performance has reduced
annualised returns since inception to 8.9% p.a. This is
below the target of 12-15% p.a. and is something both
investors and the Board are keen to address.
Despite the poor returns experienced by investors in
AGA over the last two years, the underlying performance
of investee companies remained encouraging. Average
EBITDA growth across Private Equity portfolio companies
was 14% over the year. Valuation multiples held relatively
steady at 17.8x, and leverage remained low compared to
the wider industry at 4.5x.
The performance of investee companies vindicates Apax’s
underlying strategy of finding “Hidden Gems”. The Board
agrees that this approach to investing remains a sound one
and is confident that our underlying investee companies
offer a solid base to deliver our target returns of 12%-15%
p.a. in future.
The Board does not believe that a significant discount to
Net Asset Value is warranted. We expect the discount to
narrow as the Apax Funds continue to deliver realisations,
demonstrating to the market that the stated Net Asset
Value is a robust number; Apax Funds have a long history
ofdelivering, on average, an uplift to stated value when
sales are completed.
Our single largest commitment is to Apax XI. Even
though it is still in investment phase, the value of existing
investments in Apax XI is already up by 30% (on a gross
basis). The performance of Apax XI is pivotal for our
futurereturns.
It has been encouraging that Apax is not immune to self-
criticism. There has been considered self-reflection, rather
than complacency, and 2024 saw a number of positive
changes in response.
Firstly, in the last three months of the year, Apax
announced that the Apax Funds would no longer invest
in Healthcare as a separate sector, largely because of
the susceptibility to government funding and regulatory
changes which have resulted in lower historic returns with
higher volatility for the AGA portfolio.
The Apax Funds have reduced to three ponds in which to
fish, and sharpened their focus on strengths within the
Tech, Services, and Internet/Consumer sectors where the
“Hidden Gems” strategy is particularly well-suited.
Secondly, we assessed AGA’s approach to holding equity
and debt in private companies. Previously, AGA could
have exposure to both the equity and debt of the same
company. Following our review, AGA will no longer invest
in the debt of companies in the Private Equity portfolio
but will continue to invest in other attractive debt
opportunities, identified through private equity-style
diligence. For the moment, the Board believes that having
a Debt portfolio, currently representing 16% of our Net
Asset Value, is a useful way to manage risk and liquidity,
retaining the backing for private equity commitments, at
much higher interest rates than available on cash deposits
or government and investment grade bonds. We will
continue to review the attractiveness of this approach to
capital management every year.
Thirdly, there was significant progress over the last
year in reducing exposure to the residual listed holdings
(particularly derived from Apax IX) which have had a
material effect on AGA’s NAV in the last two years. This will
reduce the volatility of returns and mirror more closely the
private equity marketvaluations.
A significant contributor to our shares trading at such a
wide discount is a problem across the investment company
sector. Investment companies collectively face a number
of challenges, some of which are cyclical (discounts can
come and go); but some are more existential.
The UK regulator’s interpretation of rules on cost
disclosure have been a problem by creating a misleading
overall expense number, when costs are already accounted
for in the share price. There have also been a number of
trusts that have undermined confidence in the sector.
Themerging of investment platforms and wealth
managers means that they can only invest in the largest
trusts which offer high levels of liquidity.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
09 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
At 31 December 2024, more than 82% of the Private
Equity portfolio was made up of companies held by the
three most recent Apax buyout funds. The recent buyout
investments (ten investments made through Apax XI to
date) are off to a good start and are on average marked
at 1.3x our initial investment on a gross basis. We expect
these portfolio companies to be a key driver of AGA’s
performance over coming years. Apax X also has potential
for further value creation as some investments that were
made in the early stages of the investment period begin
to bear fruit and some companies recover from cyclical
effects. Inaddition, two exits were signed in 2024 and more
are expected in 2025.
We are frustrated that the market does not recognise
the full value of the Apax portfolio. We will not shy away
from discussing every possible avenue to ensure that
shareholders benefit from underlying performance.
Nothing is off the table; though we have short-term
commitments to Apax XI that will constrain us until we
are comfortable that we do not expose investors to
unnecessary liquidity risk.
The Board believes the Apax Funds’ investment strategy
is well suited to the current economic environment, since
it relies less on debt and financial engineering, and more
on driving operational improvements. Coupled with an
enhanced pace of investments and exits, the Investment
Manager is optimistic regarding an improvement
inperformance.
Karl Sternberg|Chairman
Apax Global Alpha Limited
3 March 2025
The creation of Long-Term Asset Funds to give private
and smaller institutional investors the opportunity of
owning private equity, venture capital, and infrastructure
is a distraction competing for the attention of wealth
managers. Your Board is convinced that listed investment
companies are still the safest way to gain exposure to
illiquid and unquoted assets.
Investment activity
It was reassuring to see a significant acceleration in activity
across the AGA portfolio. AGA deployed €166 million
across nine new investments while receiving €62 million
in distributions from eight full or partial exits. Inclusive
of exits signed in the year, an average gross Multiple On
Invested Capital (“MOIC”) of 1.6x was achieved. The take
private of Paycor was announced post period end and is
expected to generate a gross MOIC of 3.3x for the Apax
Funds upon close.
The Private Equity portfolio remains well diversified
across investment vintages, and exit opportunities from
some of the more mature fund vintages are anticipated
to drive additional shareholder value in both the near and
mediumterm.
Capital allocation framework
Ultimately, it is the performance of the Private Equity portfolio
which will determine shareholder returns. This will take time. In
the meantime, the Board can play its part by taking advantage
of the discount by buying back shares, which immediately
enhances the Net Asset Value of theCompany.
AGA has already returned more capital to shareholders
than any of the peers since its IPO, historically via an annual
dividend of 5% of Net Asset Value. Since IPO, AGA has paid
shareholders dividends amounting to €508 million in total,
equivalent to 57% of IPO NAV.
Following its review of capital allocation in the first half
of2024, the Board decided to maintain the dividend, now
set at 11 pence per share per annum. Given the current
discount, this represents a yield of 7.8%.
This form of capital return will, in future, be supplemented
by share buybacks whilst the shares trade at a substantial
discount to Net Asset Value. AGA’s Debt portfolio has
allowed us to create a buyback Distribution Pool of €30
million. Each year, the Board will be able to supplement this
pool depending on our excess cash flow, largely driven by
expected calls and realisations.
By the end of the year, just €5.0 million of this pool could be
deployed, given the currently poor liquidity of investment
trusts. We will accelerate the deployment as liquidity
conditions allow.
It is important to note that this is a capital allocation
decision, rather than an attempt to manage the discount.
When the underlying assets are illiquid, it is dangerous to
commit to rigid discount management. As realisations
confirm the robustness of the Net Asset Value, the shares
should naturally trade closer to full value.
Governance update
I would like to take this opportunity to thank my
predecessor, Tim Breedon, for his leadership and significant
contributions to the Company since its IPO in 2015 and
the Board would like to acknowledge his efforts, from the
inception of AGA. He was instrumental in the creation of
AGA to allow private and smaller institutional investors to
gain exposure to private equity. Fewer companies today
need significant capital to grow, and the regulatory burden
of being listed is often less attractive than accessing private
capital, or having a single cornerstone investor. Without
access to private equity, half the world’s businesses are not
available to many investors. Tim was keen to be involved
in a vehicle that allows all investors to get exposure to this
growth potential.
Alexander Denny joined as a Non-Executive Director over
the summer, replacing Chris Ambler who retired in March
after nearly nine years on the Board. Stephanie Coxon
assumed the role of Audit Chair in May, preparing for Susie
Farnon’s planned retirement in 2025 or 2026.
The search for Susie’s replacement isunderway, with
an emphasis on ensuring the Board maintains a diverse
composition while bringing in the skills and expertise
needed to guide the business effectively. We are required
to have a majority of non-UK based Directors, which
makes a search thatgives us both diversity and expertise
commensuratelymore difficult. Expertise must be our
pre-eminentobjective.
To ensure that AGA remains competitive and able to
attract high-calibre individuals to the Board, the fees
payable to Non-Executive Directors (excluding the
Chairman) were adjusted by 14% as of 1 September 2024.
This marks only the second adjustment to fees since
AGA’s IPO in 2015, reflecting a thoughtful approach to
maintaining alignment with market standards and securing
the necessary expertise to guide the Company’s future.
2025 AGM resolution on Directors’ fees
andexpenses
The Board intends to temporarily increase to six
independent Directors, from five currently, to facilitate
a smooth and effective succession process. For the
necessary flexibility, the Board is seeking shareholder
approval to increase the remuneration cap from
£395,000to £500,000.
Liquidity, commitments and funding
Liquidity and capital management remain central to our
strategy. Outstanding commitments to Apax Funds
reduced by €82 million during the year, ending at €837
million. AGA’s available resources outside the Private
Equity portfolio of €498 million, which includes cash and net
current assets, Debt investments, and the Revolving Credit
Facility, ensure readiness for capital calls from Apax XI, ADF
II, and AGI, as well as the dividend payable twice eachyear.
Outlook and focus for 2025
The Board is optimistic that the underlying portfolio
will be able to achieve the target returns of 12-15% p.a.
Apax has had subdued periods in the past and bounced
backeachtime.
Chairman’s statement continued
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
10 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Principal strategic objectives
Regular dividends
and capital return
to shareholders
Invest in Apax Private
Equity Funds for
long-term growth
Remain fully invested
Deliver over-the-
cycle target Total NAV
Return of 12-15%
Strategic objective What we have achieved Board evaluation Focus for 2025 and beyond
AGA has delivered a five-year
annualised Cumulative Return of 8.3%
The Board remains committed to achieving
the 12-15% Total NAV Return target over the
long term. Apax Funds’ performance will be
continuously assessed and factored into
future private equity commitments.
Alongside our capital allocation toolkit, this
approach will ensure disciplined capital
deployment to maximise long-term value
creation forshareholders.
In 2024, AGA returned €69m to
shareholders through dividends and
share buybacks, equivalent to 5.4% of
opening Adjusted NAV
Maintain AGA’s semi-annual dividend
payment fixed at 11 pence per share p.a. in
addition to share buybacks at attractive
discounts to drive NAV accretion.
Over the last five years, AGA made
new commitments of $1.3bn to five
Apax Funds, including two global
buyout funds, Apax Digital Fund II, AMI
II, and Apax Global Impact
The Board will continue to manage liquidity
and assess Apax Funds’ performance. This
will guide future private equity commitments
with an aim to maximise shareholder returns.
Debt portfolio has delivered a
five-year annualised return of 6.1%
Continue to evaluate Debt Investment
opportunities to ensure they are value
accretive and offer appropriate liquidity in
the context of AGA’s Private Equity
commitments and expected future calls.
96% invested at 31 December 2024
The Board acknowledges that the current
five-year return is below target; however,
the Board remains confident in the Apax
Funds’ underlying investee companies.
These companies continue to show good
EBITDA growth with modest levels of
leverage.
The Board is committed to maximising
shareholder returns through continued
regular dividends and the use of share
buybacks where accretive to shareholders.
There were no new commitments in 2024,
as no new Apax Funds were raised.
The Board notes that the Debt portfolio
serves as a reliable source of liquidity while
generating additional returns on capital not
invested in Private Equity, and continues to
deliver accretive returns for shareholders.
AGA maintained robust investment levels,
demonstrating effective and efficient
capitaldeployment.
Remain fully or close to fully invested whilst
maintaining liquidity within risk appetite.
8.3%
5.4%
$1.3bn
6.1%
96%
1
2
3
4
5
Manage Debt portfolio
to generate additional
returns on capital not
invested in Private Equity
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GLOSSARY
11 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Access to a portfolio of “Hidden Gems”
“All-weather” investment
strategy
Sharpened focus on
sectors where the
“Hidden Gems” strategy
is best suited and the
Apax Funds can benefit
from repeat playbooks
Portfolio at 31 December 2024
Resilient business models
The Apax Funds focus on coveted categories: high
quality sub-sectors where the investment team has
significant experience and expertise. This approach
reduces exposure to market fluctuations and focuses on
businesses with steady, long-term growth potential and
strong financial fundamentals.
Ability to drive outperformance
through operational improvements
The Apax Funds seek to generate outperformance through
significant business quality improvement. This involves
buying under-optimised assets where the Apax team can
visualise the potential, and then accelerating financial
performance to generate an increase in relative valuation
multiples once that potential is unlocked.
32%
of Private Equity NAV
44%
of Private Equity NAV
19%
of Private Equity NAV
16
Companies
44
Companies
15
Companies
Tech Services Internet/Consumer
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12 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
€60m
5% of NAV
Services
A highly diversified insurance distribution
consolidator, operating primarily across the
UK, with a presence in Europe. Focuses on
distribution of specialist commercial lines,
through both direct distribution and
B2Bdistribution.
• Organic growth acceleration and M&A platform.
• Well diversified across business models
and products.
• Highly attractive and investable industry
duetoits recession-resilient and
non-discretionary characteristics.
Access to a portfolio of “Hidden Gems” continued
Top portfolio holdings
€59m
5% of NAV
Services
€54m
4% of NAV
A leading mid-market insurance brokerage
firm offering a range of services, including
commercial insurance, risk management, and
employee benefits across the United States,
United Kingdom, Ireland, and Belgium.
• During Apax Funds’ ownership, the company
expanded rapidly, completing c.400 acquisitions,
bolstered profitability by investing in technology,
salesforce, and infrastructure capabilities, and
supported the company in recruiting key talent.
• Exit signed at a gross MOIC of 2.7x.
Services
• Take private of a highly differentiated business
that Apax knows well and that operates in
a market with long-term growth potential.
• Opportunity to accelerate the company’s
transformation under private ownership
where many of the necessary operational
enhancements needed can be implemented
more effectively.
• Revenues stabilised in 2024 with year over year
EBITDA growth in H2 2024.
€55m
4% of NAV
Global technology consultancy that
integrates strategy, design, and engineering
to drive digital innovation. Thoughtworks
helps clients solve complex business
problems with technology as
thedifferentiator.
Tech
€43m
4% of NAV
• Several growth opportunities across business
units with untapped potential.
• Attractive entry price relative to peers for a
growing business, with strong fundamentals,
andlongstanding customer relationships.
• Highly complementary and transformational
“Day 1” acquisition of Benify creates a leading
global benefits, reward, recognition, and
employee engagement software provider with
an enhanced value proposition to customers.
Leading provider of payroll and HR software
to customers in the UK and Ireland, and
emerging leader in the global benefits
administration software market.
Tech
Technology providers of risk management
solutions, serving a multitude of end markets.
• Over the coming months, Alcumus and
Veriforce will begin to integrate.
• The supply chain risk management industry
is still a relatively new industry, with significant
whitespace, and has seen significant
growth driven by increasingly complex
regulatory pressures and more demanding
commercialrequirements.
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13 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
• Well-developed residential services playbook for
value creation.
• Recurring, non-discretionary, cyclical service.
• Strong pipeline of M&A targets with proven
execution capability.
• Continued investment in digital transformation
and customer-facing technologies.
€36m
3% of NAV
US based arboriculture services provider
offering science-driven tree, shrub, and lawn
care services operating through 89 locations
across 33 states, serving residential,
commercial, and community properties with
a strong focus on sustainability.
Services
• Recession-resilient business model, with
attractive customer retention and a large
untapped Total Addressable Market of
over 65 million households.
• Proven ability to execute on both operational
improvements and M&A.
• New strategic partners significantly expand
customer reach.
• Solid EBITDA growth driven by top-line
acceleration and margin improvements.
€36m
3% of NAV
A leading utility line and home warranty
provider in the US, offering
subscription-based products that protect
customers’ budgets from unexpected repair
costs and provide high quality, convenient
service through a robust contractor network.
Services
• Transformational combination of three leading
software vendors to create next generation
vendor in social good technology.
• Fragmented market with significant M&A
and consolidationopportunity
(three acquisitions since first investment).
• Attractive financial characteristics and poised
for further growth.
€41m
3% of NAV
A leading integrated social good software
platform that enables non profits
to raise more money, increase efficiency,
magnify impact and allows donors to
maximise and validate the impact of
their philanthropy.
Tech
• Early innings of modern software adoption.
• Mission-critical products with strong
competitive position.
• Impressive track record of strong execution
and growth at high margins.
• Robust M&A opportunity.
€37m
3% of NAV
Provider of modern, core operations software
to the global travel and logistics industry.
Customers are the world’s leading cargo and
passenger airlines, airports, hotel chains,
cruise lines and logistics players.
Tech
Internet/
Consumer
• Take private of a high quality business with
strong network effects and unparalleled local
brand equity.
• Diversification across multiple verticals
creates a stable, highly predictable business.
• Clear pathway for growth from applying
Apax’s digital classifieds playbook across
multiple investments.
• Business executing well despite remaining
macro challenges .
€41m
3% of NAV
New Zealand’s leading online classifieds
platform for motor vehicles, property, and
jobs, as well as the top generalist marketplace
for both professional and casual sellers. As
the country’s sixth most visited website, it
attracts 40% of the adult population
everymonth.
Access to a portfolio of “Hidden Gems” continued
Top portfolio holdings (continued)
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GLOSSARY
14 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Active management
Increased focus on Private Equity investments
Since IPO, AGA has increased its portfolio
exposure to Private Equity whilst
simultaneously reducing the allocation
topublic equity investments.
As a result, shareholders are now able to
access a larger portfolio of private companies
and the superior returns that can be achieved
from private equity investments.
The Board has continued to make
commitments to all new Apax Private Equity
Funds since IPO and today, AGA’s portfolio
iswell diversified across fund vintages. The
stock of exit-able companies is being rebuilt,
evidenced by an increase of activity in the
second half of 2024.
To ensure the Company can meet increasing
capital calls from Private Equity Funds, it has
maintained a share of more liquid first lien
loans in its Debt portfolio. This provides
further robustness to the Company’s
balancesheet and limits cash drag.
At 31 December 2024, AGA had cash of
c.€48m (including net current assets) in
addition to a RCF of €250m which
remainedundrawn.
Portfolio at IPO
Portfolio split
Private Equity portfolio by fund vintage
2012
63%
Pre 2012
37%
35%
30%
Private Equity Debt Equity Cash
1
27%
8%
Portfolio at 31 December 2016
Portfolio split
Private Equity portfolio by fund vintage3
30% 4%
52% 14%
2012
86%
2014
1%
Pre 2012
13%
1. Cash & Net Current Assets.
2. Includes Derived Equity exposure of <1%.
3. Excludes negative NAV for 2016 vintage.
Private Equity Debt Equity Cash
1
Portfolio at 31 December 2024
Private Equity portfolio by fund vintage
Portfolio split
4%
80%
16%
2017-2021
47%
Post 2021
23%
Pre 2017
30%
Private Equity Debt² Cash
1
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15 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Responsible investment
The Board believes
that responsible
investment is
important in
protecting and
creating long-
termvalue.
This section focuses on Apax’s sustainability
efforts relating to the Private Equity portfolio.
AGA’s approach to sustainability in the Debt
portfolio focuses on pre-investment due diligence.
Apax’s approach to sustainability in
PrivateEquity
Sustainability is embedded throughout the Apax
Funds’ investment process, from due diligence
through to the Funds’ ownership and exit.
Supported by Apax’s Operational Excellence
Practice (“OEP”), investment teams are
responsible for identifying and monitoring
portfolio companies’ sustainability footprint,
anddriving value and mitigating risk based on
company or sector-specific material issues.
Apax actively participates in industry-leading
platforms and the firm’s approach has been
recognised by the Principles for Responsible
Investment (“PRI”). Apax is a member of the BVCA
Responsible Investment Advisory Group, the
Thirty Percent Coalition and the Sustainable
Markets Initiative Private Equity Taskforce, as well
as a signatory to the ILPA Diversity in Action
Group, and the initiative Climat International.
To learn more about Apax’s sustainability efforts
see p.32 to p.34.
Driven by materiality
Apax’s sustainability focus is driven by the
material issues of the sectors invested in,
leveraging industry frameworks and standards.
Apax has collected a large suite of sustainability
indicators since 2012, and regularly reviews and
adapts KPI monitoring across the portfolio in
relation to company, sector and other emerging
issues such as cybersecurity, climate change, and
workforce diversity.
For more information about AGA’s ESG policy and responsible investment
considerations for the Debt portfolio, please see:
www.apaxglobalalpha.com/wp-content/
uploads/2023/11/2023-11-01-Apax-Global-Alpha_ESG-policy.pdf
For more information about Apax’s approach to sustainability, please see:
www.apax.com/reports/apax-sustainability-report-edition-12/index.
html#page=1
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16 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Stakeholder engagement
Promoting the success of AGA
The Board is committed to promoting the
long-term success of the Company whilst
conducting business in a fair, ethical and
transparent manner.
The Board notes that the AIC Code
recommends that matters set out in Section
172 of the Companies Act, 2006 should be
considered and reported on. This requires
Directors to act in good faith and in a way that
is the most likely to promote the success of
the Company. In doing so, Directors must
takeinto consideration the interests of AGA’s
stakeholders, the impact AGA has on the
community and the environment, and take
along-term view on the consequences of the
decisions they make.
The importance of stakeholder
considerations is taken into account at every
Board meeting. All discussions involve careful
consideration of the longer-term
consequences of any decisions and their
implications for stakeholders. The key
strategic decisions taken during 2024 were
informed and supported by stakeholder
engagement activities and are set out on
p.46in the Governance section.
AGA stakeholders
The Board regularly reviews and assesses
which parties should be considered as
stakeholders of the Company and for the
period under review, has concluded that, as
anexternally managed investment company
without employees or customers, AGA’s key
stakeholders comprise its shareholders, the
Investment Manager, and service providers.
Apax, the Investment Advisor, is a
leading global private equity
advisory firm. We rely on Apax for
the identification and due diligence
of investment opportunities.
We also rely on them for investor
relations services.
We maintain an open relationship
with our service providers and
regularly engage with them
across a number of matters
relevant to the Company. A
formal review of our service
providers is carried out annually.
We maintain a constructive
and open relationship with
industry bodies and regulators,
engaging on key matters
relevant to the Company.
We recognise the importance of
contributing to our communities
for long-term value creation.
We consider these to be the
communities where our service
providers operate.
Our strategic objective is to
provide shareholders with superior
long-term returns through capital
appreciation and regular dividends.
The Chairman holds one-to-one
meetings with shareholders on
an ad-hoc basis and as part of an
annual corporate governance
roadshow. The Board also
engages with shareholders
at the Capital Markets Day.
Our
Investment
Manager
Relevant
bodies
Our
service
providers
Communities
Our
shareholders
Our
Investment
Advisor
AGA
stakeholders
We work closely with Apax
Guernsey Managers Limited
around portfolio strategy, capital
allocation, and commitments
to new Private Equity funds.
The Board receives regular
updates on portfolio performance
and risk management.
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17 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Stakeholder engagement continued
This section discusses
why our stakeholders
are important to the
Company, and the
actions taken to ensure
that their interests are
taken into account.
“ Shareholder support
and engagement are
vital to thelong-term
success of the business
and the realisation of
ourobjectives.”
Shareholders
Why they are important
Shareholder support and engagement are vital to the
long-term success of the business and the realisation
of our objectives. We recognise and deeply value the
confidence our shareholders place in the Company,
and the Board, and we remain committed to delivering
strong long-term financial performance, maintaining
prudent balance sheet management, and commitment
to the highest standards of corporate governance.
A resolution to continue the life of AGA is put to
shareholders every three years. Having been approved
by shareholders at its Annual General Meeting (“AGM”)
in 2024, a similar resolution will be put to shareholders
at the AGM in 2027.
Contact details for shareholder queries can be
found on p.108 and on the Company’s website at:
www.apaxglobalalpha.com/contact
How the Board engage
The Board actively seeks to understand and consider
the needs, perspectives, and priorities of shareholders
which are reflected in our discussions and decision-
making processes.
Directors are available for effective engagement,
whether at the AGM, Capital Markets Day, or other
investor relations events. The Chairman also holds
one-to-one meetings with shareholders on an ad-hoc
basis and as part of an annual corporate governance
roadshow. The Senior Independent Director, Susie
Farnon, is available for investor meetings on request.
Aspart of the ongoing engagement, AGA has
retained Apax to provide comprehensive investor
relations services. In addition, the Company’s
joint-corporatebrokers,
Jefferies International Limited and Investec Limited, and
corporate access provider, RMS Partners, further support
shareholder engagement. The Board receives regular
reports and updates from the Apax investor relations team
and the corporate broker. Shareholder views and feedback
are regularly sought and communicated to the Board to
help develop a balanced understanding of their issues
andconcerns.
Key activities for the year
AGM - The AGM presents investors with the opportunity to
ask Board members questions, and to cast their votes. The
2024 AGM was conducted both in person and via a dial-in
format to encourage attendance. The same format will be
adopted in 2025.
Publications - The Company reports formally to shareholders
four times a year, with updates on transactions and significant
events presented on an ongoing basis. Shareholders may
obtain up-to-date information on the Company through its
website at www.apaxglobalalpha.com
Website – The website includes key portfolio and performance
information, as well as access to the Company’s publications
and contact information.
Events – Apax maintains a comprehensive investor
engagement programme with investors and equity analysts.
This includes presentations, roadshows, attendance at
conferences, and other events. The Board always welcomes
feedback at these meetings.
Investor feedback – As part of the Board’s review of its capital
allocation framework, the Board gathered feedback from
shareholders representing a majority of issued share capital.
Towards the end of the year, as part of its commitment to
effective engagement and continuous improvement, the
Board also commissioned an independent perception study
conducted by JPES Partners Limited. This was designed to
gather candid and unbiased feedback from both existing and
potential investors. The findings from this study formed the
basis of the Board Strategy Day. The progress against this will be
presented at the AGA Capital Markets Day to be held in June 2025.
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18 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Stakeholder engagement continued
Community
Why they are important
The Board believes that investing
responsibly is important in protecting and
creating long-term value. The Board
recognises that the incorporation of
material sustainability considerations can
help inform the assessment of overall risk
and opportunities.
AGA does not itself invest directly in
Private Equity portfolio companies.
However, the Board recognises the
importance of portfolio companies
themselves having proper policies and
procedures in place regarding their
employees, suppliers, customers and
otherstakeholders.
How the Board engages
The Board relies upon its Responsible
Investment policy and the practices of the
Investment Manager and Apax. The Board
receives updates on Apax’s sustainability
activities. Apax integrates sustainability
considerations throughout the investment
process and works closely with portfolio
companies on these matters.
Key activities during the year
The Investment Manager regularly updates
the Board on key sustainability initiatives
and milestones throughout the year,
including in relation to regulatory changes.
Service providers
Why they are important
In addition to supporting the Company to
deliver on its objectives, effective
relationships with service providers help
the Company achieve its investment
objectives and to operate in an efficient
and compliant manner.
How the Board engages
The Board maintains an ongoing dialogue
with its service providers and receives
regular updates from them, both formally
at Board, Audit Committee, and
Management Engagement Committee
(“MEC”) meetings and informally outside
the Board and Audit Committee
meetingschedule.
Key activities during the year
The Board approved the creation of
theMEC in September 2024, which is
responsible for reviewing all major service
providers to the Company.
Details of the responsibilities of the
Investment Manager (AGML), Investment
Advisor (Apax), Registrar (MUFG Corporate
Markets - formerly Link Asset Services),
and Company Secretary and Administrator
(Aztec Financial Services (Guernsey) Ltd)
can be found on p.44 andp.52.
“ The Board believes
thatinvesting
responsiblyis important
in protecting andcreating
long-termvalue.”
“ In addition to supporting
the Company to deliver
on its objectives, effective
relationships with service
providers help the
Company achieve its
investment objective.”
Investment
Manager’s Report
Investment environment and outlook 20
Performance review 21
Commitments and funding 23
Portfolio review 24
Portfolio review – Private Equity 25
Apax XI Fund update 28
Portfolio review – Private Equity
investment timeline 29
Sustainability governance at Apax 32
Case Study: Private Equity 36
Portfolio review – Debt
Investments 38
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GLOSSARYOVERVIEW
19 | Apax Global Alpha | Annual Report and Accounts | 2024
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20 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
mature, we anticipate continued exit activity driven
by interest from strategic and financial investors,
highlighting continued demand for high-quality
assets, even against an exacting market backdrop.
Public markets
Global equity markets delivered strong performance
in 2024, with the S&P 500 rising c.23% and Europe
STOXX 600 delivering c.9% total return. Earnings
growth in the US is significantly outperforming
Europe with US valuations remaining above historical
levels and European markets trading close to the
median. However, these gains continue to be largely
driven bya narrow group of the leading “Magnificent
Seven” stocks, collectively accounting for over 50%
of the S&P 500’s growth.
Looking at the remaining listed holdings in AGA’s
Private Equity portfolio, it’s important to note that
most of these resulted from previously IPO’d portfolio
companies where significant value has already been
realised. However, it is recognised that these deals
subsequently introduced a degree of volatility due to
the exposure to public markets and have caused a
material drag on AGA’s NAV. In 2024 and post period
end, these public holdings have reduced to just c.2%
of AGA’s 31 December 2024 NAV, reducing potential
volatility and future headwind for AGA.
Credit markets
Spreads in the European and North American loan
markets continue to remain tight, and as base rates
start to step down, interest coverage is increasing
with default rates beginning to reduce. Despite
thecurrent tight spread environment, the
macro-conditions in the “new normal” mean that
periods of dislocation can open quickly (and close
quickly as well). In Apax’s view, credit investors that
can act quickly and leverage existing asset and
sector-specific knowledge, are best placed to take
advantage of dislocations when they occur, and to
remain disciplined in periods of market tightness.
Overview and outlook
2024 marked the establishment of a “new normal” –
alandscape characterised by higher interest rates,
sluggish growth, and heightened geopolitical tension.
Core inflation has dropped from peaks, but whilst the
pace has slowed, current levels are still above targets
in both the US and Eurozone. Expectations for US
interest rate declines have moderated whilst rates in
other developed markets are expected to fall further.
As we look ahead to 2025, the market environment
remains uncertain. The US economy is expected to
sustain solid GDP growth, while Europe’s outlook
remains weaker, with no meaningful improvement in
estimates. Meanwhile, the implications of the new
USadministration on the global economy and
investment ecosystem are yet to fully unfold.
That said, the outlook of structurally reduced growth
and higher costs of capital have changed profoundly
the skills necessary to generate attractive returns in
this new normal. Gone are the days of abnormally low
interest rates and strong growth where firms were
able to generate healthy returns by buying high and
selling higher, riding strong beta tailwinds without
theneed to make meaningful improvements in
underlying business quality. Instead, operational
value creation levers take a leading role and, to stand
out, investors need to identify opportunities for
future growth from operational transformation.
Thisrequires a mindset and toolkit that cannot be
developed overnight, and we are confident that the
distinctive “Hidden Gems” approach positions the
Apax Funds well to deliver superior returns at scale
despite these uncertainties.
Private Equity markets
After two years of more subdued private equity
activity, 2024 saw an increased resurgence in volumes,
both in acquisitions and realisations, thoughtotal
volumes remained well below the highs experienced
during and slightly before the pandemic period. Some
of the challenges that weighed on activity in prior years
– such as high interest rates and financial market
volatility – began to ease or stabilise. However, low
growth, more geopolitical uncertainty and many
investments having been bought at peak valuations in
2019-2021 have resulted in prolonged exit delays and
in record-long investment holding periods.
2024 reinforced the importance of disciplined,
operationally driven investment strategies in an
environment where financial engineering and beta
tailwinds no longer suffice. The “Hidden Gems”
strategy has allowed the Apax Funds to continue
toidentify attractive new investment opportunities.
From tuck-in acquisitions to transformative deals,
theApax Funds were also active in deploying capital
to accelerate growth and improve scale. With help
from the Operational Excellence Practice, many
companies spent 2024 investing in the foundations
oftheir next stage of profitable growth, with a
number of early proof points already evident.
Looking ahead, dealmaking in 2025 is expected to
increase but with some continued headwinds.
Thereis a record supply of deployable capital, an
increasing need for liquidity events demanded by
investors, relatively strong credit and equity markets,
and greater time for companies to have grown
intovaluations. With sponsors showing greater
willingness to transact at current valuations, deal
activity is likely to maintain momentum. Geopolitical,
trade, inflationary, and macro uncertainties may
continue to weigh on market activity.
During the active markets in 2020-2022, the Apax
Funds were net distributors of capital and Apax did
not materially increase its investment pace during
this period while pricing was at its peak. Since then,
the pipeline of ready to exit companies has been
steadily rebuilding. As the portfolio continues to
Investment environment and outlook
Private equity transaction volumes
Total US private equity transaction value ($bn)
100
86
H120 H220 H121 H221 H122 H222 H123 H223 H124 H224
Source: LCD
177
186
147
39
76
58
81
81
AGA calls and distributions (since 2020)(€m)
Calls
Distributions
H120 H220 H121 H221 H122 H222 H123 H223 H124 H224
21
35
79
121
145
144
36
117
111
7
35
83
117
55
38
57
5
158
131
62
The Apax credit team’s integrated investment
approach is designed to outperform through
an“all-weather” strategy, The approach fosters
collaboration between the Private Equity and Credit
teams, enabling AGA to access superior risk-adjusted
credit returns for its Debt portfolio.
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21 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Performance review
FY 2024 NAV movements
AGA’s NAV per share was €2.51 cents/£2.08
pence at 31 December 2024 and has come
down since the prior year (FY23: Adjusted NAV
per share of €2.62 cents/£2.27 pence).
Movement in NAV per share was primarily
driven by dividend payments to shareholders
ofc.€0.13 cents per share and a decrease in
NAV of the Private Equity portfolio. The decline
was offset by supportive FX movements with
the USD strengthening against the EUR.
Total NAV Return was 0.8% for the year to
31December 2024. While much of the Private
Equity portfolio companies continue to exhibit
good growth, overall performance was impacted
by remaining healthcare and retail investments,
such as the writedown and subsequent exit of
Vyaire Medical across both AGA’s Private Equity
and Debt portfolios. We have also seen some
slowdown in consumer and cyclically exposed
businesses, such as some tech
servicescompanies.
Share buybacks contributed 0.2% to Total
NAV Return per share following their addition
to the capital allocation toolkit at the end
ofJune 2024.
1. Represents movement in all instruments senior to equity.
2. Movement in the valuation multiples captures movement in the comparable companies’ valuation multiples. In accordance with International Private Equity and Venture Capital Valuation (“IPEV”) guidelines, the Apax Funds use
amultiple-based approach where an appropriate valuation multiple (based on both public and private market valuation comparators) is applied to maintainable earnings, which is often but not necessarily represented by EBITDA
tocalculate Enterprise Value.
3. Includes adjustments for dilutions from management incentive plans (as a result of growth in the portfolio’s value) and costs related to Holdco facilities. In FY24, majority of one-off adjustment relates to a mark down in Vyaire.
4. This includes carried interest, management fees and other costs relating to Private Equity holdings.
5. Includes movement in AGA’s two Derived Equity positions.
6. Performance fee adjustment accounting for the movement in the performance fee accrued at 31 December 2024.
FY 2024 Total NAV Return
contribution (%)
FY 2024 NAV per share development (€)
Private
Equity
Debt
Investments
5
Costs
and other
movements
Performance
fee
6
Total NAV
Return
FXShare
buybacks
(3.3)% 0.7%
(0.4)%
(0.2)%
0.2%
3.8%
0.8%
Debt
Adjusted
NAV 31
December
2023
Movement
in underlying
portfolio
companies’
earnings
Movement
in debt
1
Movement
in change in
comparables
companies’
valuation
multiple
2
Other
Private
Equity
3
Management
fees and
carried
interest
accrued by the
Apax Funds
4
FX NAV before
dividend
paid
Dividends
paid and
share
buybacks
NAV 31
December
2024
Private Equity
Debt
Investments
5
Costs
and other
movements
0.26
(0.10)
(0.09)
(0.09)
(0.06)
0.02
0.10
(0.02)
(0.13)
2.62
2.64
2.51
04 FINANCIAL STATEMENTS
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03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
22 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Top 30 Private Equity Sector Geography Valuation (€m) % of NAV
PIB Group Services United Kingdom 59.6 5%
Alcumus / Veriforce1 Services North America 58.7 5%
ThoughtWorks Tech North America 54.8 4%
AssuredPartners Services North America 53.7 4%
Zellis Group Tech United Kingdom 43.4 4%
Trade Me Internet/Consumer Rest of World 41.2 3%
Bonterra Tech North America 40.6 3%
IBS Software Tech Rest of World 37.3 3%
SavATree Services North America 35.7 3%
Oncourse Home Solutions Services North America 35.5 3%
TOI TOI & DIXI Services Europe 34.5 3%
Safetykleen Europe Services United Kingdom 33.2 3%
Odido Tech Europe 32.5 3%
Bazooka Candy Brands Internet/Consumer North America 32.4 3%
Paycor Tech North America 31.5 3%
Palex Services Europe 31.0 3%
Coalfire Tech North America 29.4 2%
Lutech Tech Europe 29.3 2%
Cadence Education Internet/Consumer North America 28.1 2%
Authority Brands Services North America 27.7 2%
Cole Haan Internet/Consumer North America 27.6 2%
Candela Remaining Healthcare North America 27.4 2%
Rodenstock Remaining Healthcare Europe 26.8 2%
EcoOnline Tech Europe 24.5 2%
WGSN Internet/Consumer United Kingdom 24.4 2%
ECI Tech North America 23.0 2%
Infogain* Tech North America 22.9 2%
Nulo Internet/Consumer North America 22.8 2%
Openlane Internet/Consumer North America 20.4 2%
Lexitas Services North America 19.6 2%
Total top 30 1,009.5 83%
Other investments 356.7 29%
Holdco facilities (106.9) (9%)
Carried interest (107.2) (9%)
Capital call facilities and other (173.3) (14%)
Total Private Equity 978.8 80%
In Private Equity, the Apax Funds determine
the fair value of investments using widely
accepted valuation techniques, predominantly
based on a comparable-based valuation
methodology.
Fair value of the Apax Funds’ private equity
investments is largely determined using public
trading comparatives and/or transaction
comparables as appropriate. This involves
assessing fair value by applying relevant
earnings metrics to valuation multiples
derived from publicly traded companies or
recent market transactions. The selection
ofcomparable companies is carefully
considered, ensuring consistency while
making adjustments for factors such as
differences in debt levels and earnings growth.
Equity values are now shown gross of Holdco
facilities used in some of the underlying
holding structures. These have been put in
place for Apax IX and Apax X to replace more
volatile margin loan structures, to generally
optimise cash flows to investors and
torebalance risk. At 31 December
2024,thetotalof these Holdco facilities
onalook-through basis was c.9% of NAV.
Publicly listed investments, including the
positions in previously IPO’d portfolio
companies, are valued at the closing
shareprice of the portfolio company
asat31December 2024.
At 31 December 2024, the top 30 portfolio
companies represented 83% of AGA’s NAV
and 74% of the gross Private Equity portfolio.
1. Alcumus and Veriforce will begin to
integrate over the coming months.
* Denotes an overlap with Debt
Investments portfolio.
Performance review continued
Valuation methodology
To better show movements in the top
30 Private Equity holdings, valuations for
each company are shown gross of Holdco
facilities. In prior periods, they were stated
net of the impact of the Holdco facilities. For
easy comparison against previous quarters,
please see p.117 and p.118 which shows the
top 30 positions restated on a gross basis.
The move to showing valuations gross of
Holdco facilities also impacts the Private
Equity portfolio operating metrics, which
were previously weighted net of the impact
of these Holdco facilities. A reconciliation
of prior quarters is available on p.119.
04 FINANCIAL STATEMENTS
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03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
23 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Commitments and funding
Robust balance sheet with available liquid resources
At 31 December 2024, the Private Equity
portfolio represented 83% of AGA’s invested
portfolio and AGA was Limited Partner in 11
Apax Funds, providing exposure to c.80
Private Equity portfolio companies.
Outstanding commitments to the Apax
Funds(together with recallable distributions)
reduced by c.€82m in the 12 months to
31December 2024 to c.€837m at the end of
theperiod.
As most of the Apax Funds operate capital call
facilities to bridge capital calls from investors
for periods of up to 12 months, AGA has
significant visibility on future calls resulting
from these commitments, facilitating the
Company’s liquidity planning.
At year-end, AGA had cash (including net
current assets) of c.€48m in addition to a RCF
of €250m which remained undrawn. Available
resources outside the Private Equity portfolio
represented 60% of unfunded commitments
at 31 December 2024. Calls in the next 12
months are covered 2.4x, a majority of which
isfor Apax XI, ADF II, and AGI.
1. Debt Investments includes exposure to two Derived Equity positions valued at €5m.
2. Represents net current assets (inclusive of cash and excluding financial liabilities at FVTPL).
Balance sheet
Unfunded
commitments
Calls expected
in 12 months
Calls expected
after 12 months
Uncalled
€979m
€205m €616m €16m
€200m €48m €250m
€1,477m
€837m
Private
Equity
Debt
Investments¹ RCFCash²
AGA assets and commitments at 31 December 2024 (€M)
04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
24 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Exploring coveted
categories
High quality
sub-sectors
Knowing where to look...
Uncovering
“Hidden Gems”
“Buying right” by
visualising the potential
knowing what to look for...
Mining
value
Sub-sector insights; operational
and digital expertise
and knowing how to get
the most out of the “mining”
Reaping
the rewards
Business improvement
rewarded at exit
Portfolio review
Access to a portfolio of “Hidden Gems”
AGA aims to offer shareholders superior
long-term returns by providing access to a
portfolio of “Hidden Gems”. These are private
companies that shareholders can’t
buyelsewhere.
They are typically businesses that operate
globally across the core Apax sectors of Tech,
Services, and Internet/Consumer.
AGA also has a portfolio of Debt Investments.
This is a unique feature of AGA and absorbs
capital not invested in Private Equity,
generates additional returns and income for
shareholders whilst also providing robustness
to the Company’s balance sheet and reducing
cash drag.
In Private Equity, the investment strategy is
grounded in enduring and proven disciplines:
diversification, backing businesses with strong
underlying economic motors, and driving
returns through business improvement.
The Apax Funds acquire businesses with
significant potential at attractive valuations
relative to peers. During ownership, the Apax
Funds aim to accelerate portfolio companies’
growth primarily through operational
transformation. This process allows the
ApaxFunds to, on average, exit at a premium
valuation relative to peers.
1. Apax analysis of discount/premium of Apax VIII, Apax IX, Apax X company multiples, in the three core Apax sectors, at entry and exit against multiples of relevant peer
companies as determined by Apax and weighted by invested capital. Includes deals with exit events only in order to calculate re-rating changes.
2. Comparison of median entry to exit inorganic revenue growth for realised and significantly partially realised Apax VIII, Apax IX, and Apax X deals in the three core Apax sectors. Excludes write-offs and financial
service companies. For significantly partially-realised deals, the exit date for the growth and margin stats is taken as of the most recent key exit event date, for example at IPO for a recently listed deal.
-24%
Average discount
to peers at entry
1
+8%
Average premium
to peers at exit
1
Revenue growth
acceleration
2
>2x
Internet/Consumer
Services
Tech
04 FINANCIAL STATEMENTS
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01 STRATEGIC
REPORT
GLOSSARY
25 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Performance across the Private Equity
portfolio was primarily driven by continued
earnings growth from the underlying portfolio
holdings. Whilst portfolio companies within
Apax’s three core sectors of Tech, Services,
and Internet/Consumer contributed positively
to NAV development with most portfolio
companies showing robust earnings growth,
remaining healthcare and retail investments
tempered overall results.
Good earnings growth across the portfolio
was largely offset by an increase in debt,
movement in comparables, and one-off
adjustments in the year.
Movements in debt generally reflects
significant M&A activity by PIB,
AssuredPartners, and Cadence Education.
The movement in comparables is a result of
the signed exit of AssuredPartners which,
although expected to deliver an attractive
gross MOIC of 2.7x, was sold at a 10% discount
to the last Unaffected Valuation.
As previously reported, the “one-off and other”
bucket in the chart, includes the writedown in
the value of Vyaire, an Apax VIII portfolio
company, which filed for Chapter 11 in June.
The increase in management fees and
expenses accrued largely reflects the impact of
AGA’s c.$700m commitment to Apax XI, which
includes fees and the cost of the capital call
facilities. Private Equity fund returns typically
exhibit a J-Curve pattern in the early years,
where initial fees and expenses outweigh gains
as the fund has only commenced investing. We
would expect this effect to dampen over time
as the fund continues to invest.
1. Represents movement in all instruments senior to equity.
2. Movement in the valuation multiples captures movement in the comparable companies’ valuation multiples. In accordance with International Private Equity and VentureCapital
Valuation (“IPEV”) guidelines, the Apax Funds use a multiple-based approach where an appropriate valuation multiple (based on both public and private market valuation
comparators) is applied to maintainable earnings, which is often but not necessarily represented by EBITDA to calculate Enterprise Value.
3. Includes adjustments for dilutions from management incentive plans (as a result of growth in the portfolio’s value) and costs related to Holdco facilities. In FY 2024, the majority of one-off adjustment relates to a mark down in Vyaire.
4. This also includes movements in the performance fee accrued on the Eligible Private Equity portfolio, if applicable. This was nil for the year to 31 December 2024.
Portfolio review – Private Equity
Portfolio performance impacted by remaining healthcare and retail investments
Private Equity performance (%)
Movement
in underlying
portfolio
companies’
earnings
Movement
in net debt¹
Movement in
comparable
companies’
valuation
multiple²
One-off and
other³
Management
fees, expenses
and carried
interest
accrued by the
Apax Funds
4
FX
FY24 Total
Return
13.8%
(5.4%)
(5.0%)
(4.9%)
(3.1%)
4.1%
(0.5%)
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
26 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Portfolio review – Private Equity continued
Steady growth across the underlying portfolio companies
Over the past 12 months, average revenue growth
and EBITDA growth across the Private Equity
portfolio have decelerated. This is primarily driven
by the remaining healthcare and retail investments
and a slowdown seen by consumer and cyclically
exposed businesses, such as some tech services
companies, in particular Thoughtworks. However,
Thoughtworks has now shown signs of stabilisation,
with revenues holding steady since Q4 2023 and
cost reductions driving improved profitability in the
latter half of the year.
Valuation multiples have increased over the year
against a backdrop of increasing public comps. The
average EV/EBITDA multiple at 31 December 2024
was 17.8x.
Leverage levels across the portfolio remained at
lower levels compared to the wider industry, with the
average across AGA’s Private Equity portfolio of 4.5x
net debt/EBITDA.
1. Gross Asset Value weighted average of the respective metrics across
the portfolio. Investments can be excluded for reasons such as:
investments in the financial services sector; companies with negative
EBITDA (or moving from negative to positive EBITDA in the case of
growth metrics); investments that are written off, and companies
where EBITDA is not meaningful for company-specific reasons.
2. Dec-23 Private Equity portfolio operating metrics reweighted based
on the Private Equity holdings valuation gross of Holdco facilities.
Previously, they were weighted net of the impact of these Holdco
facilities. A reconciliation of prior quarters is available on p.119.
16.5%
14.1%
Dec-23
Dec-24
LTM EBITDA growth
1,2
16.6x
17.8x
Dec-23 Dec-24
EV/EBITDA multiple
1,2
4.4x
4.5x
Dec-23 Dec-24
Net debt/EBITDA
1,2
11.5%
8.9%
Dec-23 Dec-24
LTM Revenue growth
1,2
04 FINANCIAL STATEMENTS
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03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
27 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Portfolio review – Private Equity continued
Private Equity portfolio offers good vintage diversification
At 31 December 2024, 82% of AGA’s Private
Equity NAV exposure was to the three most
recent global buyout funds and their
underlying portfolios of 44 companies.
Apax XI, to which AGA has its largest
commitment, is showing good momentum
and is already marked at 1.3x gross MOIC.
Meanwhile, Apax X and Apax IX continue to
see good performance across the core Apax
sectors. The sale of AssuredPartners by Apax
IX impacted current year returns, but this
remains a successful investment achieving
agross MOIC of 2.7x.
1. Represents all distributions received by
AGA since 15 June 2015.
Apax XI
AGA NAV: €128.6m
Distributions: €0.0m
% of AGA PE portfolio: 13%
Vintage: 2022
Commitment: €198.4m + $490.0m
Invested and committed: 37%
Fund size: $12.0bn
Apax Digital II
AGA NAV: €26.6m
Distributions: €0.0m
% of AGA PE portfolio: 3%
Vintage: 2021
Commitment: $90.0m
Invested and committed: 41%
Fund size: $1.9bn
AMI II
AGA NAV: €4.6m
Distributions: €0.0m
% of AGA PE portfolio: 0%
Vintage: 2022
Commitment: $40.0m
Invested and committed: 9%
Fund size: $0.6bn
Apax Global Impact
AGA NAV: €7.0m
Distributions: €0.0m
% of AGA PE portfolio: 1%
Vintage: 2022
Commitment: $60.0m
Invested and committed: 33%
Fund size: $0.9bn
Apax X
AGA NAV: €449.8m
Distributions¹: €72.1m
% of AGA PE portfolio: 46%
Vintage: 2020
Commitment: €199.8m + $225.0m
Invested and committed: 96%
Fund size: $11.7bn
AMI
AGA NAV: €20.0m
Distributions¹: €60.0m
% of AGA PE portfolio: 2%
Vintage: 2015
Commitment: $30.0m
Invested and committed: 89%
Fund size: $0.5bn
Apax Digital
AGA NAV: €67.0m
Distributions¹: €22.9m
% of AGA PE portfolio: 7%
Vintage: 2017
Commitment: $50.0m
Invested and committed: 104%
Fund size: $1.1bn
Apax IX
AGA NAV: €224.6m
Distributions¹: €427.0m
% of AGA PE portfolio: 23%
Vintage: 2016
Commitment: €154.5m + $175.0m
Invested and committed: 94%
Fund size: $9.5bn
Apax VIII
AGA NAV: €27.3m
Distributions¹: €595.6m
% of AGA PE portfolio: 3%
Vintage: 2012
Commitment: €159.5m + $218.3m
Invested and committed: 110%
Fund size: $7.5bn
Apax Europe VII
AGA NAV: €21.9m
Distributions¹: €94.3m
% of AGA PE portfolio: 2%
Vintage: 2007
Commitment: €86.1m
Invested and committed: 108%
Fund size: €11.2bn
Apax Europe VI
AGA NAV: €1.4m
Distributions¹: €14.5m
% of AGA PE portfolio: 0%
Vintage: 2005
Commitment: €10.6m
Invested and committed: 107%
Fund size: €4.3bn
Investment phase
Maturity phase
Harvesting phase
04 FINANCIAL STATEMENTS
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03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
28 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Whilst Apax XI is still in the early days of investing,
with these 10 investments, it is over 37%
committed and invested. As a reminder, Apax XI
raised $12bn of commitments, surpassing the
total commitments to the predecessor fund,
Apax X. The successful fundraising for Apax XI
took place in one of the most challenging private
equity fundraising environments of the last
decade, with total private equity capital raised in
2024 declining by c.40% from the peak. Apax XI
had strong support from existing Apax X
investors, with c.90% of the Apax XI capital raised
from Apax X investors who actively chose to
recommit to Apax XI. We believe this reflects
confidence in Apax’s consistent approach to value
creation, with investors recognising the focus on
the “Hidden Gems” strategy that has delivered
strong outcomes, with realised returns of 2.7x
gross MOIC and 28% gross IRR across 28
transactions since 2014³.
With a strong foundation in place, Apax XI is
well-positioned to build on its early momentum.
The Fund remains disciplined in executing in line
with the “Hidden Gems” strategy, leveraging
Apax’s sector expertise and operational
capabilities to drive growth. With early
performance indicators showing promising
returns, Apax XI is well-positioned to be a key
contributor to AGA’s long-term NAV performance.
1. Investment in S&W expected to close in H1 2025
2. Reported company growth rates (inclusive of M&A where
applicable), weighted by invested capital, combined in USD. Includes
all current investments that were closed as at 31 December 2024.
3. Gross MOIC and Gross concurrent IRR for fully realised and
significantly partial realised deals in the Apax core sectors since
2014, calculated in USD. Pro-forma adjusted for the signed
but not yet closed exits of AssuredPartners and Paycor.
Apax XI Fund update
Employing a proven strategy to deliver alpha for investors in the Apax Funds
The latest generation Apax global buyout fund,
Apax XI, closed in January 2024 and is off to
agood start.
AGA has made a $700m commitment to Apax XI.
For AGA shareholders, investments within Apax XI
will therefore be a key driver of future NAV
performance of AGA given the size of AGA’s
exposure to these assets.
The 10 portfolio companies of Apax XI operate in
the core Apax sectors of Tech (OCS Finwave, IBS
Software, Thoughtworks, Zellis), Services (Altus
Fire & Life Safety, Palex Medical, Veriforce, S&W¹)
and Internet/Consumer (Bazooka Candy Brands,
WGSN). All of these investments were executed
within the “Hidden Gems” investment strategy
framework, leveraging Apax’ sub-sector expertise,
operational transformation capabilities, and
disciplined investment in the upper mid-market.
Of the 10 investments, four are carveouts and
one was a day-one combination. On average,
these deals were executed at a c.20% discount to
peers with modest entry leverage of c.4.6x. The
investments are showing potential for accretive
M&A with several having already initiated their
M&A strategies. For example, Zellis Group, Palex
Medical, and OCS Finwave have each already
completed or signed transformational acquisitions
since the initial investment from the Apax Funds.
Despite an average holding period of only
eightmonths so far, the investments are on
averagemarked at 1.3x gross MOIC already.
Theinvestments have shown good momentum
in2024, with average revenue growth of 15% and
EBITDA growth of 14% across these investments
in 2024².
04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
29 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
Portfolio review – Private Equity continued
Continued good pace of investments
The majority of this capital was invested in six
exciting opportunities for the Apax XI Fund in
WGSN, Zellis, Altus Fire & Life Safety, Veriforce,
Thoughtworks, and S&W which is expected to close
in H1 2025.
The Apax Global Impact Fund made one new
investment in IES, marking the first climate-focused
investment by the fund, and the Apax Digital Fund II
made two investments in IANS and greytHR.
In addition to sourcing new opportunities, the Apax
Funds continued to invest in value-accretive M&A for
Palex, Oncourse Home Solutions, Zellis, and Tide.
AGA deployed c.€166m
across nine new Private
Equity investments signed
orclosed in the year, as well
as bolt-on transactions.
€166m
Total invested in FY 2024
June 2024
New investment
AGI
€5.3m
February 2024
New investment
Apax XI
€20.1m
June 2024
New investment
Fund: ADF II
€8.0m
Internet/Consumer
Services
Tech
Investments
Integrated Environmental
Solutions ("IES")
Energy simulation software provider with
significant opportunity to scale globally,
helping to decarbonise the built environment.
WGSN
Leading consumer trend forecaster
helping brands make data-driven
decisions with strong growth potential
through product enhancement, sector
expansion, and strategic M&A.
IANS
Tech-enabled research and advisory
services provider in the information
security industry with the opportunity
to scale and expand its independent,
practitioner-led solutions to support more
Chief information Security Officers in
navigating evolving security challenges.
04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
30 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Portfolio review – Private Equity continued
Continued good pace of investments (continued)
August 2024
New investment
Apax XI
€34.2m
Expected close in H1 2025
New investment
Apax XI
€28.2m
August 2024
New investment
Apax XI
€11.8m
September 2024
New investment
ADF II
€2.6m
November 2024
New investment
Apax XI
€27.0m
November 2024
New investment
Apax XI
€29.1m
Zellis
Leading provider of payroll and HR software
solutions to customers in the UK and
Ireland, and emerging leader in the global
benefits administration software market
through Benefex business unit and “Day 1”
transformational combination with Benify.
greytHR
A full suite Human Resource Management
Software platform in India poised to
expand its product offerings, enhance its
technology, and scale into new customer
segments, strengthening its leadership in
the rapidly growing HR software market.
Thoughtworks
Global digital transformation
company with strong strategic
positioning and several transformation
opportunities to drive performance.
Altus Fire & Life Safety
Provider of regulation-mandated fire and
life safety services in the United States, with
several growth levers available including sales
force investments, geographic expansion,
and acceleration of strategic M&A.
Veriforce
Global provider of supply chain risk
management services that has a clear
pathway to growth applying Apax’s density-
driven playbook from prior investments
and strategic M&A to further expand
geographic scale and service capability.
S&W
Carveout transaction creating a leading
standalone UK mid-market accountancy
business which, upon completion, will
be rebranded S&W, building on the
heritage of the Smith & Williamson
brand, which dates back to 1881.
04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
31 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Portfolio review – Private Equity continued
Realisations picked up in H2 2024
In FY 2024, the Apax Funds announced the sale of Healthium,
a leading Indian medical devices player, and also agreed to
sell their minority positions in idealista, an online real estate
classifieds platform in Southern Europe, and AffiniPay, a
market leader in software and payments serving law firms.
In December, Apax IX announced the strategic sale of its
largest asset, AssuredPartners, a leading mid-market
property, casualty and employee benefits insurance
brokerage, which is also an AGA top 10 portfolio holding.
Theexit is expected to close in H1 2025 and achieve
agrossMOIC of 2.7x.
The Apax Funds also continued to reduce their public
positions, selling remaining stakes in Baltic Classifieds Group,
Genius Sports, and Guotai Junan Securities.
Exit momentum continued into 2025, with Apax IX
announcing post year-end that its majority stake in Paycor
has been acquired by Paychex, expecting to deliver a gross
MOIC of 3.3x. Pro forma for the exit of Paycor, listed
companies in the Private Equity portfolio represented
c.2%of AGA’s NAV.
In 2024, AGA received total distributions of c.€62m.
Excluding the writedown of Vyaire and sell down of remaining
listed holdings, the average uplift achieved on exits during
2024 was 0.4%.
Eight full exits closed and a
further two signed in 2024
and post period end.
1.6x
Gross MOIC
8.8%
Gross IRR
July 2024
Closed
Apax IX
4.2x Gross MOIC
Invested: €8m / Proceeds: €32m
Exits
July 2024
Closed
Apax IX
2.7x Gross MOIC
Invested: €10m / Proceeds: €27m
Genius Sports
Baltic Classifieds Group
AffiniPay (MyCase)
AssuredPartners
Guotai Junan Securities
idealista
Vyaire Medical
Paycor
September 2024
Closed
Apax IX
3.4x Gross MOIC
Invested: €7m / Proceeds: €24m
September 2024
Closed
Apax X
4.1x Gross MOIC
Invested: €7m / Proceeds: €27m
December 2024
Closed
AEVI & AEVII
0.1x Gross MOIC
Invested: €1m / Proceeds: €0m
H1 2025
Signed not closed
Apax IX
2.7x Gross MOIC
Invested: €20m / Proceeds: c.€54m
August 2024
Closed
Apax IX
0.3x Gross MOIC
Invested: €9m / Proceeds: €3m
H1 2025
Signed not closed
Apax IX
3.3x Gross MOIC
Invested: €20m /
Proceeds: c.€67m
November 2024
Closed
Apax VIII
0.0x Gross MOIC
Invested: €44m / Proceeds: €0m
December 2024
Closed
Apax X
2.0x Gross MOIC
Invested: €10m / Proceeds: €20m
Healthium Takko
Internet/Consumer
Services
Tech
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GLOSSARY
32 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Sustainability governance at Apax
Philosophy
Apax’s governance philosophy in Private
Equity emphasises that all investment
teammembers should actively integrate
responsible investing into their daily tasks.
Themanagement teams of portfolio
companies, along with their boards, bear
theultimate responsibility for sustainability
performance. This responsibility is supported
by specialists from the OEP, informed by
materiality and guided by the
SustainabilityCommittee.
Approach
The Sustainability Committee convenes
monthly to review matters across the firm
and the portfolio. The Committee is made
upof nine members from across the firm
whoeach bring valuable perspectives and
considerations to help management and deal
teams navigate the ecosystem and unlock
value throughout the investment lifecycle.
Sustainability Committee in focus
Compliance
Apax
Foundation
Communications
OEP
Investment
team
SustainabIility
Committee
External
committees
and advisory
groups
Other internal
& external resources
Apax
Global
Impact
HR
& I&D
Third-party
providers
Portfolio
company
insights
Apax’s proprietary data analytics platform
enables actionable insights & oversight tools
Oversight
and monitoring
Execution
and
management
Firm leadership
Sustainability governance at Apax
Investment
teams
Operating
specialists
Management
teams
Sustainability team
Sustainability Committee
Investor
Relations
Sustainability is
embedded throughout
the Apax Funds’
investment process
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GLOSSARYOVERVIEW
33 | Apax Global Alpha | Annual Report and Accounts | 2024
Apax approach to sustainability
Supported by Apax’s OEP team, investment
teams are responsible for identifying and
monitoring portfolio companies’ sustainability
footprint, driving value and mitigating risk based
on company- or sector-specific materialissues.
Driven by materiality
Apax’s sustainability focus is driven by the
material issues of the sectors in which the Apax
Funds invest, leveraging industry frameworks
and standards such as SASB, GRI and CDP.
Apax has collected a large suite of sustainability
indicators since 2012, and regularly reviews
and adapts KPI monitoring across the
portfolio in relation to company, sector and
other emerging issues such as cybersecurity,
climatechange, and workforce diversity.
2012
Apax began collecting
sustainability data from
portfolio companies
170+
metrics monitored
Sustainability is embedded
throughout the Apax Funds’
investment process, from
due diligence through to the
funds’ ownership and exit.
Measuring and monitoring
Apax sustainability focus areas
Carbon baselining
Decarbonisation
planning
Board diversity
Workplace safety
Anti-harassment
Anti-bribery
& anti-corruption
Cybersecurity
50+
50+
40+
Governance
People
Planet
KPIs captured
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GLOSSARY
34 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Apax approach to sustainability continued
Spotlight: Climate
While the Apax Funds maintain an asset-light portfolio with
60% of investments in the software & services sector,
they understand the urgency of climate change. Electricity
remains the primary environmental resource consumed by
the Apax Funds portfolio, with fuel and air travel close
behind. In 2023, 50% of Apax Fund portfolio companies
sourced energy from renewablesources.
Measuring emissions
The shift toward sustainability is most pronounced in the
B2B sector, where increasing sustainability requirements
are transforming the marketplace. Major corporations are
offering incentives to suppliers that support their Net Zero
goals, while others make compliance a gating factor
forpartnership. Recognising this, Apax launched a
comprehensive emissions measurement programme in
2021. Today, 90% of majority-owned buyout portfolio
companies have established robust baseline data covering
Scope 1, 2, and 3 emissions. In 2023, ~80% of emissions
were concentrated across ten portfolio companies, of
which eight have GHG reduction initiatives in place or are
inthe process of setting targets.
Deepening engagement on decarbonisation
The Apax Funds’ goal for the coming year is to deepen
engagement with portfolio companies on
decarbonisation, providing them with the support and
resources needed to drive meaningful reductions. Apax
isalready seeing the baselining process influence how
companies are thinking and advancing the accuracy of
their footprint.
1 Portfolio company emissions are presented on a consolidated company basis and do not account for Apax funds’ ownership share.
Portfolio emissions by sector (%)
1
Scope 3
86%
Scope 2
8%
Scope 1
6%
Services
29%
Tech
19.5%
Internet/
Consumer
11%
Legacy
Healthcare
40%
Digital
0.5%
10
Portfolio companies have, or
are in the process of setting,
science-based targets
c.50%
Portfolio companies reported
use of renewable energy
42%
Portfolio companies have emission
reduction initiatives in place
Emissions by portfolio company (%)
1
~80% of emissions
are concentrated across
10 portfolio companies
41
Portfolio
companies
Apax uses materiality
as a guiding principle to
prioritise sustainability
efforts across the portfolio.
Portfolio emissions by scope (%)¹
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GLOSSARY
35 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Apax approach to sustainability continued
Spotlight: Climate – case study
Advancing customer sustainability
goals through precise emissions
measurement
Tosca is a leading provider of reusable packaging and pooling solutions
for supply chains, offering sustainable alternatives to single-use
packaging. The company was in the first cohort of portfolio companies
to participate in the Apax GHG baselining programme, where they
conducted a detailed calculation of Scope 3 emissions. Tosca is now
collaborating with customers to provide more accurate visibility of how
its products and services contribute to their environmental and
sustainability objectives. Leveraging Life Cycle Assessment (“LCA”)
metrics, Tosca is able to identify optimal packaging options tailored to
each customer’s specific supply chain needs. In 2023, Tosca conducted
LCAs with over 70 customers, equipping them with more accurate,
verifiable data to support informed decision-making and enhance
Scope 3 emissions reporting.
To maximise accuracy, Tosca refined its LCA tools and methodologies,
moving beyond traditional models to focus on real-world emissions. For
instance, by transitioning from a tonne-kilometre to a truck-kilometre
model, Tosca captures actual emissions based on each trip’s unique load.
This approach provides clearer insights, particularly when comparing
foldable and nestable solutions against rigid alternatives. Additionally,
the company’s custom LCA calculators, specifically designed for bulk
liquid and beverage transport, enable customers to evaluate potential
carbon footprint reductions when using Tosca’s reusable and collapsible
packaging options compared to conventional packaging. This focus on
precision supports both sustainability goals and operational efficiency,
reinforcing Tosca’s commitment to advancing customer objectives
through data-driven solutions.
Disaggregating truck and content provides
more granular emission data
Traditional LCA: Tonne/km Tosca LCA: Truck/km
Empty truck
accounts
for 60% of
emissions
=4.15 Mt CO
2
e
=2.05 Mt CO
2
e
Content
account
for 40% of
emissions
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GLOSSARY
36 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Backing a trusted brand to scale new heights
Case Study: Private Equity
S&W
In November 2024, Apax XI announced the
acquisition of the accountancy and advisory
practice of Evelyn Partners. The carveout
transaction will create a leading standalone UK
mid-market accountancy business which, upon
completion, will be rebranded S&W, building on
the heritage of the Smith & Williamson brand,
which dates back to 1881.
Evelyn Partners’ accountancy and advisory
practice, which is based in London and serves
clients across the UK, offers a range of
accountancy services including audit and
business outsourcing, business tax, private
client tax, and advisory.
The investment thesis is to support the
newly branded S&W on its growth journey,
cementing its place as a leader in the
mid-market space. The Apax Funds, in
partnership with Apax’s OEP, will help the
business unlock multiple value creation
opportunities. This includes optimising
go-to market strategies to drive new
business and cross sell, accelerating talent
hire, and investing in technology to fuel
revenue growth. The Apax Funds will also aim
to further invest in technology to enhance
margins, expand into new service lines to
meet client needs, and pursue strategic M&A
in a fragmented market.
Why is this an Apax Funds’ deal?
• The Apax Funds have tracked the space
for several years, developing a solid
understanding of the market and various
players, unlocking the ability to pre-empt
during the S&W process.
• OEP carveout experience provided
differentiated insights, having executed
36 carveouts in 10 years, including
three in Apax XI.
€28m
Expected AGA look-through exposure
“We have been tracking the accountancy and advisory space
for a number of years and prioritised S&W as the ideal UK
platform to invest behind. Throughout our engagement,
itbecame immediately clear to us that S&W is a true
market-leading player in the mid-market segment and holds
an unrivalled heritage and reputation from which the
business can look to scale new heights. We are
excitedtopartner with the entire S&W team in this
exciting new chapter as an independent business.”
FrankEhmer | Partner at Apax
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GLOSSARY
37 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
“Hidden Gems” strategy in action: using the monetisation playbook
Case Study: Private Equity
AGA’s look-through investment:
Baltic Classifieds Group
(“BCG”)
Founded in 1999, BCG is a portfolio of leading
online classified advertising platforms in the Baltic
region. The company specialises in four key
segments including automotive, real estate, jobs/
services, and general merchandise.
BCG operates 14 online classifieds portals across
its four business lines and the company’s portals
are visited on average 56 million times per month,
making them some of the most visited websites in
their respective countries.
Apax IX first identified BCG as a high-quality
portfolio of online classifieds portals with
market-leading positions and a significant
monetisation opportunity.
Apax IX acquired BCG in July 2019 and during its
ownership BCG grew revenues at a 20% CAGR
from €29m in FY19 to €72m in FY24, whilst
EBITDA grew similarly from €22m to €55m.
The company increased its leadership position
across all verticals and enhanced monetisation in
its core listing business through a combination of
product development and pricing actions.
Furthermore, under the Apax Funds’ ownership,
BCG also expanded through M&A with the
acquisition of Auto24, the leading automotive
classifieds portal in Estonia.
In June 2021, Apax IX announced the successful IPO
of BCG on the London Stock Exchange, with Apax IX
retaining a significant stake in the company. Apax IX
continued to monetise its remaining stake through
several block share sales, culminating in the fund’s
full exit from this investment in July 2024 at a gross
realised MOIC of 4.2x.
Optimising exit
Attractive exit
Buying well
Attractive set-up valuation
Value creation
Transformed asset
2
Monthly time on site
vs nearest competitor
Monthly time on site
vs nearest competitor
Selldowns median
(2022 – 2024)
19.0x
+21%
23.0x
Multiple at exit
vs comps
1,2
3x 11x 7x 18x
Average revenue
per advertiser (€)
Average revenue
per advertiser (€)
Revenues grew at a
20% CAGR from €29m
in FY19 to €72m in FY24
Multiple at entry
vs comps
1,2
BCG Comps
-24%
17.9x
13.6x
1. Comparable companies include Rightmove, Autotrader, Scout24, REA, Carsales, Seek.
2. NTM EBITDA – Capex (x).
125 88 289 181
Improved competitive
position and increased
leadership across all verticals
Expanded through M&A
with the acquisition of
Auto24 six months after
original investment
Enhanced monetisation
in its core listing business
through a combination
of product development,
pricing and actions
57%
Gross IRR:
4.2x
Gross MOIC:
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GLOSSARY
38 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Portfolio review – Debt Investments
Debt portfolio limiting cash drag and producing additional returns
The Debt portfolio absorbs excess capital currently
not invested in Private Equity, thereby limiting cash
drag, producing additional returns and generating
income which is an additional source of funding
towards the dividend payment and Distribution Pool.
It also enhances the robustness of AGA’s balance
sheet and provides comfort when assessing new
commitments to private equity.
As at 31 December 2024, AGA held €195m of Debt
Investments, representing 17% of the Total
Invested portfolio. The Debt portfolio primarily
comprises Debt Investments in companies and
sectors where Apax can leverage insights from its
private equity activities. The Apax Credit team is
fully integrated with the Private Equity teams which
help to source, provide diligence, underwrite, and
monitor credit investments, producing better risk
adjusted credit returns.
66% of the Debt Investments are invested in first
lien loans and bonds which tend to be more readily
tradeable compared to debt instruments that are
more junior in the capital structure. We believe the
current proportion of first lien loans held is
appropriate in the context of the Private Equity
commitments made by AGA.
The Debt portfolio achieved a Total Return of
7.5% (2.9% constant currency). Income from the
portfolio was the key driver of performance
supported by beneficial FX movements despite
the writedown in Vyaire during the first half of
theyear (Total Return of Debt portfolio excluding
Vyaire: 13.2% and 8.7% constant currency). Going
forward, the Investment Manager has decided to
not invest in debt of Apax Funds’ portfolio
companies anymore.
In line with reductions in base rates and strong
credit markets leading to tightening margins on
new and refinanced deals, the income yield of the
portfolio reduced to c.8% from c.10% at year-end
2023. Average yield to maturity also decreased to
10.1%, compared to 12.0% at year-end 2023. The
Debt portfolio continues to outperform the S&P/
LSTA Leveraged Loan Index, having achieved a
34.7% cumulative constant currency Total Return
versus 32.9% over the last 5 years (representing a
6.1% annualised return).
AGA also has a small exposure to two Derived
Equity positions valued at €5m, representing <1%
of the invested portfolio at 31 December 2024.
Debt Investments Portfolio
Investment Instrument Valuation €m % of NAV
Precisely Software 1L + 2L term loan 28.4 2%
Confluence PIK + 2L term loan 21.3 2%
Therapy Brands 1L + 2L term loan 17.1 1%
Infogain² RCF + 1L term loan 15.5 1%
Exact Software 1L term loan 15.1 1%
MindBody² Convertible debt 14.0 1%
PCI 1L term loan 11.4 1%
Hilb RCF + 1L term loan 10.8 1%
Engineering Bonds Senior secured note 10.1 1%
Mitratech 2L term loan 9.5 1%
Part s Tow n 1L term loan 8.8 1%
Neuraxpharm 1L term loan 7.6 1%
Theramex 1L term loan 7.6 1%
P&I 1L term loan 7.1 1%
PSSI 1L term loan 5.6 <0%
Syndigo 2L term loan 4.8 <0%
Total Debt Investments 194.7 16%
1. Performance fee adjustment accounting for the movement in the performance fee accrued at 31 December 2024.
2. Denotes overlap with Private Equity portfolio.
FY 2024 Debt Investments performance (%)
Realised
losses
(5.7%)
(0.5%)
Unrealised
losses
10.2%
Income
4.6%
FX
FY24 Total
Return
7.5%
Performance
fee¹
(1.1%)
€195m
Total Debt Investments
7.5%
FY 2024 Debt Total Return
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GLOSSARYOVERVIEW
39 | Apax Global Alpha | Annual Report and Accounts | 2024
Governance
& Risk Management
Chairman’s introduction 40
Governance at a glance 41
AGA Board of Directors 42
An effective Board 44
Corporate Governance Statement 46
Directors’ duties 48
Governance framework 52
Audit Committee report 54
Role of the Audit Committee 55
Directors’ remuneration report 57
Directors’ report 59
Viability statement 61
Statement of Directors’ responsibilities 62
Risk management framework 63
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40 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Chairman’s introduction
Long-term success
Dear Shareholder,
On behalf of the Board, I am pleased to introduce the
Company’s Corporate Governance Statement
on p.46 and p.47.
Promoting long-term success
After joining the Board in March 2024 and taking on
the role of Chairman in July, I have had the privilege of
engaging with the different stakeholders of AGA.
These interactions have been invaluable in deepening
my understanding of the issues and concerns facing
our stakeholders. As a Board, we carefully consider all
feedback, including that from my own discussions.
These views inform our discussions and decision-
making processes, ensuring we are better aligned with
stakeholder expectations and focused on delivering
long-term value.
While 2024 had a muted start, we have seen positive
momentum with an uptick in investment activity, in the form
of new deals by the Apax Funds as well as material exits. With
the Apax team sharpening its focus, the Board believes
thatAGA is well-positioned to take advantage of future
opportunities. During the year under review, the Board of
Directors has acted to promote the long-term success of
the Company for the benefit of shareholders whilst having
due regard to the matters set out in section 172 of the UK
Companies Act 2006.
You can read more about this on p.16. This was also
confirmed by the internal Board evaluation conducted
in 2024, more details of which can be found on p.45.
Our Board of Directors
The Company has a strong, fully independent Board of
experienced Directors. The Directors, all of whom are
Non-Executive and considered independent for the
purposes of Chapter 11 of the Listing Rules, are responsible
for the determination of the strategy and investment policy
of the Company and overseeing its day-to-day activities.
Biographies of the Board of Directors, including details of
their relevant experience and current appointments, are
available on p.42 and p.43 and the Company’s website at:
www.apaxglobalalpha.com/about-us/
board-and-governance
At 31 December 2024, the Board was composed of
60% male and 40% female Directors.
In March, Chris Ambler decided to retire as a Non-Executive
Director of the Company after nearly nine years in the role. In
July, my predecessor as Chairman, Tim Breedon, retired
from the Board. I want to take the opportunity to thank both
Tim and Chris for their service to the Company since IPO.
Alexander Denny joined the Board as a Non-Executive
Director during the summer, replacing Chris Ambler and in
preparation for Susie Farnon’s retirement in the course of
the next 12 months, Stephanie Coxon took over as Audit
Chair in May 2024. The search for Susie’s replacement is
underway, with an emphasis on ensuring the Board
maintains a diverse composition while bringing in the skills
and expertise needed to guide the business effectively. We
are required to have a majority of non-UK based Directors,
which makes a search that gives us both diversity and
expertise commensurately more difficult.
AGM
In common with many closed-end investment funds without
a fixed duration, AGA’s articles require a resolution to be put
to shareholders on a periodic basis regarding the
continuation of the Company. Accordingly, a
“Discontinuation Resolution” was proposed at the 2024 AGM
and we are pleased that 88.71% of votes cast in respect of
the triennial Discontinuation Resolutions supported the
continuation of the Company in its current form.
Our tenth AGM will be held at 11.15 am (UK time) on 1 May
2025 at East Wing, Trafalgar Court, Les Banques, St Peter
Port, Guernsey, Channel Islands, GY1 3PP. The notice of the
AGM will be published on or around 18 March 2025.
Shareholders will again be able to attend the AGM either in
person, or via a telephone dial-in to listen to the AGM.
Questions can be submitted in advance to the Company
Secretary by email at: AGA-admin@aztecgroup.co.uk. For
more information about the AGM visit:
www.apaxglobalalpha.com/investor-centre
Compliance with the AIC Code, the UK Corporate
Governance Code, and the GFSC Code
The Directors recognise the importance of sound corporate
governance and, as a closed-ended investment Company,
have adopted the Association of Investment Companies
(“AIC”) Code of Corporate Governance (the “AIC Code”),
which has been endorsed by the Financial Reporting Council.
The Board considers that reporting against the principles
and recommendations of the AIC Code, which incorporates
the UK Corporate Governance Code (the “UK Code”) and
the Guernsey Financial Services Commission Finance
Sector Code of Corporate Governance (the “GFSC Code”),
provides better information to shareholders. I am pleased to
report that for the year under review, we have consistently
applied the principles of good governance contained in the
AIC Code and you can find more details on this on the
subsequent pages.
You can find a copy of the AIC Code on the AIC website at:
www.theaic.co.uk
Karl Sternberg|Chairman
3 March 2025
“ With the Apax team
sharpening its focus,
the Board believes that
AGA is well-positioned
to take advantage of
opportunities.”
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41 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Governance at a glance
The Board aims to
promote the Company’s
long-term success and to
preserve and strengthen
stakeholder confidence in
our business integrity.
This is achieved through the application and
maintenance of the highest standards of
corporategovernance.
Board diversity
Male x3
60%
Female x2
40%
The Board acknowledges the importance of diversity
for the effective functioning of the Board which helps
create an environment for successful and effective
decision-making. The Board currently comprises of
40% women with Stephanie Coxon appointed as Chair
of the Audit Committee and Susie Farnon acting as the
Senior Independent Director. The Company does not
currently comply with the ethnic diversity target set out
in the Listing Rules. However, the Board continues to
keep this under review in the context of planned Board
succession opportunities. The Board has adopted a
Board management policy which includes issues relating
to diversity. In view of the nature, scale and complexity
of the Company, the Board believes a formal diversity
policy for the Company is not necessary at this time.
Diversity of the Board is further considered on at least
an annual basis through the Board evaluation process.
Major Board activities in 2024
Major decisions taken by the Board and its
Committees during 2024 included:
Conducted a review of the Company’s strategy
and determined that it remained fit for purpose
despite changes in the macro-environment.
Undertook an external auditor tender.
Established the Management Engagement
Committee and Nomination Committee.
Commissioned an in-depth investor
perception study to uncover key
detractors of the investment thesis.
Review and amendment to Directors’ fees.
Thorough review of AGML’s credit
strategy and capabilities.
Announced a new capital allocation framework
adding buybacks to the Company’s toolkit.
Comprehensive search for and
appointment of a new Non-Executive
Director. Induction day process for new
Chairman and Non-Executive Director.
Consulted shareholders and analysts as part
of a review of the capital allocation policy.
Karl Sternberg joined the Board as a Non-
Executive Director on 1 March 2024. His
biography is available on the Company’s
website: www.apaxglobalalpha.com/about-
us/board-and-governance or on p.42.
Tim Breedon retired from the Board in 2024 and
Karl Sternberg took over the role of Chairman of
Apax Global Alpha in the second half of 2024.
In accordance with the Company’s Articles
of Incorporation and the principles
of the AIC Code, all Directors of the
Company will offer themselves for re-
election or election at the 2025 AGM.
It is proposed to shareholders that Karl
Sternberg, Stephanie Coxon, Susie Farnon,
Mike Bane, and Alexander Denny be re-
elected or elected at the 2025 AGM.
Alexander Denny was appointed to the AGA
Board as a Non-Executive Director on 3
July 2024. His biography is available on the
Company’s website: www.apaxglobalalpha.com/
about-us/board-and-governance or on p.43.
After nearly nine years as Non-Executive
Director, Chris Ambler retired on 1 March 2024.
Leading a responsible business
A summary of the Directors’ attendance at meetings
which they were eligible to attend is provided below.
Eligibility to attend the relevant meetings is shown
in brackets.
Tot al
Board
Total Audit
Committee
Tot al
Management
Engagement
Committee
Karl Sternberg 5 (5) n/a 1 (1)
Stephanie
Coxon
6 (6) 9 (9) 1 (1)
Susie Farnon 6 (6) 9 (9) 1 (1)
Mike Bane 6 (6) 9 (9) 1 (1)
Alexander
Denny
2 (2) 4 (4) 1 (1)
Tim Breedon
(retired)
3 (3) n/a n/a
Chris Ambler
(retired)
1 (1) 3 (3) n/a
• The Board will appoint committees of the Board on occasion to deal with specific operational matters; these committees are not established under
separate terms of reference as their appointment is conditional upon terms resolved by the Board in formal Board meetings and authority conferred
to such committees will expire upon the due completion of the duty for which they have been appointed. Such committees are referred to as “other”
committee meetings.
• The Chairman of the Company, Karl Sternberg, whilst not required to attend meetings of the Audit Committee, does so on occasion, particularly where
financial reports are being reviewed.
• Given the Nomination Committee was only set up in September 2024, there were no meetings of the Nomination Committee during the year under review.
Election and re-election of Directors at the 2024 AGM
Number of Board members
Male 3
Female 2
Minority ethnic background –
04 FINANCIAL STATEMENTS
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42 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
AGA Board of Directors
The Company has a strong,
independent Board of
experienced non-executive
directors. TheDirectors are
responsible for overseeing the
Company’sactivities.
Skills and experience
Karl Sternberg joined the AGA Board on 1 March 2024. He was appointed
as Chairman on 1 July 2024. Karl was a founding Partner of institutional
asset manager Oxford Investment Partners, which was acquired by
Towers Watson in 2013. Prior to that, he held a number of positions at
Morgan Grenfell/Deutsche Asset Management, between 1992 and 2004,
including as Chief Investment Officer for Europe, Australia, and Asia
Pacific. Since 2006, he has developed his Non-Executive Director career,
with a focus on investment management and the investment trust
sector in particular. From 2010 to 2015 he was a Non-Executive Director
of Friends Life Group plc where he was Chairman of the Investment
Oversight Committee.
Karl Sternberg
Chairman
Chair of Nomination Committee
Current appointments
Chairman of Clipstone Industrial
REIT plc and Monks Investment
Trust plc; and Non-Executive
Director of Capital Gearing Trust plc.
Tenure
10 months
Qualifications
• Graduate of Christ Church,
University of Oxford.
Committee membership key
A
Audit Committee
M
Management Engagement Committee
N
Nomination Committee
M N
Skills and experience
Stephanie joined the AGA Board on 31 March 2020. She was appointed
as Chairman of its Audit Committee on 1 May 2024. Stephanie is a Fellow
of the Institute of Chartered Accountants in England and Wales and is
a Non-Executive Director on several London listed companies. Prior to
becoming a Non-Executive Director, Stephanie led the investment trust
capital markets team at PwC for the UK and Channel Islands. During
her time at PwC, she specialised in advising FTSE 250 and premium
London listed companies on accounting, corporate governance, risk
management and strategic matters.
Stephanie Coxon
Non-Executive Director
Chair of Audit Committee
Current appointments
Non-Executive Director of:
Foresight Environmental
Infrastructure Limited (formerly
JLEN Environmental Assets
Group Limited); PPHE Hotel Group
Limited; International Public
Partnerships Limited. Board
member of The Association of
InvestmentCompanies.
Tenure
4 years, 9 months
Qualifications
• Fellow of the Institute of
Chartered Accountants in
England and Wales.
A M N
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43 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
AGA Board of Directors continued
Skills and experience
Mike Bane joined the AGA Board on 3 July 2018. He has more than 35
years of audit and advisory experience with a particular focus on the
asset management industry. Mike retired from EY in June 2018 where
he was a member of EY’s EMEIA Wealth and Asset Management Board.
Following an earlier career in London with PwC, he has been a Guernsey
resident for over 25 years and has served as President of the Guernsey
Society of Chartered and Certified Accountants.
Mike Bane
Non-Executive Director
Chair of Management
Engagement Committee
Current appointments
Non-Executive Chair of HICL
Infrastructure plc.; Non-Executive
Director of: abrdn Property Income
Trust Limited (formerly Standard
Life Investments Property Income
Trust Limited).
Tenure
6 years, 6 months
Qualifications
• Graduate of Magdalen College,
University of Oxford and a
Chartered Accountant.
Skills and experience
Alexander Denny joined the AGA Board on 3 July 2024. He has over
twenty years’ experience in asset management and investment trusts,
covering both private and public markets. Alex spent most of his career
at Fidelity International, latterly as Head of Investment Trusts, before
he moved to become Managing Director, European Private Wealth
atPantheon.
Alex began his career in 2003, working initially in Fidelity’s retail platform
business. He became involved with investment companies in 2011 when
he led the development of Fidelity’s brokerage platform, introducing
investment companies to it for the first time. Alex is currently a private
consultant and Head of the Investment Trust practice at Nurole, the
non-executive search firm.
Alex Denny
Non-Executive Director
Current appointments
Board member of The Association
of Investment Companies. Trustee
of the Nautical Archaeology Society.
Tenure
6 months
Qualifications
• BSc/BCL in Chemistry and Law
from University of Bristol.
Skills and experience
Susie Farnon joined the AGA Board on 22 July 2015. She was elected as
Senior Independent Director on 18 November 2016 and held the position
of Chairman of the Audit Committee from 1 July 2016 to 1 May 2024.
Susie served as President of the Guernsey Society of Chartered and
Certified Accountants, as a member of The States of Guernsey Audit
Commission and as a Commissioner of the Guernsey Financial Services
Commission. Susie was a Banking and Finance Partner with KPMG
Channel Islands from 1990 until 2001 and was Head of Audit at KPMG in
the Channel Islands from 1999 until 2001. Susie was a member of the AIC
Board from 2018 until 2025.
Current appointments
Non-Executive Director of: Real
Estate Credit Investments Ltd.;
Bailiwick Investments Limited; Ruffer
Investment Company Limited.
Tenure
9 years, 5 months
Qualifications
• Fellow of the Institute of
Chartered Accountants in
England and Wales.
Susie Farnon
Non-Executive Director
Senior Independent Director
A M N A M N A M N
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44 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Our Board is composed of highly skilled
professionals who bring a range of expertise,
perspectives and corporate experience to
ourboardroom.
An effective Board
Responsibilities
The Board
The Board is primarily responsible for setting
the Company’s strategy for delivering
long-term value to our shareholders and other
stakeholders, providing effective oversight of
the Investment Manager with respect to the
execution of the investment strategy and
ensuring the Company maintains an effective
risk management and internal control system.
The Investment Advisor and
AGA Investment Committee
AGML draws on the resources and expertise of
Apax for investment advice through an
Investment Advisory Agreement and the AGA
Investment Committee. The AGA Investment
Committee is composed of several senior team
members from Apax.
Biographies of the members of the AGA
Investment Committee are available on the
Company’s website at:
www.apaxglobalalpha.com/about-us/
board-and-governance?tab=investment-
committee
The Investment Manager
AGA has entered into an Investment
Management Agreement with AGML
tomanage the investments on a
discretionarybasis.
AGML is responsible for the implementation of
the investment policy of the Company and has
overall responsibility for the management of
the assets and investments of the Company.
AGML reports to the Board at each quarterly
meeting regarding the performance of the
Company’s investment portfolio, which
provides the Board with an opportunity to
review and discuss the implementation of the
investment policy of the Company. In addition,
the Board attends regular meetings with AGML
in order to review the performance of the
underlying investments and portfolio outlook.
The Management Engagement Committee
ofthe Board reviewed and evaluated the
performance of AGML during the year to
31December 2024 and has determined that
itisinthe interests of the shareholders to
continue with AGML’s appointment as
InvestmentManager.
Biographies of the Directors of AGML are
available on the Company’s website at:
www.apaxglobalalpha.com/about-us/
board-and-governance?tab=
investment-manager
In accordance with the AIC Code, the role of the
Board is to promote the long-term sustainable
success of the Company, generate value for
shareholders, and contribute to wider society.
Compliance with the AIC code, the UK code,
and the GFSC code
Compliance with the principles and recommendations
of the AIC Code enables the Directors to satisfy
the requirement to comply with the UK Code and
the GFSC Code where relevant.
As an externally managed investment company,
the UK Corporate Governance Code provisions
relating to the role of the Chief Executive,
Executive Directors’ remuneration, employees,
and need for an internal audit function are not
relevant to AGA and the Company has therefore
not reported further in respect of these
provisions. This position is reassessed on an
annual basis.
An external evaluation of the Board was
undertaken in 2024, further details of which can
be found on p.45.
In September 2024, the Board approved the
creation of a Management Engagement
Committee and a Nomination Committee.
Considering the nature, scale, and complexity of
the Company, AGA has made certain exceptions
to the AIC Code, including:
The Company does not have a Remuneration
Committee as it does not have any Executive
officers. The Board as a whole considers matters
relating to the Directors’ remuneration and it is
satisfied that any relevant issues that arise can be
appropriately considered by the Board or by the
Company’s shareholders at AGMs.
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45 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Risk-based due diligence on AGA’s critical third
parties is conducted on an annual basis and any
modern slavery issues identified are discussed by
the Board. See AGA’s website for the Company’s
Modern Slavery and Human Trafficking
Statement:
www.apaxglobalalpha.com/modern-slavery-act/
Stakeholder engagement
As highlighted in the Section 172 statement on
p.16, the Company does not have any employees
and is entirely externally managed. Therefore, the
primary stakeholders consist of its shareholders,
suppliers, community, and the environment.
Shareholder support and engagement is critical
to the continued success of the business and the
achievement of our objectives. The Board is
committed to a culture of openness and regular
dialogue with shareholders, and it seeks to take
into account the needs and priorities of
shareholders during all discussions and
decision-making. Contact details for shareholder
queries can be found on p.108 and the Company’s
website at: www.apaxglobalalpha.com/contact
In addition to assisting the Company to deliver on
our objectives, effective relationships with our
service providers help the Company to operate in
a controlled and compliant manner. Further
details of our service providers’ engagement can
be found on p.16 and p.18.
The Board believes investing responsibly is
important in protecting and creating long-term
value. The Board recognises that the
incorporation of material sustainability
considerations can help inform the assessment of
overall risk and opportunities. Further details can
be found on p.15 and in our Responsible
Investment policy which is available on our
website at: www.apaxglobalalpha.com/
sustainability
Statement of independence
AGA’s Board of Directors is comprised entirely of
independent Non-Executive Directors. As such, it
complies with the AIC Code’s recommendation
regarding Board composition which sets out that
at least half the Board of Directors of a UK-listed
company, excluding the Chairman, should
comprise Non-Executive Directors determined by
the Board to be independent in character and
judgement and free from relationships or
circumstances that may affect, or could appear to
affect, the Directors’ judgement.
In addition to this provision, the Code stipulates
that a majority of the Board of Directors should be
independent of the Investment Manager. AGA
continued to comply with this requirement
throughout the reporting period.
Independence is determined by ensuring that,
apart from receiving fees for acting as Directors
or owning shares, Non-Executive Directors do not
have any other material relationships with, nor
derive additional remuneration from, or as a result
of transactions with, the Company, its promoters,
its management or its partners, which in the
opinion of the Board may affect, or could appear
to affect, the independence of their judgement.
All of AGA’s Directors are considered to be
independent of the Investment Manager.
The Chairman met the AIC Code recommended
independence criteria onappointment.
Board evaluation
In accordance with the Board management policy,
the Company conducted an external Board
evaluation exercise in 2024. Overall, the review
concluded that the Company has a
well-functioning and effective Board, a strong
corporate governance culture, and Directors who
are diligent and independent in their outlook.
There were a small number of recommendations
as to how the Board could improve further the
quality of its oversight of the business of the
Company and these will be considered for
implementation in 2025.
Disclosure of dividend information
The Company aims to pay regular dividends to
shareholders semi-annually, set at an absolute
level of 11 pence per share per annum. This
dividend policy should not be taken as an
indication of the Company’s expected future
performance or results over any period and does
not constitute a profit forecast. It is intended to
be a target only and there is no guarantee that it
can or will be achieved. Accordingly, prospective
or current investors should not place any reliance
on the target dividend payment stated above in
making an investment decision regarding
theCompany.
As a non-UK issuer, the Company does not
require approval from shareholders for the
payment of dividends in accordance with The
Companies (Guernsey) Law, 2008 and the Articles
of Incorporation of the Company.
However, in response to feedback from
shareholders, an ordinary resolution is proposed
at each AGM concerning approval of the dividend
policy of the Company.
EU Alternative Investment Fund Managers
Directive (“AIFMD”)
Please refer to p.110 and p.111 for further
information in respect of the AIFMD.
The unregulated collective investment
schemes and close substitutes instrument 2013
(“NMPIrules”)
Information regarding the Company’s status
under the NMPI Rules is available on its website at:
www.apaxglobalalpha.com/about-us/
board-and-governance
Greenhouse gas emissions
All of the Company’s activities are outsourced to
third parties. As such, the Company does not
have any physical assets, property, employees or
operations of its own and does not generate gas
or other emissions reportable under the
Companies Act 2006 (Strategic Report and
Directors’ Report) Regulations 2013. Any
greenhouse gas emissions linked to the Company
relates to the Director’s travel necessary to carry
out their duties. Since 2021, the Company’s
carbon emissions have been offset via Carbon
Footprint Ltd. Under the Listing Rule 11.4.22(R),
AGA, as a closed-ended investment Company, is
exempt from complying with the Task Force on
Climate-related Financial Disclosures.
Further details of the Investment Manager’s
approach to responsible investment practices
and sustainability can be found on p.32 to p.34.
Modern slavery act statement
AGA has a number of outsourced and third-party
vendor relationships, the most significant of
which are the Investment Manager and Apax.
When selecting third-party suppliers, AGA will
assess their reputation and how well established
they are in their field.
An effective Board continued
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46 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Corporate Governance Statement
2024 Key activities
Key activities of the Board Risk Management GovernanceStakeholder engagementStrategy and financingPrincipal strategic objectives
The Board met six times
during the year.
Additional meetings were
arranged as necessary for the
Board to properly discharge
its duties.
An overview of some of
the Board’s activities is
providedhere.
Held a Board strategy day with a range
of key topics including:
• High-level exploratory discussions to challenge
whether the strategy remains fit for purpose, including
consideration of alternative approaches
• Assessment of investment performance of Private Equity
and of Debt Investments over different time horizons and
relative to peers and benchmarks
• Explored investor relations’ initiatives and legal marketing
restrictions to formulate the IR strategy with a goal of
widening the shareregister base
Regularly reviewed the Company’s
strategy and financial position, including:
• Renewal of the Company’s Revolving Credit Facility
• Assessment and announcement of a new capital allocation
framework given the increasing share price
discount to NAV
• Participated in an
external evaluation
of the Board’s
effectiveness to identify
areas for improvement
and inform training plans
• Established the
Management
Engagement
Committee and
Nomination Committee
• Undertook a formal
annual review of key
service providers
• Received regular
updates from the
Company Secretary
on regulatory
and corporate
governancematters
• Hosted the AGM
on 1May 2024
• Hosted a Chairman’s
corporate governance
roadshow
• Consulted shareholders
and analysts in an effort
to gain feedback on the
capital allocation policy
and understand key
investor priorities
• Held a Capital Markets
Day in the Apax London
office for investors
andanalysts
• Conducted an
independent investor
perception study
in order to improve
understanding of
key detractors of the
investment case and
increase awareness of
current and potential
shareholder views,
issues, and concerns
• Reviewed the
Company’s risk
appetite statement
and principal risks
• Performed a
review of the
Company’s internal
financialcontrols
Deliver over-the-cycle target Total NAV
Return of 12-15%
1
Regular dividends and capital return to shareholders
2
Invest in Apax Private Equity Funds for
long-termgrowth
3
Manage Debt portfolio to generate additional returns
on capital not invested in Private Equity
4
Remain fully invested
5
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47 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Corporate Governance Statement continued
2024 calendar of events
2024
2025
January
February March June July October
April May August September December
November
• Dividend paid
• FY23 Results
Board meeting
Board meeting Board meeting
• Capital Markets Day
Board Meeting
• Q3 Results
Board Meeting
• Q1 Results
• Interim Results
• Dividend paid
AGM
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48 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Directors’ duties
In 2024, the Board of the Company was composed of five independent Non-Executive Directors
Role Role overview Responsibilities
Chairman of the Board
of Directors
Karl Sternberg fulfils the
role of independent Non-
Executive Chairman of the
Board of Directors.
The Chairman is responsible for the leadership of the
Board, the creation of conditions necessary for overall
Board and individual Director effectiveness and ensuring
a sound framework of corporate governance, which
includes a channel for shareholdercommunication.
• Chairing the Board and general meetings of the Company, including setting the agenda of such meetings;
• Promoting the highest standards of integrity, probity and corporate governance throughout the Company, and in particular at
Board level;
• Ensuring that the Board receives accurate, timely and clear information;
• Ensuring effective engagement between the Board, the Company’s shareholders and other key stakeholders;
• Facilitating the effectiveness of the contributions and constructive relationships between the Directors of the Company;
• Ensuring that any incoming Directors of the Company participate in a full, formal and tailored induction programme; and
• Ensuring that the performance of the Board, its committees and individual Directors is evaluated at least once a year.
Chairman of the Audit
Committee
Stephanie Coxon fulfils
the role of Chairman of
the Audit Committee.
The Audit Committee is
appointed under terms of
reference from the Board
of Directors, available on
the Company’s website
at: www.apaxglobalalpha.
com/about-us/board-and-
governance
The Chairman of the Audit Committee is appointed by
the Board of Directors. The role and responsibility of the
Chairman of the Audit Committee is to set the agenda
for meetings of the Audit Committee and, in doing so,
take responsibility for ensuring that the Audit Committee
fulfils its duties under its terms ofreference.
• Reviewing in detail the content of the Interim Report and the Annual Report, the work of the service providers in producing them
and the results of the external audit;
• Reviewing the findings of the audit with the external auditor; including a discussion of the major issues arising from the audit;
• Ensuring compliance with the Minimum Standard for Audit Committees and External Audit issued by the FRC;
• Overseeing the selection and review processes for the external auditor, considering and making recommendations to the Board
on the appointment, reappointment and removal of the external auditor and the remuneration of the external auditor as well as on
the annual audit plan, including all proposed materiality levels;
• Assessing the independence, objectivity, and audit quality of the external auditor on at least an annual basis, taking into
consideration the level of non-audit services;
• Reviewing and considering, as appropriate, the rotation of the external audit partner and tender of the external audit firm;
• Reviewing and recommending to the Board for approval, the audit, audit-related and non-audit fees payable to the external
auditor and approving their terms of engagement;
• Reviewing the Company’s internal control and financial and operational risk, management systems, whistleblowing, and fraud; and
• Monitoring the risks faced by the Company and conducting a robust assessment of the principal risks in order to implement the
relevant controls to manage or mitigate these risks.
The Board considers that the range and experience of its members is sufficient to fulfil its role effectively and provide the required level of leadership, governance, and assurance.
The terms and conditions of appointment for Non-Executive Directors are outlined in their letters of appointment, and are available for inspection at the Company’s registered office during normal
business hours and at the AGM for 15 minutes prior to and during the AGM.
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49 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Directors’ duties continued
Role Role overview Responsibilities
Chairman of the
Nomination Committee
Karl Sternberg fulfils the
role of Chairman of the
Nomination Committee.
The Nomination
Committee is appointed
under terms of reference
from the Board of
Directors, available on
the Company’s website
at: www.apaxglobalalpha.
com/about-us/board-and-
governance
The Chairman of the Nomination Committee is
appointed by the Board of Directors. The role and
responsibility of the Chairman of the Nomination
Committee is to set the agenda for meetings of
the Nomination Committee and, in doing so, take
responsibility for ensuring that the Nomination
Committee fulfils its duties under its terms ofreference.
• Regularly review the structure, size and composition (including the skills, knowledge, experience, independence and diversity)
required of the Board compared to its current position and make recommendations to the Board with regard to any changes;
• Give full consideration to succession planning for Directors in the course of its work, taking into account the challenges and
opportunities facing the Company, and what skills and expertise are therefore needed on the Board in the future;
• Be responsible for identifying and nominating for the approval of the Board candidates to fill Board vacancies as and when
theyarise;
• To review all Directors’ external appointments annually and to confirm to the Board whether it considers that any of the
Directors’ external appointments, and changes to workload within existing external appointments, impairs any of the Directors’
effectiveness as a Director of the Company;
• Before making an appointment, evaluate the balance of skills, knowledge and experience on the Board, and, in light of this
evaluation prepare a description of the role and capabilities required for a particular appointment;
• Keep under review the Board leadership needs of the Company, with a view to ensuring the continued ability of the Company to
compete effectively in the marketplace;
• Keep up to date and fully informed about strategic issues and commercial changes affecting the Company and the market in which
it operates;
• Ensure that on appointment to the Board, the Directors receive a formal letter of appointment setting out clearly what is expected
of them in terms of time commitment, committee service and involvement outside Board meetings;
• Carry out an annual assessment and evaluation of the performance of each of the Non-Executive Directors of the Company. The
performance evaluation should assess all aspects of each individual’s performance in exercising their role(s) as: a NED; Chair of
any Board committees; a Chairman of the Company; and any other relevant office of theCompany;
• Make recommendations to the Board concerning membership of the Board committees as appropriate, in consultation with the
Chairman of those committees; and
• Take note of any new strategic issues or commercial changes affecting the Company and the market in which it operates, and
which shall be considered by the Board of Directors of the Company from time to time.
04 FINANCIAL STATEMENTS
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50 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Directors’ duties continued
Role Role overview Responsibilities
Chairman of the
Management
Engagement
Committee
Mike Bane fulfils the
role of Chairman of the
Management Engagement
Committee. The
Management Engagement
Committee is appointed
under terms of reference
from the Board of
Directors, available on
the Company’s website
at: www.apaxglobalalpha.
com/about-us/board-and-
governance
The Chairman of the Management Engagement
Committee is appointed by the Board of Directors.
The role and responsibility of the Chairman of the
Management Engagement Committee is to set the
agenda for meetings of the Management Engagement
Committee and, in doing so, take responsibility for
ensuring that the Management Engagement Committee
fulfils its duties under its terms of reference.
• Evaluate the performance of the Company’s service providers against relevant benchmarks, service agreements and service level
statements at least annually;
• Review the contractual relations with all service providers;
• Put in place procedures by which the Board regularly reviews the continued retention of the service providers;
• Consider any points of conflict of interest which may arise between the service providers of the Company;
• Review the level and method of remuneration for the service providers, the basis of performance fees (if any) and the notice
period ensuring that they do not encourage excessive risk;
• Evaluate the performance of the Investment Manager’s investment performance against benchmarks, and other investment
managers (including in line with sustainability guidelines where appropriate) and assess the ongoing ability of the Investment
Manager to perform appropriately should there be changes in their investment team;
• Formally review and if appropriate recommend the reappointment of the Investment Manager to the Board;
• Consider the need to have in place contingency plans for any unforeseen change of circumstances that could materially prejudice
the ability of the Investment Manager to meet their investment performance objectives and escalate to the Board if this
contingency is anticipated;
• Consider the merit of obtaining an independent appraisal of the Investment Manager’s services;
• Review the management contract and recommend any change of the Investment Manager or the Investment Management
Agreement; and
• Review the level and method of remuneration, the basis of performance fees (if any) and the notice period;
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
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51 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Directors’ duties continued
Role Role overview Responsibilities
Non-Executive
Directors
The Non-Executive Directors have a responsibility to
ensure that they allocate sufficient time to the Company
to perform their responsibilities effectively. Accordingly,
Non-Executive Directors are required to make sufficient
effort to attend Board or committee meetings, to
disclose other significant commitments to the Board
before accepting such commitments and to inform
the Board of any subsequent changes. In determining
the extent to which another commitment proposed
by a Non-Executive Director would have an impact
on their ability to sufficiently discharge their duties to
the Company, the Board will give consideration to the
extent to which the proposed commitment may create
aconflictwith:
• their time commitment to the Company;
• a direct competitor of the Company, the Investment
Manager or the Investment Advisor;
• a significant supplier or potential significant supplier
tothe Company; and
• the Investment Manager or other related entity
operating in substantially the same investment
markets as the Company.
• Shareholders are provided with the opportunity to elect and re-elect the Non-Executive Directors on an annual basis at the
AGM of the Company and to review their remuneration in doing so. The role of the Non-Executive Directors includes, but is not
limitedto:
• constructively challenging and developing proposals on strategy;
• appointing service providers based on agreed goals and objectives;
• monitoring the performance of service providers;
• reviewing the risks disclosed within the Company’s risk framework and proposing additional controls for risk management and
mitigation; and
• satisfying themselves of the integrity of the financial information and that financial controls and systems of risk management are
robust and defensible.
Senior Independent
Director
Susie Farnon fulfils the
role of Senior Independent
Director(“SID”).
The position of the SID provides shareholders with
someone to whom they can turn if they have concerns
that have not or cannot be resolved through the
normal channel of the Chairman. The SID is available
as an intermediary between fellow Directors and the
Chairman. The role serves as an important check and
balance in the governance process.
• Providing a sounding board for the Chairman and serving as an intermediary for the other Directors when necessary;
• Being available to shareholders if they have concerns about contact through the normal channel of the Chairman, or have failed to
resolve, through the normal channels, or for which such contact is inappropriate;
• Meeting with the other Non-Executive Directors at least annually to appraise the Chairman’s performance and on such other
occasions as may be deemed appropriate;
• Taking responsibility for the orderly succession process for the Chairman, as appropriate; and
• Maintaining Board and Company stability during times of crisis and conflict.
04 FINANCIAL STATEMENTS
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
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52 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Management and performance fees
Management fees for the year to 31 December
2024 represented 1.7% of NAV and performance
fees were 0.2% of NAV. Management fees
represent fees paid to both the Investment
Manager and the Apax Funds. No fees are paid to
the Investment Manager on Apax Funds where
the Company already pays a fee. Please see p.115
for more information about fees.
Revolving Credit Facility
AGA has a multi-currency RCF of €250m with
SMBC Bank International plc and JPMorgan Chase
Bank, N.A., London Branch. The RCF was undrawn
at 31 December 2024 and will continue to be used
for the Company’s general corporate purposes,
including short-term financing of investments
such as the drawdown on commitments to the
Apax Funds.
Key information document
In accordance with the UK Packaged Retail and
Insurance-based Investment Products Regulation
and the EU Packaged Retail and Insurance-based
Investment Products Directive Regulation, AGA’s
latest Key Information Documents (UK KID and EU
KID) are available on the Company’s website at:
www.apaxglobalalpha.com/investor-centre/
key-information-documents
The Board has considered the current
recommendations of the AIC Code and has
adopted various policies, procedures and control
systems; a summary of each of these is available
on the Company’s website at:
www.apaxglobalalpha.com/about-us/
board-and-governance
In summary, these principally include:
• a schedule of matters reserved for the Board
which includes, but is not limited to:
‒ strategy and management;
‒ structure and capital;
‒ financial reporting and controls;
‒ internal and risk management controls;
‒ contracts and expenditure;
‒ Board membership and other appointments;
‒ corporate governance matters; and
‒ policies and codes
• a Board management policy which includes, but
is not limited to:
‒ succession planning, including Board
composition and diversity guidelines;
‒ Director induction and training;
‒ Board evaluation.
‒ a conflicts of interests policy;
‒ disclosure panel policy;
‒ a social responsibility policy;
‒ a share dealing code;
‒ an insider dealing and market abuse policy;
‒ a policy on the provision of non-audit services;
and
‒ a Responsible Investment policy
Administrator and Company Secretary
The Company has appointed Aztec Financial
Services (Guernsey) Limited (“Aztec Group”) as
Administrator and Company Secretary of
theCompany.
The Administrator is responsible for the
Company’s general administrative requirements
such as the calculation of the Net Asset Value and
Net Asset Value per share and maintenance of the
Company’s accounting and statutory records.
The Administrator may delegate certain
accounting and bookkeeping services to Apax
Partners Fund Services Limited or other such
parties and/or Group entities, as directed by
theCompany.
The Administrator is licensed by the GFSC under
the Protection of investors (Bailiwick of Guernsey)
Law (“POI”) to act as “designated administrator”
under that law and provide administrative services
to closed-ended investment funds.
In fulfilling the role of Company Secretary, Aztec
Group has due regard to the provisions of the
GFSC Code and the AIC Code and statutory
requirements in this respect.
Registrar
MUFG Corporate Markets (formerly Link Asset
Services) has been appointed as Registrar of the
Company. The Registrar is licensed by the GFSC
under the POI Law to provide registrar services to
closed-ended investment funds.
Information and support
The Board ensures that it receives, in a timely
manner, information of an appropriate quality
toenable it to adequately discharge its
responsibilities. Papers are provided to the
Directors in advance of the relevant Board or
Committee meeting to enable them to make
further enquiries about any matters prior to the
meeting, should they so wish. This also allows
Directors who are unable to attend to submit
views in advance of the meeting.
The Company Secretary takes responsibility for
the distribution of Board papers and aims to
circulate such papers at least five working days
prior to Board or committee meetings. The Board
has adopted electronic board pack software
which aids in the efficiency and adequacy of
delivery of Board papers.
Ongoing charges
Ongoing charges to 31 December 2024 were
1.9% (31 December 2023: 1.8%). The Company’s
ongoing charges are calculated in line with
guidance issued by the AIC. They comprise
recurring costs such as administration costs,
management fees paid to AGML and
management fees paid to the underlying Private
Equity Funds’ general partners. They specifically
exclude deal costs, taxation, financing costs,
performance fees and other non-recurring costs.
Ongoing charges is an APM, and a reconciliation
to the costs included in the financial statement
can be found on p.116.
Governance framework
Governance systems
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53 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Nomination Committee
The Board approved the creation of the
Nomination Committee in September 2024 with
Karl Sternberg appointed as Chair of the
Nomination Committee.
The Nomination Committee is responsible for
regularly reviewing the structure, size and
composition required of the Board, including skills,
independence, experience and diversity. The
Committee is also responsible for the annual
Board evaluation, succession planning and
identifying Board candidates to fill Board
vacancies as and when they arise.
As the Board consists of only five members and,
recognising the extensive experience of the
directors when it comes to the responsibilities
and duties of the Nomination Committee, the
Nomination Committee has agreed that all the
Directors should be members of the Committee.
The Chairman however absents himself from
discussions on succession to his own role.
The full terms of reference for the Nomination
Committee are available on the
Company’swebsite.
Frequency and attendance at Board and
committee meetings
The Board aims to meet formally at least four
times a year and met six times in the year from
1January 2024 to 31 December 2024.
The Audit Committee aims to meet formally at
least four times a year as appropriate in terms of
the financial cycle of the Company and met nine
times in the year from 1 January 2024 to 31
December 2024.
A summary of the Directors’ attendance at
meetings which they were eligible to attend is
provided on p.41.
Election and re-election of Directors
atthe2025 AGM
In accordance with the Company’s Articles of
Incorporation and the principles of the AIC Code,
all Directors of the Company will offer themselves
for re-election or election at the 2025 AGM. Susie
Farnon, after nine years in the role, expects to
retire later in 2025, allowing for a smooth Board
succession.
In 2023, Russell Reynolds Associates Ltd, an
independent external consultancy firm, was
appointed to conduct the search for a new
Non-Executive Director ahead of both Chris
Ambler and Tim Breedon retiring during 2024. On
the 1 March 2024, Karl Sternberg was appointed
as a Non-Executive Director, and following Tim
Breedon’s retirement, was appointed as Chairman
on 1 July 2024. Karl was a founding Partner of
Oxford Investment Partners, which was acquired
by Towers Watson in 2013. Prior to that, he held a
number of positions at Morgan Grenfell/Deutsche
Asset Management, including as Chief
Investment Officer for Europe, Australia, and Asia
Pacific. Karl has significant investment trust
experience, and he is currently Chairman of
Clipstone Industrial REIT plc, Monks Investment
Trust plc and a NED of Capital Gearing Trust plc.
On 3 July 2024, Alexander Denny was appointed.
Alex has over twenty years’ experience in asset
management and investment trusts, covering
both private and public markets. He spent most of
his career at Fidelity International, latterly as Head
of Investment Trusts, before he moved to
become Managing Director, European Private
Wealth at Pantheon.
Susie Farnon has indicated that she wishes to
retire from the Board in 2025, at which point she
will have served over nine years in the role. The
Board has appointed Sapphire Partners Limited to
help with the search for her replacement and is
mindful of the objective as a listed company to
have a diverse Board.
Following the successful evaluation of the Board
(see p.45), it is proposed to shareholders that Karl
Sternberg, Stephanie Coxon, Susie Farnon, Mike
Bane, and Alexander Denny be re-elected or
elected at the 2025 AGM.
IPO lock-up arrangements
Certain existing and former Apax employees
acquired shares in the Company under a
share-for-share exchange agreement at IPO.
Those shareholders were subject to certain
lock-up arrangements in respect of the shares
issued to them for a period of either five or
tenyears.
The five-year lock-up period expired on 15 June
2020, and those shares are therefore no longer
subject to the lock-up arrangements. Of the
ten-year locked-up shares held by Apax
executives, a further tranche of 20% of the
Company’s ordinary shares was released on 15
June 2024, with the final 20% of locked-up shares
due to be released on the 15 June 2025.
Management Engagement Committee (“MEC”)
The Board approved the creation of the MEC in
September 2024 with Mike Bane appointed as
Chair of the MEC.
The MEC is responsible for reviewing all major
service providers to the Company, which includes
the Investment Manager.
The MEC met in November 2024 to review the
performance of the key service providers
including the Investment Manager. No material
weaknesses were identified in relation to the
Investment Manager; the recommendation to the
Board was that the current arrangements are
appropriate and that the Investment Manager
provides good quality services and advice to AGA.
A review of key service providers was also
undertaken. Overall, the feedback on
performance throughout the year was that key
services had been delivered to a high standard
and the committee resolved that the continued
appointment of all providers be recommended to
the Board for approval, which was duly granted.
The full terms of reference for the MEC are
available on the Company’s website.
Governance framework continued
Governance systems (continued)
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54 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Audit Committee report
The main areas of activity for
the Audit Committee have been:
• evaluating its terms of reference in accordance
with the requirements of the Minimum Standard
for Audit Committees and External Audit issued
by the FRC (the “Standard”). It carries out its
responsibilities to ensure alignment with the
Standard. An annual assessment was conducted
to review the terms of reference and internal
processes against the Standard, aiming to
identify any potential gaps. Following this review,
the Audit Committee determined that the terms
of reference and internal processes continue to
be appropriate and effective;
• reviewed in detail the content of the Interim
Report and this Annual Report, the work of the
service providers in producing them and the
results of the external audit;
• considered those areas of judgement or
estimation arising from the application of
International Financial Reporting Standards to
the Company’s activities and documenting the
rationale for the decisions made and estimation
techniques selected. This includes the valuation
of investments;
• kept under review the policy on the supply of
non-audit services by the external auditor, which
has taken into account ethical guidance and
related legislation;
• during the year, the Audit Committee decided to
initiate a tender for the external auditor. The
process was conducted in accordance with the
Standard, with four firms invited to participate.
Led by the Audit Committee, the tender process
included a thorough evaluation based on
multiple criteria, after which the committee
recommended the appointment of KPMG
Channel Islands Limited (“KPMG”) as the
external auditor. Further details on the audit
tender process are on p.55 to p.56;
• conducted an annual review of the audit quality
and performance of the external auditor, which
has included a general review of the coordination
of the external audit function with the activities
of the Company, any appropriate internal
controls, and the suitability and independence
of the external auditor;
• regularly reviewed the risk management and
control framework with support from the
Investment Manager and the Company
Secretary. Additionally, the Audit Committee
visited Apax offices during the year to conduct
an in-depth examination of the underlying
private equity valuation and LP allocation
processes, as well as the internal controls
inplace;
• held formal meetings with the external auditor,
KPMG, to review and discuss their
independence, objectivity, and proposed scope
of work for the Interim Report review and the
audit of the Annual Report and Accounts.
Additionally, the Audit Committee chair had
several informal meetings with the KPMG audit
partner and team without management present;
• met with the Company’s principal service providers
to review the controls and procedures operated by
them to ensure that the Company’s operational
risks are properly managed and that its financial
reporting is complete, accurate and reliable; and
• kept under review updates to various ESG
reporting standards, Apax initiatives and reporting,
and commitment to Responsible Investing.
The scope of the Committee with respect to
internal control does not include controls relating to
risks arising from the Company’s investment
portfolio. Such risks are overseen directly by the
Board, which sets policies in this area to govern the
day-to-day management of these risks by the
Investment Manager.
Stephanie Coxon|
Chair of the Audit Committee
3 March 2025
I am pleased to present
the Audit Committee
report for 2024
detailing the activities
undertaken this year to
fulfil its responsibilities.
04 FINANCIAL STATEMENTS
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55 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
I am pleased to report that there are no matters
arising that should be brought to the attention of
shareholders.
The Audit Committee reviewed KPMG’s report on
their independence and objectivity, including the
team structure for auditing the Company and the
underlying Apax Funds, as well as the extent of
non-audit services they provided. In compliance
with the FRC Ethical Standard 2024 (the
“Standard”), a rotation of KPMG’s audit partner
occurred during the year, making this Rachid
Frihmat’s first year in the role. Additionally, the
Audit Committee evaluated the quality and
effectiveness of KPMG as the Company’s external
auditor.
The Company has a policy in place to ensure the
independence and integrity of the external
auditor, where non-audit services are to be
provided by them. In the first instance, all
non-audit services require pre-approval of the
Chairman of the Audit Committee and/or the
Chairman of the Board. Full consideration of the
financial and other implications on the
independence of the auditor arising from any such
engagement are considered before proceeding.
Note 6 of the financial statements includes a
summary of fees paid to KPMG.
External audit tender
KPMG has served as the Company’s external
auditor since 2015. As part of best practice, the
external auditor is evaluated annually against a
range of criteria, including audit quality,
independence, levels of challenge, and objectivity.
In accordance with the Standard, an audit tender
is required every 10 years, and a tender process
was conducted in the second half of 2024. This
process, led by the Audit Committee, adhered to
the Standard and invited four firms, including a
challenger audit firm, to participate.
The Audit Committee membership currently
consists of Stephanie Coxon, Susie Farnon,
Mike Bane, and Alexander Denny.
The valuation of the Private Equity Investments,
Debt Investments and Derived Equity has been
reviewed by the external auditor who has reported
to the Committee and the Board on whether, in their
opinion, the valuations used are reasonable and in
accordance with the stated accounting policies.
Performance fee
The basis for calculation of the performance fee
due to the Investment Manager is summarised in
the notes to the financial statements. Although
this fee may not always be material to the financial
performance or position of the Company, it is
payable to the Investment Manager, and therefore
the Audit Committee considers it important
bynature.
The Audit Committee has commissioned and
received a specific report on the calculation of the
fee prior to payment. At 31 December 2024, a
performance fee of €2.9m was payable.
External audit
During the year, and up to the date of this report,
the Audit Committee has met formally with KPMG
on four occasions. Additionally, the Chairman and
other members of the Audit Committee met
them informally on five occasions during the
period without management present. These
informal meetings have been held to ensure the
Audit Committee is kept up to date with the
progress of their work and that their formal
reporting meets their needs.
The formal meetings included detailed reviews of
the proposed scope of the work to be performed
by the auditor in their review of the Company’s
report for the period to 30 June 2024 and in their
audit for the year ended 31 December 2024. They
also included detailed reviews of the results of this
work, their findings and observations.
Role of the Audit Committee
Asummary of meetings held during the year and
attendance at those meetings is available on p.41.
The Chairman of the Company, Karl Sternberg,
whilst not required to attend meetings of the
Audit Committee, does so on occasion,
particularly those meetings in which financial
reports are reviewed.
Role of the Audit Committee
The Audit Committee is appointed under terms of
reference from the Board of Directors, available
on the Company’s website at:
www.apaxglobalalpha.com/about-us/
board-and-governance
Review of areas for judgement or estimation
The Audit Committee has determined that the
key area for judgement and estimation is the fair
value of the Company’s investment portfolio. For
investments not traded in an active market, the
fair value is determined by using valuation
techniques and methodologies, as deemed
appropriate by the Investment Manager. These
assumptions may give rise to valuations that differ
from amounts realised in the future. The Audit
Committee has also considered the calculation of
the performance fee to be an area of judgement
given the complexity of the calculation. Further
details and considerations of the Committee are
set out overleaf.
Valuation of investments
The valuation of investments is a significant area
of judgement in the preparation of the financial
statements and performance reporting and
represents a particular focus for the Audit
Committee. The Audit Committee is satisfied
that it is reasonable overall and has been prepared
in accordance with the Company’s stated
accounting policies.
At each quarterly valuation point, and particularly
at the year-end, members of the Audit
Committee reviewed the detailed valuation
schedules prepared by the Investment Manager.
Discussions were also held with the Investment
Manager, Investment Advisor and the external
auditor (in respect of the interim and year-end
valuations only). The Audit Committee also visited
Apax offices during the year to carry out a detailed
review of the underlying private equity valuation
processes, LP allocation procedures, and the
associated internal controls. The aim of these
reviews and discussions was to assess whether
the valuations were prepared in line with the
valuation process and methodology set out in the
Company’s accounting policies. No material
discrepancies were identified.
04 FINANCIAL STATEMENTS
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56 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
The Audit Committee considered key criteria in its
decision-making, including audit quality,
experience in Private Equity and debt audit and
valuation, audit approach, and fees. Following a
thorough evaluation, KPMG was selected as the
preferredfirm.
The Board approved the Audit Committee’s
recommendation, and KPMG will be appointed as
the external auditor following the publication of
this Annual Report and financial statements. Their
appointment will also be recommended to
shareholders for approval at the 2025 Annual
General Meeting.
Risk management, internal controls, and
corporate risks
An outline of the risk management framework and
principal risks is provided on p.63 to p.67.
The Audit Committee has kept, and continues to
keep, under review financial risks, operational risks
and emerging risks, which includes reviewing and
obtaining assurances from key service providers
in respect of the controls of which they are
responsible. The Audit Committee undertakes an
annual review of the internal control reports from
each of its key service providers. In addition, the
key processes and controls of Apax Partners
Funds Services Limited (“APFS”) are reviewed by
Aztec and the outcome of this review is
considered by the Audit Committee annually. The
Audit Committee has not identified any areas of
concern as a result.
Additionally, the Audit Committee recognises
that the UK Corporate Governance Code may
include additional responsibilities for the Board
and is keeping this under review.
Service providers
The Audit Committee has met regularly with the key
service providers (besides KPMG) involved in the
preparation of the Company’s reporting to its
shareholders and in the operation of controls on its
behalf, the Administrator and sub-Administrator,
both of whom have attended each formal Audit
Committee meeting as well as other informal
meetings. Through these meetings, supported by
review and challenge of supporting documentation,
the Audit Committee has satisfied itself, as far as is
possible in the circumstances of a Company with
outsourced functions, that financial and operational
risks facing the Company are appropriately
managed and controlled.
Unadjusted differences in the financial
statements
The external auditor, KPMG, has reported to the
Audit Committee that they found no reportable
differences during the course of their audit work.
Whistleblowing
The Company does not have any employees. Each
of the service providers has whistleblowing
policies in place.
Anti-bribery and corruption
The Company has a zero tolerance approach to
bribery and corruption, in line with the UK Bribery
Act 2010. A social responsibility policy covering
anti-bribery and corruption has been adopted and
is kept under review.
Annual Report
The Audit Committee members have each
reviewed this Annual Report and earlier drafts of it
in detail, comparing its content with their own
knowledge of the Company, reporting
requirements and shareholder expectations.
Formal meetings of the Audit Committee have
also reviewed the report and its content and have
received reports and explanations from the
Company’s service providers about the content
and the financial results.
The Audit Committee has concluded that the
Annual Report, taken as a whole, is fair, balanced
and understandable, and that the Board can
reasonably and with justification make the
statement of Directors’ responsibilities on p.62.
Role of the Audit Committee continued
The Audit Committee is
appointed under terms of
reference from the Board
ofDirectors, available on
theCompany’s website
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57 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Provisions relating to Executive Directors’
remuneration are not deemed relevant to AGA,
being an externally managed investment
Company with a Board comprised wholly of
Non-Executive Directors.
In particular, the Company’s day-to-day
management and administrative functions are
outsourced to third parties. As a result, the
Company has no Executive Directors, employees,
or internal operations. The Company has
therefore not reported further in respect of
theseprovisions.
Remuneration report
The Directors who served in the period from 1
January 2024 to 31 December 2024 received the
fees detailed on the next page.
No taxable benefits were paid to Directors in
respect of this period and no remuneration above
that was paid to the Directors for their services.
Remuneration paid reflects the duties and
responsibilities of the Directors and the value of
their time. No element of the Directors’
remuneration is performance-related.
Directors’ fees and expenses
Fees are pro-rated where an appointment takes
place during a financial year. None of the fees
disclosed below were payable to third parties by
the Company. Chris Ambler was obliged to pay
20% of the fee he receives from the Company for
his services as a Non-Executive Director to a
third-party, being the company to which he is
appointed as an Executive Director.
The Board currently comprises five Directors. The
Directors are entitled to be reasonably
reimbursed for expenses incurred in the exercise
of their duties as Directors. In 2024, the Board
approved an uplift to the Directors’ fees with
effect from 1 September 2024. No change was
made to the Chairman’s fee. Details are set out in
the table below.
The Board intends to temporarily increase to six
independent directors, from five currently, to
facilitate a smooth and effective succession
process. For the necessary flexibility, the Board is
seeking shareholder approval to increase the
remuneration cap from £395,000 to £500,000 at
the next AGM.
Directors’ remuneration report
Directors are remunerated in the form of fixed fees
Director Position 1 January 2024
Annual fees effective from
1 January 2024 (GBP) Position 1 September 2024 Fee increase (GBP)
Annual fees effective from
1 September 2024 (GBP)
Karl Sternberg – – Chairman – 125,0000
Tim Breedon Chairman 125,000 Retired – –
Stephanie Coxon NED 50,000 Audit Committee Chair 21,000 71,000
Mike Bane NED 50,000 MEC Chair 14,000 64,000
Susie Farnon Audit Committee Chair 61,000 SID 3,000 64,000
Alexander Denny – – NED – 60,000
Chris Ambler NED 50,000 Retired – –
Total 336,000 384,000
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58 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Remuneration policy
The Company’s remuneration policy is that fees
payable to Directors should reflect the time they
spend on the Company’s affairs and the
responsibilities they bear.
The fees should also be sufficient to attract,
retain, and motivate Directors of a quality
required to run the Company successfully.
Directors’ remuneration report continued
Expenses paid to the Directors in the period are listed in the table below
Directors’ fees and expenses for the year to 31 December 2024
Director Fees (GBP) Expenses (GBP) Fees (EUR) Expenses (EUR)
Karl Sternberg 79,201 2,521 94,792 2,986
Tim Breedon (Retired) 62,842 703 73,791 824
Stephanie Coxon 60,585 1,991 72,097 2, 374
Mike Bane 54,648 2,513 65,000 3,003
Susie Farnon 58,261 1,784 69,230 2,128
Alexander Denny 28,115 863 33,803 1,032
Chris Ambler (Retired) 8,333 1,127 9,728 1,316
Total 351,985 11,502 418,441 13,663
Directors’ holdings at 31 December 2024
Voting rights Voting rights
Director Class of share Shares held Direct Indirect Direct Indirect
Karl Sternberg Ordinary shares of NPV
1
53,600 53,600 – 0.011% –
Stephanie Coxon Ordinary shares of NPV
1
10,000 10,000 – 0.002% –
Susie Farnon Ordinary shares of NPV
1
43,600 43,600 – 0.009% –
Mike Bane Ordinary shares of NPV
1
53,199 53,199 – 0.011% –
Alexander Denny Ordinary shares of NPV
1
16,737 16,737 – 0.003% –
1. No par value.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
59 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Restrictions on voting
Unless the Directors otherwise determine, a
shareholder shall not be entitled to vote either
personally or by proxy:
• if any call or other sum currently payable to the
Company in respect of that share remains
unpaid; or
• having been duly served with a notice requiring
the disclosure of a member’s interests given
under article 10 of the Articles of Incorporation
of the Company, and has failed to do so within 14
days, in a case where the shares in question
represent at least 0.25% of the number of
shares in issue of the class of shares concerned,
or within 28 days, in any other case, from the
date of such notice.
Directors’ interest in shares
The Directors’ share interests in the Company are
detailed on the prior page.
Material interests in shares
The Company has been notified in accordance
with DTR 5 of the Disclosure Guidance and
Transparency Rules of the interests in its issued
ordinary shares as at 31 December 2024 detailed
in the table on the on the next page.
The Company’s registered office and principal
place of business is East Wing, Trafalgar Court,
Les Banques, St Peter Port, Guernsey GY1 3PP.
Listing on the London Stock Exchange
On 15 June 2015, the entire issued ordinary share
capital of the Company was admitted to the
Official List of the Financial Conduct Authority
and to unconditional trading on the London Stock
Exchange’s Main Market for listed securities.
Dividend
The Directors have approved a dividend of 5.50
pence per share as a final dividend in respect of
the financial period ended 31 December 2024
(2023: 5.64 pence). An interim dividend of 5.50
pence was paid on 3 October 2024 (2023:
5.70pence).
Board of Directors
Biographies of the Board of Directors, including
details of their relevant experience, are available
on the Company’s website at:
www.apaxglobalalpha.com/about-us/
board-and-governance?tab=board-of-directors
The Non-Executive Directors do not have
serviceagreements.
Power of Directors
The business of the Company is managed by the
Directors who may exercise all the powers of the
Company, subject to any relevant legislation, any
directions given by the Company by passing a
special resolution and to the Company’s Articles
of Incorporation (the “Articles”). The Articles, for
example, contain specific provisions concerning
the Company’s power to borrow money and
issueshares.
Appointment and removal of Directors
Rules relating to the appointment and removal of
the Directors are contained within the Company’s
Articles, which can be found in full on the
Company’s website at: www.apaxglobalalpha.
com/about-us/board-and-governance
Amendment of Articles of Incorporation
The Company may only make amendments to the
Articles of Incorporation of the Company by way
of special resolution of the shareholders, in
accordance with The Companies (Guernsey) Law,
2008, as amended.
Employees
The Company does not have any employees.
Political donations and expenditure
The Company has made no political donations in
the period since incorporation or since admission.
Share capital
As at the date of this report, the Company had an
issued share capital of €873.8m. The rights
attaching to the shares are set out in the Articles
of Incorporation. There are no restrictions on the
transfer of ordinary shares in the capital of the
Company other than those which may be imposed
by law from time to time. There are no special
control rights in relation to the Company’s shares
and the Company is not aware of any agreements
between holders of securities that may result in
restrictions on the transfer of securities or on
voting rights, except for the lock-ups agreed at
the time of admission as set out in the
prospectus. In accordance with the Disclosure
Guidance and Transparency Rules, Board
members and certain employees of the
Company’s service providers are required to seek
approval to deal in the Company’s shares.
Allotment of shares and pre-emption rights
Details of the Company’s ability to allot shares
and pre-emption rights are included in the
Articles of Incorporation.
Voting rights
In a general meeting of the Company, on a show
of hands, every member who is present in person
or by proxy and entitled to vote shall have one
vote. On a poll, every member who is present in
person or by proxy shall have one vote for every
share of which they are the holder.
Directors’ report
The Directors submit their Annual Report together
with the audited financial statements of the
Companyfor the year ended 31 December 2024.
04 FINANCIAL STATEMENTS
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01 STRATEGIC
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GLOSSARY
60 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Directors’ report continued
Table of shareholders over 5% at 31 December 2024
1
Voting rights Voting rights
Shareholder. Class of share Shares held Direct Indirect Direct Indirect Threshold
Berlinetta Limited Ordinary shares of NPV
2
28,778,552 28,778,552 – 5.9% – 5%
Alliance Witan Ordinary shares of NPV
2
26,185,000 26,185,000 – 5.4% – 5%
Nico Hansen Ordinary shares of NPV
2
24,563,460 24,563,460 – 5.0% – 5%
1. The figures shown above reflect the position of the shareholders as most recently disclosed to and by the
Company pursuant to DTR 5.1 (Notification of the acquisition or disposal of major shareholdings) and may
not reflect the actual or current position of the shareholders as at the date of this report.
2. No par value.
Significant agreements
The following agreements are considered
significant to the Company:
• AGML as Investment Manager under the terms
of the Investment Management Agreement;
• Aztec Group as Administrator, Company
Secretary and Depositary under the
Administration Agreement and Depositary
Agreement;
• APFS and Apax Partners LLP Services
Agreement for investor relations services;
• MUFG Corporate Markets (formerly Link Asset
Services) as Registrar under the Registration
Agreement;
• Jefferies International as joint corporate broker;
• Investec Bank plc as joint corporate broker; and
• KPMG as appointed external auditor.
Compensation for loss of office
There are no agreements between the Company
and its Directors providing for compensation for
loss of office that occurs because of a change
ofcontrol.
Disclosures required under listing rule 6.6.1R
There are no disclosures required under Listing
Rule section 6.6.1R.
Events after the reporting period
The Audit Committee noted that there were two
post balance sheet events:
• On 20 February 2025, the Company’s RCF was
extended by six months, with a new expiry date
of 3 September 2027.
• On 3 March 2025, the Board of Directors
approved a dividend of 5.50 pence per share in
respect of the financial period ended 31
December 2024.
Going concern
After making enquiries and given the nature of the
Company and its investments, the Directors,
after due consideration, conclude that the
Company should be able to continue for the
foreseeable future.
In reaching this conclusion, the Board is mindful of
the nature of the Company’s assets and ability to
meet its liabilities as they fall due. Further details
of the Board’s considerations in relation to going
concern are set out in note 2 to the
financialstatements.
Accordingly, they are satisfied that it is
appropriate to adopt the going concern basis in
preparing these financial statements.
Disclosure of information to the auditor
Having made enquiries of fellow Directors and key
service providers, each of the Directors confirms
that:
• to the best of their knowledge and belief, there is
no relevant audit information of which the
Company’s auditor is unaware; and
• they have taken all the steps a Director might
reasonably be expected to have taken to be
aware of relevant audit information and to
establish that the Company’s auditor is aware of
that information.
Reappointment of auditor
Resolutions for the reappointment of KPMG
Channel Islands Limited as the auditor of the
Company and to authorise the Directors to
determine its remuneration are to be proposed at
the next AGM.
As is good practice, the contract is reviewed
regularly and put out to tender every ten years. A
review took place in the second half of 2024 and
the tender process was carried out in compliance
with the FRC’s guidance with four firms invited to
tender. The tendering process was led by the
Audit Committee and post evaluation, the Audit
Committee recommended the appointment of
KPMG as the external auditor.
AGM
The next AGM will be held on 1 May 2025 at 11.15 am
(UK time) at East Wing, Trafalgar Court, Les
Banques, St Peter Port, Guernsey, Channel Islands
GY1 3PP.
The notice, agenda and form of proxy will be
circulated to shareholders at least 21 working days
prior to the AGM and will be made available on the
UK National Storage Mechanism and the Company’s
website at: www.apaxglobalalpha.com
Shareholders will be able to attend the AGM in
person or dial in remotely to listen to the AGM.
Shareholders can submit questions in advance to
the Company Secretary by email at:
AGA-admin@aztecgroup.co.uk
The Directors’ report has been approved by the
Board and is signed on its behalf by:
Karl Sternberg|Chairman
3 March 2025
“ The Company’s main
corporate objective is to
provide shareholders with
capital appreciation from
its investment portfolio
andregular dividends.”
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
61 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Directors, in assessing the viability of the
Company, have paid particular attention to the
risks faced by the Company in seeking to achieve
its stated objectives. The principal risks are set
out on p.63 to p.67. The Board has established a
risk management framework within which the
Investment Manager operates and which is
intended to identify, measure, monitor, report
and, where appropriate, mitigate the risks to the
Company’s investment objective.
The Directors confirm that their assessment of
the emerging and principal risks facing the
Company was robust and in doing so they have
considered models projecting future cash flows
during the three years to 31 December 2027.
These models have also been stress tested to
reflect the impact on the portfolio of some severe
but plausible scenarios similar to those
experienced by investment markets recently and
historically. The projections consider cash
balances, covenants, limits, the split of the
investment portfolio, and commitments to
existing and future Apax Funds. The stress testing
examines the potential impact of the principal
risks occurring individually and together.
These projections are based on the Investment
Manager’s expectations of future investment
performance, income, and costs. The viability
assessment covers a period of three years, which
reflects the expected period between the launch
of new buyout funds by Apax.
The Company also has access to a significant
credit facility to enable it to manage cash
demands without resorting to urgent sales of its
less liquid portfolio assets. As at 31 December
2024, the RCF was undrawn. Diversification of the
portfolio, split between Private Equity and Debt
Investments, also helps the Company withstand
the risks it is most likely to meet.
The continuation of the Company in its present
form is dependent on the Investment
Management Agreement (“IMA”) with the
Investment Manager remaining in place. The
Directors note that the IMA with the Investment
Manager is terminable with a minimum of one
year’s notice by either party. The Directors have
no current reason to believe that either the
Company or the Investment Manager would serve
notice of termination of the IMA during the
three-year period covered by this viability
statement. The initial term of the IMA was six
years, and it was automatically renewed on 15
June 2021 for another six years.
The Articles require that the Directors put a
discontinuation resolution to the AGM every
three years, and a resolution was put forward at
the 2024 AGM at which 89% of votes cast
supported a continuation of theCompany.
The Directors, having duly considered the risks
facing the Company, their mitigation and the cash
flow modelling, have a reasonable expectation
that the Company will be able to continue in
operation and meet its liabilities as they fall due
over the three-year period of their assessment.
For more information on how AGA is satisfied with
its ability to operate as a going concern, seep.79.
Viability statement
The Directors have duly considered the risks facing the company.
“ The Directors are
responsible for preparing
theAnnual Report and
financial statements in
accordance with applicable
law and regulations.”
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
62 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Directors are responsible for preparing the
Annual Report and financial statements in
accordance with applicable law and regulations.
Company Law requires the Directors to prepare
financial statements for each financial year. Under
that law they are required to prepare financial
statements that show a true and fair view. The
Directors have chosen to prepare the financial
statements in accordance with International
Financial Reporting Standards (“IFRS”) as adopted
by the EU to meet the requirements of applicable
law and regulations.
Under Company Law, the Directors must not
approve the financial statements unless they are
satisfied that they give a true and fair view of the
state of affairs of the Company and of the profit or
loss of the Company for that period. In preparing
these financial statements, the Directors are
required to:
• select suitable accounting policies and apply
them consistently;
• make judgements and estimates that are
reasonable, relevant and reliable;
• state whether applicable accounting standards
have been followed, subject to any material
departures disclosed and explained in the
financial statements;
• assess the Company’s ability to continue as a
going concern, disclosing, as applicable, matters
related to going concern; and
• use the going concern basis of accounting
unless they either intend to liquidate the
Company or to cease operations, or have no
realistic alternative but to do so.
The Directors are responsible for keeping proper
accounting records, that are sufficient to show
and explain the Company’s transactions and
disclose with reasonable accuracy at any time the
financial position of the Company and to enable
them to ensure that the financial statements
comply with the Companies (Guernsey) Law,
2008. They are responsible for such internal
control as they determine is necessary to enable
the preparation of financial statements that are
free from material misstatement, whether due to
fraud or error. They have general responsibility for
taking such steps as are reasonably open to them
to safeguard the assets of the Company and to
prevent and detect fraud and other irregularities.
The Directors are responsible for the
maintenance and integrity of the corporate and
financial information included on the Company’s
website. Legislation in Guernsey governing the
preparation and dissemination of financial
statements may differ from legislation in other
jurisdictions.
Responsibility statement of the Directors in
respect of the Annual Financial Report
The Annual Report and financial statements are
the responsibility of, and have been approved by,
the Directors who confirm, to the best of their
knowledge and belief, that they have complied
with the above requirements in preparing the
financial statements.
During the course of this assessment, the
Directors have received input from the Audit
Committee, the Investment Manager, the
Investment Advisor, the Company Secretary and
Administrator, and the Directors confirm that:
• the Annual Report includes a fair review of the
development and performance of the business
and the position of the Company, together with
a description of the principal risks and
uncertainties that the Company faces; and
• the financial statements, prepared in
accordance with IFRS adopted by the EU, give a
true and fair view of the assets, liabilities,
financial position and results of the Company,
taken as a whole, as required by DTR 4.1.6, and
are in compliance with the requirements set out
in the Companies (Guernsey) Law 2008; and the
Annual Report and financial statements, taken
as a whole, provide the information necessary to
assess the Company’s position and
performance, business model and strategy, and
is fair, balanced andunderstandable.
Signed on behalf of the Board of Directors by:
Karl Sternberg |Chairman
3 March 2025
Stephanie Coxon |Chair of the Audit
Committee
3 March 2025
Statement of Directors’ responsibilities
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
63 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Board approves commitments to new Private
Equity funds whilst the remaining investment
decisions are taken by the Investment Manager
within parameters of authority approved by the
Board, while separate risk functions within the
Investment Manager support and review
decision-making.
Risk assessment
In assessing each category of risk, the Board
considers systemic and non-systemic risks as well
as the control framework established to reduce
the likelihood and impact (the “residual risk
rating”) of individual inherent risks. The Board
does not consider political risk in isolation but
incorporates it within its consideration of other
principal risks. The Board is not, practically, in a
position to consider every risk. However, where
possible, it does seek to identify, assess and
mitigate remote and emerging risks which might
have a significant consequence or might not
becontrollable.
In considering the framework around the policies
and procedures adopted to reduce the potential
impact of individual risks, the Board takes account
of the nature, scale and complexity of the
Company, its investment objectives and strategy,
and the role of the key service providers.
The wider control environment of the Company
includes the policies and procedures adopted by
the key service providers. The Board considers
these policies and procedures in its assessment
of individual risks and emerging risks. The Board
seeks regular reporting and assurance from its
main service providers on the robustness of their
control environments and, based on such
assurances, assesses the suitability, adequacy
and relevance of those policies and procedures.
Individual risks are assessed based on the
likelihood of occurrence and consequential
impact. For the avoidance of doubt, likelihood and
consequence are assessed after considering the
mitigating effect of the control framework. Risks
are then ranked in order of residual risk rating
likelihood and then consequence. Judgement is
applied in determining which risks rank above the
others where such risks have the same residual
risk rating, likelihood and consequence.
Emerging risks are identified and assessed as
part of the quarterly review process undertaken
by the Board and Audit Committee. These are
risks that may have a material effect on the
Company if they were to occur. Where possible,
mitigating measures are considered by the
Board. The Board continues to monitor emerging
risks, with a particular focus on geopolitical
uncertainty and its potential to impact existing
risks within the register.
Though not included in the key principal risks
highlighted on the following page, the Board does
monitor ESG within its risk register. The Board
assesses its impact on the wider Company risks,
including performance risk, and reputational risk
and reviews the mitigating measures in place.
The Board recognises that it has limited control
over many of the risks it faces, such as political
and macro-economic events and changes in the
regulatory environment, and it periodically
reviews the potential impact of such ongoing risks
on the business and actively considers them in its
decision-making.
The Board has established a set of risk
management policies, procedures and controls,
and maintains oversight through regular reviews
bythe Board and the Audit Committee.
The Board and Audit Committee monitor the
Company’s principal risks on a quarterly basis and
a more detailed review is done at least annually.
The risk governance framework is designed to
identify, evaluate and mitigate the risks deemed
by the Board as being of significant relevance to
the Company’s business model and to reflect its
risk profile and risk appetite. The underlying
process aims to assist the Board to understand
and where possible mitigate, rather than
eliminate, these risks and, therefore, can only
provide reasonable and not absolute assurance
against loss.
The Board regularly reviews a register of principal
risks and uncertainties (the “Risk Register”)
maintained on behalf of the Board by the
Company Secretary. The Risk Register serves as a
detailed assessment and tracking undertaken by
the Board of the Company’s exposure to risks in
three core categories: strategic and business
risks, operational risk, and financial and
portfoliorisks.
Ownership and governance
While the Board remains ultimately responsible
for the identification and assessment of risk, as
well as implementing and monitoring procedures
to control such risks, and for reviewing them on a
regular basis, the Board places reliance on its key
service providers, to whom it has delegated
aspects of the day-to-day management of the
Company. This delegation includes the design and
implementation of controls over risks.
The Board undertakes an annual review of its risk
appetite, considering recommendations from the
Audit Committee and key service providers
responsible for implementing the controls related
to risks identified by the Board, as noted above.
The Board and Audit Committee consider existing
and emerging risks at each quarterly Board
meeting and more frequently if necessary.
Investment performance
In accordance with the Investment Management
Agreement between the Company and the
Investment Manager, responsibility for delivering
investment performance in line with the
Company’s strategic and business objectives, as
well as remaining within the parameters of its
investment risk appetite, is delegated to the
Investment Manager.
Risk management framework
Identify, evaluate and mitigate
04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
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GLOSSARY
64 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Risk management framework continued
Principal risks
The Company’s principal risks are split
between three main risk categories
The Board is ultimately accountable for
effective risk management affecting
theCompany.
The Audit Committee has undertaken an
exercise to identify, assess and manage the
risk within the Company. The principal risks
identified have been assessed based on
residual likelihood and consequence and are
summarised on the heat map:
Strategic and business
SB1: Company performance
SB2: Discount to NAV
SB3: Market risk
SB4: Economic environment
Operational
OP1: Continuity risk
OP2: Service provider risk
Financial and portfolio
FR1: Liquidity risk
FR2: Currency risk
FR3: Portfolio risk
SB4
SB2
FR1
FR2
OP2
OP1 SB3
FR3
SB1
Consequence
Low High
Likelihood
Low High
04 FINANCIAL STATEMENTS
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GLOSSARY
65 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Risk management framework continued
SB Strategic and business risks
OP Operational risks
FR Financial and portfolio risks
Increase
No change
Decrease
Item Risk Current year assessment and outlook Mitigating measures
Risk
status
SB1 Company performance
The target return and target dividend yield
are based on estimates and assumptions.
The actual rate of return and dividend yield
may be lower than targets.
The Company had a Total NAV Return of 0.8%. As a result of recent weakness
in performance, annualised returns since inception reduced to 9% p.a. This is
below the target of 12-15% p.a. Performance over the last three years has been
significantly impacted by quoted investments in the Private Equity portfolio
following IPOs. These have been significantly reduced by more recent realisations.
Returns are now more dependent on recent vintage funds.
The Board conducted a thorough review of the Company’s capital allocation policy
to determine how best to deliver value toshareholders. The current wide discount
to NAV is an attractive investment opportunity, so the Board allocated €30 million to
a newly established “Distribution Pool”. This pool is specifically designated for share
buybacks. The discount to NAV is anticipated to remain a focus area in 2025. The
Board plans to continue utilising share buybacks.
• Performance, positioning and investment restrictions are analysed and
monitored constantly by the Investment Manager.
• Investment performance is reviewed, challenged, and monitored by the
Board. The Board continues to monitor emerging risks that may impact the
Company’sperformance.
• Share buyback programme is accretive to NAV.
• No future crossover between the Private Equity and Debt Investment portfolio.
SB2 Discount to NAV
Persistent high discount to NAV may create
dissatisfaction amongst shareholders.
The Company’s shares continued to trade at a significant discount to NAV during the
year.
The Board considers that improved future investment performance will be the
most effective remedy for the discount. Apax has sharpened its focus on its three
core sectors Tech, Services and Internet/Consumer and will not be investing in
Healthcare anymore.
Since the start of the year, the Company has returned €69 million to shareholders
through a combination of regular dividends and share buybacks, underscoring its
commitment to enhancing shareholder value and addressing the discount to NAV.
• The Company regularly returns capital to shareholders through its dividend
policy, fixed at 11p per annum. The Board also keeps alternative mechanisms,
such as special dividends, under regular review, considering the Company’s
available liquid resources.
• The Board receives weekly reports from its corporate broker and updates from
the Investment Advisor’s investor relations team on a quarterly basis. These
reports analyse discount movements and provide insight into shareholder
sentiment.
SB3 Market risk
Increases in borrowing costs negatively
impact NAV.
Interest rates have remained elevated in 2024, despite being slowly reduced by
Central Banks in the second half of the year.
The Board noted that although AGA’s RCF is floating rate, the potential impact is
limited as it is not used for structural leverage and was undrawn at 31 December
2024. Additionally, the Company’s Debt Investments portfolio is primarily invested in
floating rate instruments which re-fix regularly and any upward changes to interest
rates tend to have a positive impact on interest income.
For more details on the potential impact on the underlying Private Equity portfolio
companies see p.20.
While borrowing costs may stay elevated in 2025 and beyond, the Company’s direct
exposure remains limited and any interest rate increase should continue to benefit
the Debt Investments portfolio.
• The Board has delegated viability/cash flow projections and modelling to the
Investment Manager. They include the impact of increased borrowings under a
number of stress test scenarios and note that even if fully drawn, the impact of
increased borrowing costs are offset by the invested Debt portfolio.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
66 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Risk management framework continued
Item Risk Current year assessment and outlook Mitigating measures
Risk
status
SB4 Economic environment
Increasing inflation, geopolitical uncertainty,
the potential impact of real interest rate
movements on equity valuations could lead
to increased NAV volatility.
Geopolitical uncertainty remained heightened causing a volatile macro-economic
environment. While inflation moderated in the second half of the year, it remained
a key concern in many economies. Central banks faced a challenging balancing act,
striving to tame inflation while avoiding a significant economic contraction. Elevated
interest rates increased the cost of borrowing, dampening economic growth.
The Board noted that most of the underlying Private Equity portfolio companies
have to date been largely sheltered from these macro impacts.
• The Board receives quarterly reports from its Investment Manager and the
Investment Advisor on performance and asset allocation.
• The underlying Private Equity portfolio invested in sub-sectors which are less
affected by the impacts of inflation and geopolitical uncertainty.
OP1 Continuity risk
Business continuity, including that provided
by service providers, may be impacted by a
natural disaster, cyberattack, infrastructure
damage or other “outside” factors.
During the year, the Company’s key service providers reported that their business
continuity plans remained in place and that they have remained appropriate and
effective.
• All key service providers have in place business continuity procedures which
are tested on a regular basis and subject to minimum regulatory standards in
theirjurisdictions.
OP2 Service provider risk
Control failures at key service providers may
result in decreased service quality, loss of
information, information security breach,
theft or fraud.
Control failures at key service providers are reported and reviewed. No material
issues were brought to the Board’s attention or identified as part of the formal
review conducted by the Board and no issues were reported resulting in a reduction
in the consequence rating.
• The Board conducts a formal review of all key service providers on an annual
basis.
• All key service providers have controls and procedures in place to mitigate risks
related to the loss of information, security breaches, theft and fraud.
FR1 Liquidity risk
Decreases in the value of investments due
to market weakness may affect the pace
and value of realisations, leading to reduced
liquidity and/or ability to maintain credit
facilities and meet covenant requirements.
The Board recognises the macro-environment surrounding the Apax Funds has
been volatile and uncertainty remains going forward into the next year. The Apax
Funds continued to see good levels of investment activity. See p.29 and p.30 for
more details.
The Debt Investments portfolio continued to benefit from higher interest rates
resulting in higher levels of income for the Company, remaining a reliable source of
cash flow.
The Board regularly assesses liquidity in highly stressed conditions as part of its
assessment to continue as a going concern. Further details are given in the viability
statement on p.61.
The Company expects continued volatility in 2025 but remains confident in its
liquidity position, supported by reliable cash flow from Debt Investments and
proactive stress testing and forecasting of the Private Equity portfolio. Realisation
pacing will remain a focus in the current macro-environment.
• Cash flow modelling is prepared and tested under various stress test scenarios.
• The RCF is available in the event of substantial liquidity issues.
• The investing Apax Funds operate capital call facilities which provide good
visibility of future expected calls.
• A higher proportion of the Debt Investments portfolio is invested in first lien
instruments which have better liquidity.
• The majority of the Debt Investments portfolio is invested in floating rate
instruments providing a strong income yield.
SB Strategic and business risks
OP Operational risks
FR Financial and portfolio risks
Increase
No change
Decrease
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
67 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Risk management framework continued
Item Risk Current year assessment and outlook Mitigating measures
Risk
status
FR2 Currency risk
The Company has established a global
investment mandate and has appointed an
Investment Manager whose policy is to not
hedge currency exposures. Movements in
exchange rates create NAV volatility when
the value of investments is translated into
the Company’s reporting currency (the Euro).
The appreciation of the US dollar against the Euro led to stronger returns being
reported in the year than were achieved by the investment portfolio in local currency
terms. The Company’s sensitivity to movements in exchange rates is explained in
detail in note 12.
Currency volatility is expected to increase in 2025, creating potential NAV
fluctuations. While the Investment Manager’s policy to avoid hedging remains
unchanged, the Board will continue monitoring currency exposure impacts on
reported returns.
• The Investment Manager has implemented an investment framework to manage
and monitor the investment portfolio of the Company.
• Currency exposure analysis and monitoring forms part of the
investmentframework.
• The Investment Manager maintains a monitoring tool that constantly tracks
portfolio exposures.
• Transparency allows investors to hedge their own exposure as desired.
FR3 Portfolio risk
Risk of error, process failure or incorrect
assumptions lead to incorrect valuation of
portfolio holdings.
The majority of the Company’s assets are in Private Equity, which are valued based
on NAV statements provided by the Apax Funds. The Company’s Debt Investments
portfolio is valued based on broker quotes and/or models which use market inputs.
• The Investment Manager prepares the valuations on a quarterly basis.
• The review process includes a meeting with the Board and Investment Advisor
where the key assumptions are challenged and explained.
• AGA valuations are reviewed by the Company’s auditors in June and audited in
December each year.
SB Strategic and business risks
OP Operational risks
FR Financial and portfolio risks
Increase
No change
Decrease
Financial Statements
& Shareholder
Information
Financial statements
Independent auditor’s report 69
Statement of financial position 74
Statement of profit or loss and other
comprehensive income 76
Statement of changes in equity 77
Statement of cash flows 78
Notes to the financial statements 79
Shareholder information
Administration 108
Investment policy 109
AIFMD 110
Quarterly returns since 1Q19 112
Portfolio allocation since 1Q19 114
Summary of fees 115
Ongoing charges in the reported period 116
AGA – Top gross portfolio holdings 117
Operating metrics 119
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
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GLOSSARYOVERVIEW
68 | Apax Global Alpha | Annual Report and Accounts | 2024
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
69 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Financial statements \ Independent auditor’s report
To the members of Apax Global Alpha Limited
Our opinion is unmodified
We have audited the financial statements of Apax Global
Alpha Limited (the “Company”), which comprise the
statement of financial position as at 31 December 2024,
the statements of profit or loss and other comprehensive
income, changes in equity and cash flows for the year
then ended, and notes, comprising material accounting
policies and other explanatory information.
In our opinion, the accompanying financial statements:
• give a true and fair view of the financial position of
the Company as at 31 December 2024, and of the
Company’s financial performance and cash flows for
the year then ended;
• are prepared in accordance with International Financial
Reporting Standards as adopted by the EU; and
• comply with the Companies (Guernsey) Law, 2008.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (“ISAs (UK)”) and applicable
law. Our responsibilities are described below. We have
fulfilled our ethical responsibilities under, and are
independent of the Company in accordance with, UK
ethical requirements including the FRC Ethical Standard
as required by the Crown Dependencies’ Audit Rules and
Guidance. We believe that the audit evidence we have
obtained is a sufficient and appropriate basis for our
opinion.
Key audit matters: our assessment of the risks of
material misstatement
Key audit matters are those matters that, in our
professional judgment, were of most significance in the
audit of the financial statements and include the most
significant assessed risks of material misstatement
(whether or not due to fraud) identified by us, including
those which had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team. These
matters were addressed in the context of our audit
of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate
opinion on these matters. In arriving at our audit opinion
above, the key audit matter was as follows (unchanged
from 2023):
04 FINANCIAL STATEMENTS
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70 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Financial statements \ Independent auditor’s report continued
The risk Our response
Valuation of financial assets and liabilities held at fair
value through profit or loss (“Investments”)
Financial assets – €1,178,571,000
(2023 Financial assets – €1,200,989,000)
(2023 Financial liabilities – (€495,000))
Refer to page 54 of the Audit Committee report, note 3
(Subsequent measurement of financial instruments), note
4 (Critical accounting estimates and judgements), note 8
(Investments) and note 13 (Fair value estimation).
Basis
As at 31 December 2024, the Company had invested the equivalent of 96% of its
net assets in Private Equity funds advised by the Company’s Investment Advisor
(“Private Equity Investments”), and in debt and equities in public and private
companies (“Debt Investments” and “Derived Equity” respectively).
The Company’s holdings in Private Equity Investments (representing 83% of
investments) are valued based on the net asset values provided by the underlying
funds’ general partners, adjusted if considered necessary by the Board of
Directors, including any adjustment necessary for carried interest.
The Company’s holdings in Debt Investments (representing 16.5% of
investments) are valued using third-party data and broker quotes where
available. Where such information is not available, the Company uses models that
take account of factors that are relevant to each investment and that prioritise
the use of observable inputs.
The Company’s holdings in Derived Equity (representing 0.5% of investments)
are valued using models that utilise comparable multiples applied to budgeted
and historical earnings.
Risk
The valuation of the Company’s Investments is considered a significant area of
our audit, given that it represents the majority of the net assets of the Company
and in view of the significance of the estimates and judgements that may be
involved in the determination of their fair value.
Our audit procedures included:
Internal controls
We assessed the design and implementation of the Investment Manager’s review control in relation to
the valuation of Investments.
Challenging managements’ assumptions and inputs including use of KPMG valuation specialists
For Private Equity Investments, we agreed the fair values to capital account or other similar
statements (the “Statements”) received from the underlying funds’ general partners. For the majority
of Private Equity Investments (representing 98% of Private Equity investments), we obtained the
coterminous audited financial statements and agreed the audited net asset value to the Statements.
In order to assess whether the fair value required adjustment, we considered: the basis of preparation
together with accounting policies applied; and whether the audit opinion was modified.
For 100% of the Debt Investments, with the support of our KPMG valuation specialist, we determined
independent references prices either by obtaining relevant and reliable external prices where
available, or through the use of a discounted cash flow model, sourcing key assumptions, such as
discount yield from comparable Debt Instruments with relevant and reliable external prices and
agreed the outcome to the prices used in the valuation.
Assessing disclosures
We also considered the Company’s disclosures (see note 4) in relation to the use of estimates and
judgements regarding the fair value of investments and the Company’s investment valuation policies
adopted and fair value disclosures in note 3, note 8 and note 13 for compliance with International
Financial Reporting Standards as adopted by the EU.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
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02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
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GLOSSARY
71 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Financial statements \ Independent auditor’s report continued
Our application of materiality and an overview of the
scope of our audit
Materiality for the financial statements as a whole was
set at €24,700,000 determined with reference to a
benchmark of net assets of €1,226,688,000 of which it
represents approximately 2% (2023: 2%).
In line with our audit methodology, our procedures
on individual account balances and disclosures were
performed to a lower threshold, performance materiality,
so as to reduce to an acceptable level the risk that
individually immaterial misstatements in individual
account balances add up to a material amount across the
financial statements as a whole. Performance materiality
for the Company was set at 75% (2023: 75%) of
materiality for the financial statements as a whole, which
equates to €18,500,000. We applied this percentage in
our determination of performance materiality because
we did not identify any factors indicating an elevated level
of risk.
We reported to the Audit Committee any corrected
or uncorrected identified misstatements exceeding
€1,235,000, in addition to other identified misstatements
that warranted reporting on qualitative grounds.
Our audit of the Company was undertaken to the
materiality level specified above, which has informed our
identification of significant risks of material misstatement
and the associated audit procedures performed in those
areas as detailed above.
Going concern
The directors have prepared the financial statements on
the going concern basis as they do not intend to liquidate
the Company or to cease its operations, and as they
have concluded that the Company’s financial position
means that this is realistic. They have also concluded that
there are no material uncertainties that could have cast
significant doubt over its ability to continue as a going
concern for at least a year from the date of approval of
the financial statements (the “going concern period”).
In our evaluation of the directors’ conclusions, we
considered the inherent risks to the Company’s business
model and analysed how those risks might affect the
Company’s financial resources or ability to continue
operations over the going concern period. The risks
that we considered most likely to affect the Company’s
financial resources or ability to continue operations over
this period were:
• availability of capital to meet operating costs and other
financial commitments; and
• the recoverability of financial assets subject to credit
risk.
We considered whether these risks could plausibly affect
the liquidity in the going concern period by comparing
severe, but plausible downside scenarios that could arise
from these risks individually and collectively against the
level of available financial resources indicated by the
Company’s financial forecasts.
We considered whether the going concern disclosure
in note 2 to the financial statements gives a full and
accurate description of the Directors’ assessment of
going concern.
Our conclusions based on this work:
• We consider that the Directors’ use of the going
concern basis of accounting in the preparation of the
financial statements is appropriate;
• We have not identified, and concur with the Directors’
assessment that there is not, a material uncertainty
related to events or conditions that, individually
or collectively, may cast significant doubt on the
Company’s ability to continue as a going concern for
the going concern period; and
• We have nothing material to add or draw attention to in
relation to the Directors’ statement in the notes to the
financial statements on the use of the going concern
basis of accounting with no material uncertainties that
may cast significant doubt over the Company’s use
of that basis for the going concern period, and that
statement is materially consistent with the financial
statements and our audit knowledge.
However, as we cannot predict all future events or
conditions and as subsequent events may result in
outcomes that are inconsistent with judgements that
were reasonable at the time they were made, the above
conclusions are not a guarantee that the Company will
continue in operation.
Fraud and breaches of laws and regulations – ability to
detect
Identifying and responding to risks of material
misstatement due to fraud
To identify risks of material misstatement due to fraud
(“fraud risks”) we assessed events or conditions that
could indicate an incentive or pressure to commit fraud
or provide an opportunity to commit fraud. Our risk
assessment procedures included:
• enquiring of management as to the Company’s policies
and procedures to prevent and detect fraud as well as
enquiring whether management have knowledge of any
actual, suspected or alleged fraud;
• reading minutes of meetings of those charged with
governance; and
• using analytical procedures to identify any unusual or
unexpected relationships.
As required by auditing standards, we perform
procedures to address the risk of management override
of controls, in particular the risk that management may
be in a position to make inappropriate accounting entries.
On this audit we do not believe there is a fraud risk related
to revenue recognition because the Company’s revenue
streams are simple in nature with respect to accounting
policy choice, and are easily verifiable to external data
sources or agreements with little or no requirement for
estimation from management. We did not identify any
additional fraud risks.
We performed procedures including:
• identifying journal entries and other adjustments to
test based on risk criteria and comparing any identified
entries to supporting documentation; and
• incorporating an element of unpredictability in our
auditprocedures.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
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GLOSSARY
72 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Financial statements \ Independent auditor’s report continued
Identifying and responding to risks of material
misstatement due to non-compliance
with laws and regulations
We identified areas of laws and regulations that could
reasonably be expected to have a material effect on
the financial statements from our sector experience
and through discussion with management (as required
by auditing standards), and from inspection of the
Company’s regulatory and legal correspondence, if
any, and discussed with management the policies
and procedures regarding compliance with laws
and regulations. As the Company is regulated, our
assessment of risks involved gaining an understanding of
the control environment including the entity’s procedures
for complying with regulatory requirements.
The Company is subject to laws and regulations that
directly affect the financial statements including financial
reporting legislation and taxation legislation and we
assessed the extent of compliance with these laws and
regulations as part of our procedures on the related
financial statement items.
The Company is subject to other laws and regulations
where the consequences of non-compliance could
have a material effect on amounts or disclosures in
the financial statements, for instance through the
imposition of fines or litigation or impacts on the
Company’s ability to operate. We identified financial
services regulation as being the area most likely to
have such an effect, recognising the regulated nature
of the Company’s activities and its legal form. Auditing
standards limit the required audit procedures to identify
non-compliance with these laws and regulations to
enquiry of management and inspection of regulatory
and legal correspondence, if any. Therefore if a breach of
operational regulations is not disclosed to us or evident
from relevant correspondence, an audit will not detect
that breach.
Context of the ability of the audit to detect fraud or
breaches of law or regulation
Owing to the inherent limitations of an audit, there is an
unavoidable risk that we may not have detected some
material misstatements in the financial statements, even
though we have properly planned and performed our
audit in accordance with auditing standards. For example,
the further removed non-compliance with laws and
regulations is from the events and transactions reflected
in the financial statements, the less likely the inherently
limited procedures required by auditing standards would
identify it.
In addition, as with any audit, there remains a higher risk
of non-detection of fraud, as this may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal controls. Our audit procedures are
designed to detect material misstatement. We are not
responsible for preventing non-compliance or fraud and
cannot be expected to detect non-compliance with all
laws and regulations.
Other information
The directors are responsible for the other information.
The other information comprises the information
included in the Annual Report but does not include the
financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover
the other information and we do not express an audit
opinion or any form of assurance conclusion thereon.
In connection with our audit of the financial statements,
our responsibility is to read the other information and,
in doing so, consider whether the other information is
materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the work
we have performed, we conclude that there is a material
misstatement of this other information, we are required
to report that fact. We have nothing to report in this
regard.
Disclosures of emerging and principal risks and longer-
term viability
We are required to perform procedures to identify
whether there is a material inconsistency between the
directors’ disclosures in respect of emerging and principal
risks and the viability statement, and the financial
statements and our audit knowledge. We have nothing
material to add or draw attention to in relation to:
• the directors’ confirmation within the Viability
statement (page 61) that they have carried out a robust
assessment of the emerging and principal risks facing
the Company, including those that would threaten
its business model, future performance, solvency or
liquidity;
• the emerging and principal risks disclosures describing
these risks and explaining how they are being managed
or mitigated; and
• the directors’ explanation in the Viability statement
(page 61) as to how they have assessed the prospects
of the Company, over what period they have done so
and why they consider that period to be appropriate,
and their statement as to whether they have a
reasonable expectation that the Company will be able
to continue in operation and meet its liabilities as they
fall due over the period of their assessment, including
any related disclosures drawing attention to any
necessary qualifications or assumptions.
We are also required to review the Viability statement,
set out on page 61 under the Listing Rules. Based on the
above procedures, we have concluded that the above
disclosures are materially consistent with the financial
statements and our audit knowledge.
Corporate governance disclosures
We are required to perform procedures to identify
whether there is a material inconsistency between the
directors’ corporate governance disclosures and the
financial statements and our audit knowledge.
Based on those procedures, we have concluded that each
of the following is materially consistent with the financial
statements and our audit knowledge:
• the directors’ statement that they consider that
the Annual Report and financial statements taken
as a whole is fair, balanced and understandable, and
provides the information necessary for shareholders
to assess the Company’s position and performance,
business model and strategy;
• the section of the Annual Report describing the work of
the Audit Committee, including the significant issues
that the Audit Committee considered in relation to
the financial statements, and how these issues were
addressed; and
• the section of the Annual Report that describes the
review of the effectiveness of the Company’s risk
management and internal control systems.
We are required to review the part of Corporate
Governance Statement relating to the Company’s
compliance with the provisions of the UK Corporate
Governance Code specified by the Listing Rules for our
review. We have nothing to report in this respect.
04 FINANCIAL STATEMENTS
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73 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Financial statements \ Independent auditor’s report continued
We have nothing to report on other matters on which
we are required to report by exception
We have nothing to report in respect of the following
matters where the Companies (Guernsey) Law, 2008
requires us to report to you if, in our opinion:
• the Company has not kept proper accounting records;
or
• the financial statements are not in agreement with the
accounting records; or
• we have not received all the information and
explanations, which to the best of our knowledge and
belief are necessary for the purpose of our audit.
Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page
62, the directors are responsible for: the preparation of
the financial statements including being satisfied that
they give a true and fair view; such internal control as
they determine is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error; assessing
the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern;
and using the going concern basis of accounting unless
they either intend to liquidate the Company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue our opinion in an auditor’s report. Reasonable
assurance is a high level of assurance, but does not
guarantee that an audit conducted in accordance with
ISAs (UK) will always detect a material misstatement
when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or
in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of the financial statements.
A fuller description of our responsibilities is
provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities.
The purpose of this report and restrictions on its use
by persons other than the Company’s members as a
body
This report is made solely to the Company’s members, as
a body, in accordance with section 262 of the Companies
(Guernsey) Law, 2008. Our audit work has been
undertaken so that we might state to the Company’s
members those matters we are required to state to
them in an auditor’s report and for no other purpose. To
the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company
and the Company’s members, as a body, for our audit
work, for this report, or for the opinions we have formed.
Rachid Frihmat
For and on behalf of KPMG Channel Islands Limited
Chartered Accountants and Recognised Auditors
Guernsey
3 March 2025
04 FINANCIAL STATEMENTS
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GLOSSARY
74 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Karl Sternberg | Chairman
3 March 2025
Stephanie Coxon | Chair of the Audit Committee
3 March 2025
Financial statements \ statement of financial position

|  | 31 December 2024 | 31 December 2023
| Notes | €’000 | €’000
Assets |  |  |
Non-current assets |  |  |
Financial assets held at fair value through profit or loss (“FVTPL”) | 8a | 1,178,571 | 1,200,989
Total non-current assets |  | 1,178,571 | 1,200,989
Current assets |  |  |
Cash and cash equivalents |  | 45,534 | 101,375
Investment receivables |  | 4,906 | 2,540
Other receivables |  | 2,209 | 2,217
Total current assets |  | 52,649 | 106,132
Total assets |  | 1,231,220 | 1,307,121
Liabilities |  |  |
Financial liabilities held at FVTPL | 8a | - | 495
Investment payables |  | - | 10,773
Performance fee accrued | 10 | 2,861 | -
Accrued expenses |  | 1,671 | 1,689
Total current liabilities |  | 4,532 | 12,957
Total liabilities |  | 4,532 | 12,957
Capital and retained reserves |  |  |
Shareholders’ capital | 14 | 873,804 | 873,804
Treasury share reserve | 14 | (5,004) | -
Retained reserves |  | 357,888 | 413,784
Total capital and retained reserves |  | 1,226,688 | 1,287,588
Share-based performance fee reserve | 14 | - | 6,576
Total equity |  | 1,226,688 | 1,294,164
Total shareholders’ equity and liabilities |  | 1,231,220 | 1,307,121

04 FINANCIAL STATEMENTS
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75 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Alternative Performance Measures
Performance fees accrued from 1 January 2024 will now be settled in cash. This results in a liability being recognised on the statement of financial
position instead of an equity settled reserve. Going forward, Total NAV and Total NAV Return represent the NAV net of the performance fee. For periods
prior to 1 January 2024, AGA uses the Alternative Performance Measures of Adjusted NAV and Total NAV Return. The purpose was to show shareholders
the NAV which was due to them, net of the performance fee reserve.
Adjusted NAV is the NAV net of the share-based payment performance fee reserve. Adjusted NAV per share is calculated by dividing the Adjusted
NAV by the total number of ordinary shares.
Total NAV Return for the year means the return on the movement in the NAV or Adjusted NAV per share at the end of the year together with all the
dividends paid during the year, divided by the NAV or Adjusted NAV per share at the beginning of the year. Adjusted NAV or NAV per share used in
the calculation is rounded to five decimal places. Adjusted NAV is used for periods before 1 January 2024, whilst NAV is used for periods thereafter.
Please refer to the APM glossary for further information.
1. The sterling equivalent has been
calculated based on the GBP/EUR
exchange rate at 31 December 2024
and31 December 2023, respectively.
2. For the year from 1 January 2024 to 31
December 2024, the NAV per share and
Adjusted NAV per share are equivalent as
the performance fee accrues as a liability
instead of a share-based equity reserve.
Foryear ended 31 December 2023, Adjusted
NAV per share represents the Adjusted NAV
divided by the total number of shares.
Financial statements \ statement of financial position continued
Karl Sternberg | Chairman
3 March 2025
Stephanie Coxon | Chair of the Audit Committee
3 March 2025
The accompanying notes form an integral part of these financial statements.
Notes
31 December 2024
€
31 December 2024
£ equivalent
1
31 December 2023
€
31 December 2023
£ equivalent
1
Net Asset Value (“NAV”) (‘000)
1,226,688
1,015,035
1,294,164
1,121,924
Performance fee reserve
10
- - (6,576) (5,701)
NAV / Adjusted NAV (‘000) 1,226,688 1,015,035 1,287,588 1,116,223
NAV per share 2.51 2.08 2.64 2.28
Adjusted NAV per share
2
2.51 2.08 2.62 2.27
Year ended
31 December 2024
(%)
Year ended
31 December 2023
(%)
Total NAV Return 0.8% 4.1%
04 FINANCIAL STATEMENTS
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76 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
The accompanying notes form an integral part of these financial statements.
1. As at 31 December 2024 the performance fee
is being settled in cash, which results in the
basic and adjusted earnings per share being
calculated based on the profit/(loss) attributable
to ordinary shareholders over the weighted
average number of ordinary shares. As at 31
December 2023, the adjusted earnings per
share has been calculated based on the profit/
(loss) attributable to ordinary shareholders
over the weighted average number of ordinary
shares in issue adjusted for performance shares
awarded on a liquidation basis, as per note 15.
Financial statements \ statement of profit or loss and other comprehensive income

|  | Year ended | Year ended
|  | 31 December 2024 | 31 December 2023
| Notes | €’000 | €’000
Income |  |  |
Investment income |  | 26,286 | 37,545
Net (losses)/gains on financial assets at FVTPL | 8b | (6,536) | 29,555
Net gains on financial liabilities at FVTPL | 8c | - | 2,643
Realised foreign currency (losses)/gains |  | (121) | 439
Unrealised foreign currency gains/(losses) |  | 263 | (210)
Total income |  | 19,892 | 69,972
Operating and other expenses |  |  |
Performance fee | 10 | (2,861) | (6,576)
Management fee | 9 | (2,331) | (3,363)
Administration and other operating expenses | 6 | (3,182) | (3,328)
Total operating expenses |  | (8,374) | (13,267)
Total income less operating expenses |  | 11,518 | 56,705
Finance costs | 11 | (3,958) | (3,054)
Profit before tax |  | 7,560 | 53,651
Ta x | 7 | 858 | (173)
Profit after tax |  | 8,418 | 53,478
Other comprehensive income |  | - | -
Total comprehensive income attributable to shareholders |  | 8,418 | 53,478
Earnings per share (cents) | 15 |  |
Basic and diluted |  | 1.72 | 10.89
Adjusted 1 |  | 1.72 | 10.81

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77 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The accompanying notes form an integral part of these financial statements.
Financial statements \ statement of changes in equity

|  |  | Treasury share |  | Total capital and | Share-based payment |
|  | Shareholders’ capital | reserve | Retained reserves | retained reserves | performance reserve | Total
For the year ended 31 December 2024 | Notes | €’000 | €’000 | €’000 | €’000 | €’000 | €’000
Balance as at 1 January 2024 |  | 873,804 | - | 413,784 | 1,287,588 | 6,576 | 1,294,164
Total comprehensive income attributable to owners |  | - | - | 8,418 | 8,418 | - | 8,418
Share-based payment performance fee reserve movement | 10 | - | - | - | - | (6,576) | (6,576)
Purchase of shares into treasury | 14 | - | (5,004) | - | (5,004) | - | (5,004)
Dividend paid | 16 | - | - | (64,314) | (64,314) | - | (64,314)
Balance as at 31 December 2024 |  | 873,804 | (5,004) | 357,888 | 1,226,688 | - | 1,226,688

|  |  | Treasury share |  | Total capital and | Share-based payment |
|  | Shareholders’ capital | reserve | Retained reserves | retained reserves | performance | Total
For the year ended 31 December 2023 | Notes | €’000 | €’000 | €’000 | €’000 | €’000 | €’000
Balance as at 1 January 2023 |  | 873,804 | - | 425,572 | 1,299,376 | - | 1,299,376
Total comprehensive income attributable to owners |  | - | - | 53,478 | 53,478 | - | 53,478
Share-based payment performance fee reserve movement | 10 | - | - | - | - | 6,576 | 6,576
Dividend paid | 16 | - | - | (65,266) | (65,266) | - | (65,266)
Balance as at 31 December 2023 |  | 873,804 | - | 413,784 | 1,287,588 | 6,576 | 1,294,164

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78 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The accompanying notes form an integral part of these condensed financial statements.
Financial statements \ statement of cash flows
Notes
Year ended

|  |  | Year ended
|  | 31 December 2024 | 31 December 2023
|  | €’000 | €’000
Cash flows from operating activities |  |  |
Interest received |  | 26,672 | 37,341
Interest paid |  | - | (834)
Dividend received |  | 94 | 250
Operating expenses paid |  | (5,182) | (9,247)
Tax received / (paid) |  | 858 | (6)
Capital calls paid to Private Equity Investments |  | (154,548) | (89,821)
Capital distributions received from Private Equity Investments |  | 61,759 | 90,549
Purchase of Debt Investments |  | (46,188) | (38,367)
Sale of Debt Investments |  | 127,905 | 100,665
Sale of Derived Equity |  | 12,465 | 10,663
Net cash generated from operating activities |  | 23,835 | 101,193
Cash flows from financing activities |  |  |
Finance costs paid |  | (3,972) | (2,813)
Dividend paid |  | (64,556) | (64,761)
Purchase of own shares |  | (11,411) | -
Revolving Credit Facility drawn | 11 | - | 55,446
Revolving Credit Facility repaid | 11 | - | (55,446)
Net cash used in financing activities |  | (79,939) | (67,574)
Cash and cash equivalents at the beginning of the year |  | 101,375 | 67,966
Net (decrease)/increase in cash and cash equivalents |  | (56,104) | 33,619
Effect of foreign currency fluctuations on cash and cash equivalents |  | 263 | (210)
Cash and cash equivalents at the end of the year | 12a.iii | 45,534 | 101,375

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GLOSSARY
79 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Financial statements \ notes to the financial statements
Apax Global Alpha Limited (the “Company” or “AGA”) is a limited liability Guernsey company that
was incorporated on 2 March 2015. The address of the Company’s registered office is PO Box
656, East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3PP. The Company
invests in Private Equity funds, listed and unlisted securities including Debt Instruments.
The Company’s main corporate objective is to provide shareholders with capital appreciation
from its investment portfolio and regular dividends. The Company’s operating activities are
managed by its Board of Directors and its investment activities are managed by Apax Guernsey
Managers Limited (the “Investment Manager”) under an Investment Management Agreement. The
Investment Manager obtains investment advice from Apax Partners LLP (the “Investment Advisor”).
Reporting entity
1
Statement of compliance
The financial statements, which give a true and fair view, have been prepared in compliance with
the Companies (Guernsey) Law, 2008 and in accordance with International Financial Reporting
Standards as adopted by the European Union (“IFRS”). They are for the year from 1 January 2024 to
31 December 2024 and were authorised for issue by the Board of Directors of the Company on
3 March 2025.
Basis of measurement
The financial statements have been prepared on the historic cost basis except for financial
assets and financial liabilities, which are measured at FVTPL.
Functional and presentation currency
The financial statements are presented in euro (€), which is the Company’s functional and
presentation currency. All amounts are stated to the nearest one thousand euro unless
otherwise stated.
Investment entity
The Company has determined that it meets the definition of an investment entity in accordance
with IFRS 10 “Consolidated Financial Statements” and is therefore required to account for
subsidiaries that also qualify as investment entities at FVTPL. It does not consolidate such entities.
Under the definition of an investment entity, all three of the following tests must be satisfied:
• obtains funds from one or more investors for the purpose of providing these investors with
investment management services;
• commits to its investors that its business purpose is to invest funds solely for returns from capital
appreciation; investment income, or both (including having an exit strategy for investments); and
• measures and evaluates the performance of substantially all of its investments on a fair value basis.
Basis of preparation
2
The Directors consider that the Company meets the three requirements and has therefore
accounted for its investment entity subsidiaries at FVTPL. See note 4 for further details.
Going concern
The Directors consider that it is appropriate to adopt the going concern basis of accounting in
preparing the financial statements. In reaching this assessment, the Directors have considered a
wide range of information relating to present and future conditions, (for at least 12 months from
3 March 2025, the authorisation date of these financial statements), including the statement
of financial position, future projections (which include highly stressed scenarios), cash flows,
Revolving Credit Facility, net current assets and the longer-term strategy of the Company. The
Directors have also taken into account the potential impacts of inflation, geopolitical uncertainty
and a higher interest rate environment; whilst the long-term effect remains to be seen, it was
noted that the direct impact on the Company’s ability to meet its liabilities as they fall due has
been limited to date. The Directors are satisfied, based on their assessment of reasonably
possible outcomes, that the Company has sufficient liquidity, including the undrawn Revolving
Credit Facility, to meet current and expected obligations up to the going concern horizon.
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80 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Company has reviewed and assessed changes to current accounting
standards issued by the IASB with an effective date from 1 January 2024; none of these
have had or are expected to have a material impact on the Company’s financial statements.
The Company acknowledges that IFRS 18 will replace IAS 1 Presentation of Financial
Statements, with an expected effective date of 1 January 2027. The Company is currently
assessing the impact of the new standard and will provide updates in due course.
There have been two new policies added, arising from changes to the
settlement of the Performance fee and share buybacks.
Historically, the Company’s performance fees were equity settled in shares, resulting in
AGA applying the requirements of IFRS 2 “Share-based Payment”. This also resulted in
Alternative Performance Measures such as Adjusted NAV being used in the reporting.
The Board and AGML signed a revised IMA agreement on 4 September 2024, where
performance fees accrued from 1 January 2024 onwards would be paid in cash. There
were no other changes to the performance fee and it remains subject to the same
performance hurdles and fee rates. This amendment results in AGA accounting for the
performance fee as a liability on the Statement of Financial Position: “Performance fee
accrued”. The new accounting policy for this liability is detailed below and overleaf.
During the year, the Company commenced share buybacks and as a result an additional policy
has been added to the Shareholders’ capital and reserves policies, see page 82 for full policy.
The accounting policies adopted by the Company and applied consistently
in these financial statements are set out below and overleaf:
Initial recognition and subsequent measurement of financial instruments
The Company designates all financial assets and financial liabilities, except investment
payables, other payables, investment receivables, other receivables and cash, at FVTPL.
These are initially recognised at cost which equates to the best indicator of fair value
on the trade date, the date on which the Company becomes a party to the contractual
provisions of the instrument. All transaction costs are immediately recognised in profit
or loss. Subsequently, these financial assets and financial liabilities are recognised at fair
market value. Financial assets or financial liabilities not at FVTPL are initially recognised at
cost plus transaction costs that are directly attributable to their acquisition or issue.
Fair value measurement of financial instruments
Fair value is a market-based measurement, that estimates the price at which an asset could
be sold or a liability transferred, in an orderly transaction between market participants, on the
measurement date. When available, the Company measures the fair value of an instrument
using quoted prices in an active market for that instrument. A market is regarded as “active”
if quoted prices are readily and regularly available and represent actual and regularly occurring
market transactions on an arm’s-length basis. If a market for a financial instrument is not
active, then the Company establishes fair value using an alternative valuation technique.
The Company uses alternative valuation techniques, taking into account the International
Private Equity and Venture Capital Valuation (“IPEV”) guidelines (2022), in the absence of
an active market. Valuation techniques include, but are not limited to, market multiples,
using recent and relevant arm’s-length transactions between knowledgeable, willing
parties (if they are available), reference to the current fair value of other instruments that
are substantially the same, statistical methods, discounted cash flow analyses and option
pricing models. The chosen valuation technique seeks to maximise the use of market inputs
and incorporates factors that market participants might consider in setting a price.
Inputs to valuation techniques aim to reasonably represent market expectations and
measures of the risk-return factors inherent in the financial instrument. The Company
calibrates valuation techniques where possible using prices from observable current market
transactions in the same instrument or based on other available observable market data.
The Company has three main investment portfolios that are split between “Private Equity
Investments”, “Debt Investments” and “Derived Equity”. Private Equity Investments
comprise primary and secondary commitments to, and investments in, existing Private Equity
funds advised by the Investment Advisor. Debt Investments comprise investments in debt
and investments in subsidiaries. Derived Equity Investments comprise investments in listed
and unlisted equities. At each reporting date these are measured at fair value, and changes
therein are recognised in the statement of profit or loss and other comprehensive income.
Fair values of the Private Equity Investments are generally considered to be the
Company’s attributable portion of the NAV of the Private Equity funds, as determined
by the general partners of such funds, adjusted if considered necessary by the Board
of Directors, including any adjustment necessary for carried interest. The general
partners consider the IPEV guidelines when valuing the Private Equity funds.
The fair value of unlisted Debt Investments (for which there are insufficient, reliable pricing
data) is calculated based on models that take into account the factors relevant to each
investment and use applicable third-party market data where available. The fair value
of unlisted equities and equities not traded in an active market, is calculated based on
comparable company multiples and precedent transaction analysis. The Company reviews
and considers the appropriateness of the fair value analysis prepared by the Investment
Manager and Investment Advisor when determining the fair value for such assets.
The fair value of investments in subsidiaries is considered to be the NAV of the underlying
subsidiaries calculated by measuring the fair value of the subsidiaries’ assets and liabilities at
fair value in accordance with the Company’s accounting policies. The fair value of the underlying
investments held are included within the Debt Investments disclosures as relevant.
The fair value of investments traded in an active market is determined by taking
into account the latest market bid price available, or the last traded price depending
upon the convention of the exchange on which the investment is quoted.
Accounting policies
3
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81 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Derecognition of financial instruments
The Company derecognises a financial asset when the contractual rights to the
cash flows from the financial asset expire or it transfers the financial asset and the
transfer qualifies for derecognition in accordance with IFRS 9 “Financial Instruments:
Recognition and Measurement”. The Company uses the first-in first-out method to
determine realised gains and losses on derecognition. A financial liability is derecognised
when the obligation specified in the contract is discharged, cancelled or expired.
Performance fee and share-based payments
Performance fee
For fees accrued after 1 January 2024:
The Company recognises a performance fee accrued liability under liabilities on the statement
of financial position. The expected performance fee is calculated on a liquidation basis on
eligible assets. This is revised at each reporting period and the movement is credited or
expensed through the statement of profit or loss and other comprehensive income.
Share-based payments
For fees accrued before 1 January 2024:
The Company applied the requirements of IFRS 2 “Share-based Payment” to its
performance fee. The Company maintained a separate performance fee reserve in
equity, which showed the expected performance fee calculated on a liquidation basis
on eligible assets. This was credited or expensed through the statement of profit or
loss and other comprehensive income. Further details are given in note 10.
Operating segments
The criteria for identifying an operating segment in accordance with IFRS 8 “Operating
Segments” are that the Chief Operating Decision-Maker of the Company regularly reviews the
performance of these operating segments and determines the allocation of resources based
on these results. It is determined that the Company’s Chief Operating Decision-Maker is the
Board of Directors. As previously noted, the Company invests into three separate portfolios,
Private Equity Investments, Debt Investments and Derived Equity. These have been identified as
segments on the basis that the Board of Directors uses information based on these segments
to make decisions about assessing performance and allocating resources. The Company has
a fourth administration segment for central functions which represents general administration
costs that cannot be specifically allocated to the three portfolios. The analysis of results by
operating segment is based on information from the Company’s management accounts. The
segmental analysis of the Company’s results and financial position is set out in note 5.
Investment receivables
Investment receivables are recognised initially at fair value and subsequently measured at
amortised cost. At each reporting date, the Company measures the loss allowance on investment
receivables at an amount equal to the lifetime expected credit losses if the credit risk has increased
significantly since initial recognition. If, at the reporting date, the credit risk has not increased
significantly since initial recognition, the Company measures the loss allowance at an amount
equal to 12-month expected credit losses. Significant financial difficulties of the counterparty,
probability that the counterparty will enter bankruptcy or financial reorganisation and default in
payments are all considered indicators that a loss allowance may be required. Changes in the level
of impairment are recognised in the statement of profit or loss and other comprehensive income.
Investment receivables are also revalued at the reporting date if held in a currency other than euro.
Liabilities
Liabilities, other than those specifically accounted for under a separate policy,
are stated at the amounts which are considered to be payable in respect of
goods or services received up to the reporting date on an accruals basis.
Investment payables
Investment payables are recognised in the Company’s statement of financial
position when it becomes party to a contractual provision for the amount payable.
Investment payables are measured at their nominal amount and, if demoninated
in a currency other than euro, are revalued at the reporting date.
Loans payable
Loans payable are held at amortised cost. Amortised cost for loans payable is defined as
the amount at which the loan is measured at initial recognition, less principal repayments,
plus or minus the cumulative amortisation using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and cash held in money market funds with
original maturities of three months or less that are subject to an insignificant risk of changes
in their fair value and are used by the fund in the management of short-term commitments.
Interest income
Interest income comprises interest income on cash and cash equivalents and
interest earned on financial assets on the effective interest rate basis.
Dividend income
Dividend income is recognised in the statement of profit or loss and other comprehensive
income on the date that the Company’s right to receive payment is established, which in the
case of listed securities is the ex-dividend date. For unlisted equities, this is usually the date
on which the payee’s board approves the payment of a dividend. Dividend income of €0.1m
(31 December 2023: €0.2m) from equity securities designated at FVTPL has been recognised
in the statement of profit or loss and other comprehensive income in the current year.
Net gains and losses on financial assets and liabilities at FVTPL
Unrealised gains and losses
Net change in Debt Investments and Derived Equity at FVTPL includes all unrealised changes
in the fair value of investments (financial assets and financial liabilities), including foreign
currency movements, since the beginning of the reporting period or since designated
upon initial recognition as held at FVTPL and excludes dividend and interest income.
Net change in the fair value of Private Equity Investments is calculated based on the
movement of fair value since the beginning of the reporting period adjusted for all calls
paid and distributions received. Distributions received from Private Equity Investments
are treated as unrealised movements until the commitment for primary investments, or
cost and undrawn commitment for secondary investments, have been fully repaid.
04 FINANCIAL STATEMENTS
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82 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Realised gains and losses
Realised gains and losses from financial assets and financial liabilities at FVTPL represents
the gain or loss realised in the period. The unit of account for Debt Investments and Derived
Equity is the individual share or debt nominal which can be sold on an individual basis. The
unit of account for Private Equity Investments is commitment. The resulting accounting
treatment for the realised gains and losses is based on these units of account.
The realised gain or loss for Debt Investments and Derived Equity is calculated based on the carrying
amount of a financial instrument at the beginning of the reporting period, or the transaction price if
it was purchased in the current reporting period, and its sale or settlement price. Realised gains and
losses on disposals of these investments are calculated using the first-in first-out method. Realised
gains on the Private Equity Investments portfolio are recognised when the commitment on primary
investments or the cost and undrawn commitment for secondary investments has been fully repaid.
Distributions received in excess of the commitment for a primary investment or the
cost and undrawn amount for a secondary investment are recognised as realised
gains in the statement of profit or loss and other comprehensive income.
Brokerage fees and other transaction costs
Brokerage fees and other transaction costs are costs incurred to acquire investments
at FVTPL. They include fees and commissions paid to agents, brokers and dealers.
Brokerage fees and other transaction costs, when incurred, are immediately recognised
in the statement of profit or loss and other comprehensive income as an expense.
Other expenses
Fees and other operating expenses are recognised in the statement of profit
or loss and other comprehensive income on an accruals basis.
Provisions and contingent liabilities
Provisions are recognised when the Company has a present legal or constructive obligation
as a result of past events, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation, and a reliable estimate of the amount of
the obligation can be made. Contingent liabilities are possible obligations whose existence
will be confirmed only by uncertain future events or present obligations where the transfer
of economic benefit is uncertain or cannot be reliably measured. Contingent liabilities are
not recognised but are disclosed unless the probability of their occurrence is remote.
Foreign currency transactions
Transactions in foreign currencies are translated to the functional currency of
the Company at the exchange rates at the date of the transactions. Monetary
assets and liabilities denominated in foreign currencies at the reporting date are
translated to the functional currency at the exchange rate at that date.
For loans payable, the foreign currency gain or loss is the difference between the amortised
cost in the functional currency at the beginning of the period, adjusted for interest payments
during the period, and the amortised cost in foreign currency translated at the exchange rate
at the end of the reporting period. Foreign currency differences arising on the repayments or
retranslation are recognised in the statement of profit or loss and other comprehensive income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair
value are retranslated to the functional currency at the exchange rate at the date that the fair value
was determined. Non-monetary items that are measured in terms of historical cost in foreign
currency are translated using the exchange rate at the date of the transaction. Foreign currency
differences arising on retranslation of non-investment assets are recognised in the statement
of profit or loss and other comprehensive income. For financial assets and financial liabilities held
at FVTPL, foreign currency differences are reported as part of their net changes at FVTPL.
Taxation
The Company may incur withholding taxes imposed by certain countries on investment income or
capital gains taxes upon realisation of its investments. Such income or gains are recorded gross of
withholding taxes and capital gains taxes in the statement of profit or loss and other comprehensive
income. Withholding taxes and capital gains taxes are shown as separate items. Where applicable,
tax accruals are raised by the Company based on an investment’s expected holding period.
Shareholders’ capital and reserves
Shareholders’ capital
Shareholders’ capital issued by the Company is recognised as the proceeds or
fair value received. Incremental costs directly attributable to the issue, net of tax
effects, are recognised as a deduction from equity. Ordinary shares have been
classified as equity as they do not meet the definition of liabilities in IAS 32.
Treasury shares
The Company has the right to issue and purchase up to 14.99% of the issued share capital.
When the Company purchases its own shares into treasury, the consideration paid is deducted
from equity attributable to the Company’s shareholders until the shares are cancelled or
reissued. Further details are given in note 14. Ordinary shares held in Treasury are excluded from
calculations when determining earnings/(loss) per ordinary share or NAV per ordinary share.
Dividends
Dividends on ordinary shares are recognised in equity in the period in which they become
payable, which is when they are approved by the Company’s Board of Directors.
Earnings/(loss) per share
Earnings/(loss) per share is calculated based on the profit/(loss) attributable to ordinary
shareholders and the weighted average number of ordinary shares in issue during the year.
Diluted earnings per share is calculated based on the profit attributable to ordinary
shareholders and the weighted average number of ordinary shares in issue during the
year adjusted for items that would cause a dilutive effect on the ordinary shares.
Adjusted earnings per share is calculated based on the profit attributable
to ordinary shareholders and the weighted average number of ordinary
shares in issue during the year adjusted for the performance fee.
04 FINANCIAL STATEMENTS
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83 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
In preparing the financial statements, the Company makes judgements and estimates
that affect the reported amounts of assets, liabilities, income and expenses. Actual results
could differ from those estimates. Estimates and judgements are continually evaluated
and are based on the Board of Directors and Investment Managers’ experience and their
expectations of future events. Revisions to estimates are recognised prospectively.
(i) Estimates
The estimate that has the most significant effect on the amounts recognised in
the Company’s financial statements relates to valuation of financial assets and
financial liabilities held at FVTPL other than those traded in an active market.
The Investment Manager is responsible for the preparation of the Company’s valuations
and meets quarterly to discuss and approve the key valuation assumptions. The
meetings are open to the Board of Directors and the Investment Advisor to enable
them to challenge the valuation assumptions and the proposed valuation estimates
and to the external auditor to observe. On a quarterly basis, the Board of Directors
review and approve the final NAV calculation before it is announced to the market.
The Investment Manager also makes estimates and assumptions concerning the
future and the resulting accounting estimates will, by definition, seldom equal the
related actual results. The assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are outlined in note 13.
(ii) Judgements
The judgement that has the most significant effect on the amounts recognised in the
Company’s financial statements relates to investment assets and liabilities. These have
been determined to be financial assets and liabilities held at FVTPL and have been
accounted for accordingly. See note 3 for further details. The Company also notes that
the assessment of the Company as an investment entity is an area of judgement.
(iii) Assessment of the Company as an investment entity
The Board of Directors believes that the Company meets the definition of
an investment entity per IFRS 10 as the following conditions exist:
• the Company has obtained funds from investing shareholders for the purpose of
providing them with professional investment and management services;
• the Company’s business purpose, which was communicated directly to investors,
is investing for returns from capital appreciation and investment income; and
• all of the Company’s investments are measured and evaluated on a fair value basis.
As the Company believes it meets all the requirements of an investment entity
as per IFRS 10 “Consolidated Financial Statements”, it is required to measure all
subsidiaries at fair value rather than consolidating them on a line-by-line basis.
Critical accounting estimates and judgements
4
04 FINANCIAL STATEMENTS
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84 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Segmental analysis
The segmental analysis of the Company’s results and financial position, which is prepared using
the accounting policies in note 3, is set out below. These investment segments follow different
investment strategies as monitored by the Chief Operating Decision-Maker, the Board of Directors,
which monitors the portfolio allocation to ensure that it is in line with the investment strategy.
Reportable segments
1. Central functions represents interest
income earned on cash balances and general
administration and finance costs that cannot
be allocated to investment segments.
2. Represents the movement in each respective
portfolio’s overall performance fee reserve.
3. NCAs refers to net current
assets of the Company.
5

| Private Equity |  |  |  |
| Investments | Debt Investments | Derived Equity | Central functions 1 | Total
Statement of profit or loss and other comprehensive income for the year ended 31 December 2024 | €’000 | €’000 | €’000 | €’000 | €’000
Investment income | - | 23,357 | 94 | 2,835 | 26,286
Net gains on financial assets at FVTPL | (4,709) | (3,762) | 1,935 | - | (6,536)
Net gains on financial liabilities at FVTPL | - | - | - | - | -
Realised foreign exchange gains/(losses) | - | 109 | - | (230) | (121)
Unrealised foreign currency gains/(losses) | - | - | - | 263 | 263
Total (loss) /income | (4,709) | 19,704 | 2,029 | 2,868 | 19,892
Performance fees 2 | - | (2,482) | (379) | - | (2,861)
Management fees | (111) | (2,179) | (41) | - | (2,331)
Administration and other operating expenses | - | (118) | (36) | (3,028) | (3,182)
Total operating expenses | (111) | (4,779) | (456) | (3,028) | (8,374)
Total (loss)/income less operating expenses | (4,820) | 14,925 | 1,573 | (160) | 11,518
Finance costs | - | - | - | (3,958) | (3,958)
(Loss)/profit before taxation | (4,820) | 14,925 | 1,573 | (4,118) | 7,560
Taxation | - | 858 | - | - | 858
Total comprehensive (loss)/income attributable to shareholders | (4,820) | 15,783 | 1,573 | (4,118) | 8,418

| Private Equity |  |  | Cash and other | Total
| Investments | Debt Investments | Derived Equity | NCAs³ | €’000
Statement of financial position at 31 December 2024 | €’000 | €’000 | €’000 | €’000 |
Total assets | 978,823 | 199,278 | 5,000 | 48,119 | 1,231,220
Total liabilities | - | (2,482) | (379) | (1,671) | (4,532)
NAV | 978,823 | 196,796 | 4,621 | 46,448 | 1,226,688 

04 FINANCIAL STATEMENTS
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85 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Reportable segments continued
1. Central functions represents interest
income earned on cash balances and general
administration and finance costs that cannot
be allocated to investment segments.
2. Represents the movement in each respective
portfolio’s overall performance fee reserve.
3. NCAs refers to net current
assets of the Company.

| Private Equity |  |  |  |
| Investments | Debt Investments | Derived Equity | Central functions 1 | Total
Statement of profit or loss and other comprehensive income for the year ended 31 December 2023 | €’000 | €’000 | €’000 | €’000 | €’000
Investment income | – | 34,293 | 250 | 3,002 | 37,545
Net gains on financial assets at FVTPL | 17,873 | 9,032 | 2,650 | – | 29,555
Net gains on financial liabilities at FVTPL | 2,643 | – | – | – | 2,643
Realised foreign exchange (losses)/gains | – | (115) | 51 | 503 | 439
Unrealised foreign currency losses | – | – | – | (210) | (210)
Total income | 20,516 | 43,210 | 2,951 | 3,295 | 69,972
Performance fees 2 | – | (6,014) | (562) | – | (6,576)
Management fees | (123) | (3,156) | (84) | – | (3,363)
Administration and other operating expenses | – | (93) | (36) | (3,199) | (3,328)
Total operating expenses | (123) | (9,263) | (682) | (3,199) | (13,267)
Total income/(loss) less operating expenses | 20,393 | 33,947 | 2,269 | 96 | 56,705
Finance costs | - | - | - | (3,054) | (3,054)
Profit/(loss) before taxation | 20,393 | 33,947 | 2,269 | (2,958) | 53,651
Taxation | - | (173) |  | - | (173)
Total comprehensive income/(loss) attributable to shareholders | 20,393 | 33,774 | 2,269 | (2,958) | 53,478

| Private Equity |  |  | Cash and other |
| Investments | Debt Investments | Derived Equity | NCAs 3 | Total
Statement of financial position at 31 December 2023 | €’000 | €’000 | €’000 | €’000 | €’000
Total assets | 891,236 | 296,397 | 15,541 | 103,947 | 1,307,121
Total liabilities | (495) | (10,773) | - | (1,689) | (12,957)
NAV | 890,741 | 285,624 | 15,541 | 102,258 | 1,294,164

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86 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Administration and other operating expenses
6
Taxation
7
Included within general expenses was €0.02m of fees relating to the audit of Alpha US
Holdings L.P, see note 8d for further information. Included in legal and other professional
fees for year ended 2023 was €0.5m of legal fees related to the refinancing of the
revolving credit facility during that year, there were no such costs incurred in 2024.
The Company has no employees and there were no pension
or staff cost liabilities incurred during the year.
The Company is exempt from taxation in Guernsey under the provisions of the Income Tax
(Exempt Bodies) (Guernsey) Ordinance, 1989 and is charged an annual exemption fee of £1,600
(31 December 2023: £1,200).
The Company may be required, at times, to pay tax in other jurisdictions as a result of
specific trades in its investment portfolio. During the year ended 31 December 2024, the
Company received a refund of witholding tax, related to tax incurred on debt interest in
the United Kingdom, resulting in a net tax reciept of €0.9m (31 December 2023: €0.2m
payment). No deferred income taxes were recorded as there are no timing differences.

|  | Year ended | Year ended
|  | 31 December 2024 | 31 December 2023
| Notes | €’000 | €’000
Directors’ fees |  | 418 | 375
Administration and other fees | 9 | 830 | 679
Corporate and investor relations services fee | 9 | 461 | 485
Deal transaction, custody and research costs |  | 154 | 129
Legal and other professional fees |  | 186 | 633
General expenses |  | 840 | 772
Auditors’ remuneration |  |  |
Statutory audit |  | 212 | 179
Other assurance services – interim review |  | 63 | 59
Other assurance services – agreed upon procedures |  | 18 | 17
Total administration and other operating expenses |  | 3,182 | 3,328

04 FINANCIAL STATEMENTS
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87 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
8a
Financial instruments held at FVTPL
8
Investments
1. Included in Debt Investments and
throughout the financial statements is the
fair value of the Debt Investment held by the
subsidiary, see note 8d for further detail.

| Year ended | Year ended
| 31 December 2024 | 31 December 2023
| €’000 | €’000
Private Equity Investments | 978,823 | 890,740
Private Equity financial assets | 978,823 | 891,235
Private Equity financial liabilities | - | (495)
Debt Investments 1 | 194,748 | 294,213
Derived Equity | 5,000 | 15,541
Closing fair value | 1,178,571 | 1,200,494
Financial assets at FVTPL | 1,178,571 | 1,200,989
Financial liabilities at FVTPL | - | (495)

| Year ended | Year ended
| 31 December 2024 | 31 December 2023
| €’000 | €’000
Opening fair value | 1,200,494 | 1,235,137
Calls | 154,548 | 89,699
Distributions | (61,756) | (90,431)
Purchases | 35,474 | 45,154
Sales | (143,653) | (111,263)
Net (losses)/gains on fair value on financial assets | (6,536) | 29,555
Net gains on fair value on financial liabilities | - | 2,643
Closing fair value | 1,178,571 | 1,200,494
Financial assets held at FVTPL | 1,178,571 | 1,200,989
Financial liabilities held at FVTPL | - | (495)

04 FINANCIAL STATEMENTS
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88 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
8c
Net gains/(losses) on financial liabilities at FVTPL
8b
Net gains/(losses) on financial assets at FVTPL

| Year ended | Year ended
| 31 December 2024 | 31 December 2023
| €’000 | €’000
Private Equity financial assets |  |
Gross unrealised gains | 47,878 | 75,229
Gross unrealised losses | (77,945) | (87,465)
Total net unrealised losses on Private Equity financial assets | (30,067) | (12,236)
Gross realised gains | 25,356 | 30,109
Total net realised gains on Private Equity financial assets | 25,356 | 30,109
Total net (losses)/gains on Private Equity financial assets | (4,711) | 17,873
Debt Investments |  |
Gross unrealised gains | 12,408 | 15,248
Gross unrealised losses | (5,270) | (7,837)
Total net unrealised gains on Debt Investments | 7,138 | 7,411
Gross realised gains | 4,142 | 4,644
Gross realised losses | (15,042) | (3,023)
Total net realised (losses)/gains on Debt Investments | (10,900) | 1,621
Total net (losses)/gains on Debt Investments | (3,762) | 9,032
Derived Equity |  |
Gross unrealised gains | 4,100 | 6,055
Gross unrealised losses | (532) | (439)
Total net unrealised gains on Derived Equity | 3,568 | 5,616
Gross realised gains | 2 | -
Gross realised losses | (1,633) | (2,966)
Total net realised losses on Derived Equity | (1,631) | (2,966)
Total net gains on Derived Equity | 1,937 | 2,650
Total net (losses)/gains on investments at fair value through profit or loss | (6,536) | 29,555

| Year ended | Year ended
| 31 December 2024 | 31 December 2023
| €’000 | €’000
Private Equity financial liabilities |  |
Gross unrealised gains | - | 3,386
Gross unrealised losses | - | (743)
Total net unrealised gains on Private Equity investments | - | 2,643 

04 FINANCIAL STATEMENTS
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89 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Investments in subsidiaries
Involvement with unconsolidated structured entities
8d
8e
The Company established two wholly-owned subsidiaries in 2021 for investment purposes. In
accordance with IFRS 10, these subsidiaries have been determined to be controlled subsidiary
investments, which are measured at fair value through profit or loss and are not consolidated.
The fair value of these subsidiary investments, as represented by their NAV, is determined on
a consistent basis to all other investments measured at fair value through profit or loss.
The table below describes these unconsolidated subsidiaries. The maximum
exposure is the loss in the carrying amount of the financial assets held.
The Company’s Private Equity Investments are considered to be unconsolidated structured
entities. Their nature and purpose is to invest capital on behalf of their limited partners.
These Private Equity Investments pursue sector-focused strategies, investing in three key
sectors: Tech, Services and Internet/Consumer. The Company commits to a fixed amount
of capital, in the form of a commitment to these Private Equity Investments, which may be
drawn (and returned) over the life of the fund. The Company pays capital calls when due and
receives distributions from the Private Equity Investments, once an asset has been sold.
The liquidity risk section of note 12 summarises outstanding commitments and recallable
distributions to the 11 underlying Private Equity Investments held which amounted to €836.5m at
year-end (31 December 2023: €919.3m). The fair value of these were €978.8m at 31 December
2024 (31 December 2023: €890.7m), whereas total value of the Private Equity funds was €22.8bn
(31 December 2023: €21.7bn). During the year, the Company did not provide financial support and
has no intention of providing financial or other support to these unconsolidated structured entities.
The Company transferred an investment in a Debt Investment to Alpha US Holdings
L.P. during 2021. Net flows from subsidiaries are summarised below. Total fair value has
also been included in Debt Investments above as related to the Debt portfolio.

|  |  |  |  | NAV included in investments at
|  |  | Proportion of ownership interest and voting | Principal place of business and place | FVTPL
Name of subsidary | Formation date | Type of fund | power held | of incorportation | €’000
Alpha US holdings L.P. | 21 October 2021 | Special purpose entity | 100% | United States of America | 13,879
Alpha US GP LLC | 12 October 2021 | Special purpose entity | 100% | United States of America | - 

| Year ended | Year ended
| 31 December 2024 | 31 December 2023
| €’000 | €’000
Opening fair value | 9,888 | 9,598
Fair value movement on investment subsidiaries | 3,991 | 290
Closing fair value | 13,879 | 9,888
Debt investment held at FVTPL | 14,028 | 9,988
Other net current liabilities | (149) | (100)
Closing fair value | 13,879 | 9,888

04 FINANCIAL STATEMENTS
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90 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Related party transactions
9
The Investment Manager was appointed by the Board of Directors under a
discretionary Investment Management Agreement (“IMA”) dated 22 May 2015 and
amendments dated 22 August 2016, 2 March 2020 and 4 September 2024, which sets out
the basis for the calculation and payment of the management and performance fees.
Management fees earned by the Investment Manager were €2.3m in the year (31 December 2023:
€3.4m), of which €0.5m was included in accruals at 31 December 2024. The management fee is
calculated in arrears at a rate of 0.5% per annum on the fair value of non-fee paying Private Equity
Investments and Derived Equity and 1.0% per annum on the fair value of Debt Investments.
The Investment Manager is also entitled to a performance fee. The performance fee is calculated
based on the overall gains or losses net of management fees and Direct Deal costs (being costs
directly attributable to due diligence and execution of investments) in each financial year. When the
portfolio Total Return hurdle is met a performance fee arises. Further details are included in note 10.
The IMA automatically renews every three years unless written notice to terminate the IMA
is served one year in advance of the renewal date by either the Investment Manager or the
Company (by a special resolution). The Company is required to pay the Investment Manager all
fees and expenses accrued and payable for the notice period through to the termination date.
The Investment Advisor has been engaged by the Investment Manager to provide
advice on the investment strategy of the Company. An Investment Advisory Agreement
(“IAA”), dated 22 May 2015 and an amendment dated 22 August 2016, exists between
the two parties. Though not legally related to the Company, the Investment Advisor
has been determined to be a related party. The Company paid no fees and had no
transactions with the Investment Advisor during the year (31 December 2023: €Nil).
The Company has an Administration Agreement with Aztec Financial Services (Guernsey) Limited
(“Aztec”) dated 22 May 2015. Under the terms of the agreement, Aztec has delegated some of
the Company’s accounting and bookkeeping to Apax Partners Fund Services Limited (“APFS”),
a related party of the Investment Advisor, under a sub-administration agreement dated 22
May 2015. A fee of €0.6m (31 December 2023: €0.5m) was paid by the Company in respect of
administration fees and expenses, of which €0.4m (31 December 2023: €0.3m) was paid to APFS.
Separately, the Company entered into a service agreement with Apax Partners
LLP and its affiliate, APFS, with a fee calculated as 0.04% of the Invested Portfolio
per annum for corporate and investor services. During the year a fee, of €0.5m
(31 December 2023: €0.5m) was paid by the Company to APFS.
At 31 December 2024, the Company has an intercompany balance outstanding with the subsidiary
Alpha US Holdings L.P. of €0.2m (31 December 2023: €0.1m). This relates to administration
fees incurred by the subsidiary and paid by the Company. See note 8d for further details.
On 1 May 2024, Stephanie Coxon succeeded Susie Farnon as Chair of the Audit
Committee of the Board of Directors. On 1 July 2024, Tim Breedon retired as Chairman
from the Board, succeeded by Karl Sternberg. On 3 July 2024, Alex Denny was
appointed as a Non-Executive Director to both the Board and Audit Committee.
The table below summarises shares held by the Directors:
A summary of the Directors’ fees and expenses is set out on p.57 of the report.

| 31 December | % of total shares | 31 December | % of total shares
| 2024 | in issue | 2023 | in issue
Karl Sternberg | 53,600 | 0.011% | 12,500 | 0.003%
Susie Farnon | 43,600 | 0.009% | 43,600 | 0.009%
Mike Bane | 53,199 | 0.011% | 18,749 | 0.004%
Stephanie Coxon | 10,000 | 0.002% | 10,000 | 0.002%
Alexander Denny | 16,737 | 0.003% | - | -

04 FINANCIAL STATEMENTS
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91 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Performance fee
10
Historically, the Company’s performance fees were setted in shares, resulting in Alternative
Performance Measures such as Adjusted NAV being used in the reporting.
On 4 September 2024, the Board approved an amendment to the settlement of
performance fees, with fees accrued from 1 January 2024 onwards to be paid in cash to
the Investment Manager. This results in a liability being recognised on the statement of
financial position instead of an equity settled reserve. There were no other changes to the
performance fee and it remains subject to the same performance hurdles and fee rates.
For periods before 1 January 2024, the performance fee was payable by way of ordinary
shares of the Company. In accordance with IFRS 2 “Share-based Payment”, performance fee
expenses were charged through the statement of profit or loss and other comprehensive
income and allocated to a share-based payment performance fee reserve in equity.
In the year ended 31 December 2024, 3,623,909 of ordinary shares, equivalent
to €6.6m, were purchased by the Company in the market and then subsequently
transferred to the Investment Manager to settle the performance fee accrued
for the year ended 31 December 2023. See note 14 for further details.
At 31 December 2024, management’s best estimate of the expected performance
fee was calculated on the eligible portfolio on a liquidation basis. The performance fee
accrued has been included in liabilities on the statement of financial position.
1. Net portfolio Total Return means the sub-
portfolio performance in a given period is
calculated by taking total gains or losses and
dividing them by the sum of Gross Asset
Value at the beginning of the period and the
time-weighted net invested capital. The
time-weighted net invested capital is the
sum of investments made during the period
less realised proceeds received during the
period, both weighted by the number of
days the capital was at work in the portfolio.
Net portfolio Total Return is gross of
performance fees but net of management
fees and relevant Direct Deal costs.

| 31 December 2024 | 31 December 2023
| €’000 | €’000
Opening performance fee accrued | - | - 
Performance fee charged to statement of profit or loss and other comprehensive income | 2,861 | - 
Performance fee settled | - | - 
Closing performance fee accrued | 2,861 | -  

| 31 December 2024 | 31 December 2023
| €’000 | €’000
Opening performance fee reserve | 6,576 | - 
Performance fee charged to statement of profit or loss and other comprehensive income | - | 6,576
Performance fee settled | (6,576) | - 
Closing performance fee reserve | - | 6,576

The performance fee is payable on an annual basis once the hurdle threshold is met by eligible
portfolios. Performance fees are only payable to the extent they do not dilute the returns
below the required benchmark for each respective portfolio as detailed in the table below.
Additionally, net losses are carried forward and netted against future gains. The table below
summarises the performance fee hurdles and percentage payable by eligible portfolio.

| Net portfolio Total | Performance
| Return hurdle ¹ | fee rate
Debt Investments | 6% | 15%
Derived Equity | 8% | 20%
Eligible Private Equity Investments | 8% | 20%

04 FINANCIAL STATEMENTS
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92 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW
Revolving Credit Facility and finance costs
11
The Company entered into a multi-currency Revolving Credit Facility of €250m with SMBC Bank
International plc and JPMorgan Chase Bank, N.A., London Branch, on 5 September 2023, for general
corporate purposes. The facility had an initial term of 2.5 years, the interest rate charged is SOFR or
EURIBOR plus a margin between 300-335bps and a non-utilisation fee of 115bps per annum. For
the year to 31 December 2024 the facility was unutilised.
The facility was extended twice during the year, on 1 March 2024 and 16 August 2024, with no
changes to the terms noted above. Post period end, on 20 February 2025 the facility was extended
by a further six months, with a new expiry date of 3 September 2027, again with no changes to the
terms noted above.
Summary of finance costs are detailed in the table below:
Under the Loan Agreement, the Company is required to provide Private Equity Investments as
collateral for each utilisation. The loan-to-value must not exceed 35% of the eligible Private
Equity NAV, which the Company met throughout the year. There were no covenant breaches
during the year. As at 31 December 2024 the facility was undrawn (31 December 2023: €Nil).

| Year ended | Year ended
| 31 December 2024 | 31 December 2023
| €’000 | €’000
Interest paid | - | 446
Arrangement fee | 1,001 | 75
Non-utilisation fee | 2,957 | 2,533
Total finance costs | 3,958 | 3,054

04 FINANCIAL STATEMENTS
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93 |Apax Global Alpha|Annual Report and Accounts| 2024
OVERVIEW

| 31 December 2024 | 31 December 2023
Private Equity Investments | 83% | 74%
Private Equity financial assets | 83% | 74%
Private Equity financial liabilities | 0% | 0%
Debt Investments | 17% | 25%
Derived Equity | 0% | 1%
Total | 100% | 100%

Financial risk management
12
Private Equity Investments have a limited lifecycle as the average legal term of a fund is ten
years, unless extended by investor consent. The Company actively manages Debt
Investments and Derived Equity and realises these as opportunities arise. This
facilitates liquidity planning and allows the Company to meet calls as they become
due from Private Equity Investments and other liabilities where necessary.
The Company’s overall risk management programme seeks to maximise the returns
derived for the level of risk to which the Company is exposed and seeks to minimise
potential adverse effects on the Company’s financial performance. Investments made by
the Company potentially carry a significant level of risk. There can be no assurance that the
Company’s objectives will be achieved or that there will be a return of capital invested.
The management of financial risks is carried out by the Investment Manager under the policies
approved by the Board of Directors. The Investment Manager regularly updates the Board of
Directors, a minimum of four times a year, on its activities and any material risk identified.
The Investment Manager manages financial risk against an investment reporting and
monitoring framework tailored to the Company. The framework monitors investment
strategy, investment limits and restrictions as detailed in the prospectus along with
additional financial metrics deemed to be fundamental in the running and monitoring
of the invested portfolio. The invested portfolio is monitored in real time which enables
the Investment Manager to keep a close review on performance and positioning.
The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and
market risk including price risk, foreign currency risk and interest rate risk. The Company is also
exposed to operational risks such as custody risk. Custody risk is the risk of loss of securities held
in custody occasioned by the insolvency or negligence of the custodian. Although an appropriate
legal framework is in place that mitigates the risk of loss of title of the securities held by the
custodian, in the event of failure, the ability of the Company to transfer the securities might be
impaired. At 31 December 2024, the Company’s custodian for Derived Equity positions and
certain Debt Instruments was ING, with an A- credit rating (31 December 2023: ING and HSBC).
The Company considers concentration risk and noted that though it follows a sector-
focused strategy, with three key sectors, the Private Equity Investments’ underlying
portfolios, Debt investments and Derived Equity are diversified within each key sector,
operate in a number of different geographic regions and are also diversified by vintage.
The Company holds a variety of financial instruments in accordance with its
Investment Management strategy. The investment portfolio comprises Private Equity
Investments, Debt Investments and Derived Equity as shown in the table below:
04 FINANCIAL STATEMENTS
& SHAREHOLDER
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03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
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GLOSSARY
94 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Credit risk is the risk of financial loss to the Company if a counterparty to a financial instrument
fails to meet its contractual obligations. This risk arises principally from the Company’s
investment in debt, cash and cash equivalents, investment receivables and other receivables.
The Investment Manager manages the risk related to Debt Investments by assessing
the credit quality of the issuers and monitoring this through the term of investment.
The credit quality of the Company’s Debt Investments is summarised in the table below:
Debt Investments
12a.i.
1. Not currently rated by S&P.
Credit risk
12a

| 31 December 2024 |  | 31 December 2023 |
| €’000 | % of NAV | €’000 | % of NAV
Debt Investments | 194,748 | 16% | 294,213 | 23%
Cash and cash equivalents | 45,534 | 4% | 101,375 | 8%
Investment receivables | 4,906 | 0% | 2,540 | 0%
Other receivables | 2,209 | 0% | 2,217 | 0%
Total | 247,397 | 20% | 400,345 | 31%

| 31 December 2024 | % of Debt |  | 31 December 2023 | % of Debt |
Rating (S&P) | €’000 | Investments | % of NAV | €’000 | Investments | % of NAV
B | 51,435 | 26% | 4% | 30,181 | 10% | 3%
B- | 31,090 | 16% | 3% | 96,080 | 33% | 7%
CCC+ | 21,628 | 11% | 2% | 6,801 | 2% | 1%
CCC | 19,098 | 10% | 2% | 77,128 | 26% | 6%
CCC- | 17,170 | 9% | 1% | - | 0% | 0%
NR 1 | 54,327 | 28% | 4% | 84,023 | 29% | 6%
Total | 194,748 | 100% | 16% | 294,213 | 100% | 23%

| 31 December 2024 | % of Debt |  | 31 December 2023 | % of Debt |
| €’000 | Investments | % of NAV | €’000 | Investments | % of NAV
First lien term loan | 118,580 | 61% | 10% | 177,324 | 61% | 14%
Second lien term loan | 46,703 | 24% | 4% | 91,852 | 31% | 7%
Convertible debt | 14,028 | 7% | 1% | 9,988 | 3% | 1%
Senior secured note | 10,131 | 5% | 1% | 9,952 | 3% | 1%
PIK note and other | 5,306 | 3% | 0% | 5,097 | 2% | 0%
Total | 194,748 | 100% | 16% | 294,213 | 100% | 23%

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GLOSSARY
95 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Investment Manager also reviews the Debt Investments’ industry sector direct
concentration. The Company was exposed to concentration risk in the following industry
sectors. A wider analysis of key sector concentration risk is included in note 12c.iv.:
The Company limits its credit risk exposure in cash and cash equivalents by depositing cash
with adequately rated institutions. No allowance for impairment is made for cash and cash
equivalents. The exposure to credit risk to cash and cash equivalents is set out below:
The Company monitors the credit risk of investment receivables and other receivables on
an ongoing basis. These assets are not considered impaired nor overdue for repayment.
The Company’s cash is held with RBS International, ING and JP Morgan,
Goldman Sachs and Deutsche Bank money market funds.
Cash and cash equivalents
Investment receivables and other receivables
12a.ii.
12a.iii.

| 31 December 2024 | % of Debt |  | 31 December 2023 | % of Debt |
| €’000 | Investments | % of NAV | €’000 | Investments | % of NAV
Tech | 150,430 | 77% | 12% | 178,163 | 61% | 14%
Services | 25,251 | 13% | 2% | 35,594 | 12% | 3%
Internet/Consumer | - | 0% | 0% | 11,831 | 4% | 1%
Remaining Healthcare | 19,067 | 10% | 2% | 68,625 | 23% | 5%
Total | 194,748 | 100% | 16% | 294,213 | 100% | 23%

| Credit Rating | 31 December 2024 | 31 December 2023
|  | €’000 | €’000
Cash held in banks | A | - | 71
Cash held in banks | A- | 1,117 | 154
Cash held in banks | BBB+ | 26,579 | 32,595
Cash held in money market funds | AAA | 17,838 | 68,555
Total |  | 45,534 | 101,375

Debt Investments continued
12a.i.
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96 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW

| Up to 3 months | 3-12 months | 1-5 years | Total
31 December 2024 | €’000 | €’000 | €’000 | €’000
Accrued expenses | 1,671 | - | - | 1,671
Performance fee accrued | - | 2,861 | - | 2,861
Private Equity commitments | 9,728 | 194,766 | 632,039 | 836,533
Debt Investment commitments | 67 | 7,157 | - | 7,224
Total | 11,466 | 204,784 | 632,039 | 848,289

| Up to 3 months | 3-12 months | 1-5 years | Total
31 December 2023 | €’000 | €’000 | €’000 | €’000
Investment payables | 10,773 | – | – | 10,773
Accrued expenses | 1,689 | – | – | 1,689
Private Equity commitments | 27,420 | 110,130 | 781,781 | 919,331
Debt Investment commitments | – | 5,656 | – | 5,656
Total | 39,882 | 115,786 | 781,781 | 937,449 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations
as they fall due. Such obligations are met through a combination of liquidity from the sale
of investments, Revolving Credit Facility, as well as cash resources. In accordance with the
Company’s policy, the Investment Manager monitors the Company’s liquidity position on a
regular basis; the Board of Directors also reviews it, at a minimum, on a quarterly basis.
The Company invests in three portfolios, Private Equity Investments, Debt
Investments and Derived Equity. Each portfolio has a different liquidity profile.
The Debt portfolio has a mixed liquidity profile as some positions may not be readily realisable
due to an inactive market or due to other factors such as restricted trading windows during the
year. Debt Investments held in actively traded bonds are considered to be readily realisable.
The Derived Equity consists of unlisted equity which may not
be readily realisable due to an inactive market.
The Company’s Private Equity Investments are not readily realisable although, in some
circumstances, they could be sold in the secondary market, potentially at a discounted
price. The timing and quantum of Private Equity distributions is difficult to predict, however,
the Company has some visibility on capital calls as the majority of the underlying funds
operate capital call facilities. These are typically drawn by the underlying funds for periods
of c.12 months to fund investments and fund operating expenses. Reporting from these
Private Equity Investments provides reasonable visibility of calls for this period.
The table below summarises the maturity profile of the Company’s financial liabilities,
commitments, and recallable distributions at 31 December 2024 based on contractual
undiscounted repayment obligations. The contractual maturities of most financial liabilities are less
than three months, with the exception of the Revolving Credit Facility and commitments to Private
Equity Investments, where their expected cash flow dates are summarised in the tables below.
The Company does not manage liquidity risk on the basis of contractual maturity,
instead the Company manages liquidity risk based on expected cash flows.
Liquidity risk
12b
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GLOSSARY
97 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
At 31 December 2024, the Company had undrawn commitments and recallable distributions
of €836.5m (31 December 2023: €919.3m). Within 12 months, €204.5m (31 December 2023:
€137.6m) is expected to be drawn mainly due to Apax XI, Apax Digital Fund II and Apax Global
Impact. Additionally, the Company expects draw downs of €7.2m from Debt Investments in
the next 12 months for delayed draw and Revolving Credit Facility debt positions held.
As explained in note 11, the Company has access to a Revolving Credit Facility up to €250.0m to
bridge short term liquidity including to meet calls from Private Equity Investments or settle Debt
Investments and Derived Equity.
At year-end, the Company’s investments are recorded at fair value. The remaining assets and
liabilities are of a short-term nature and their fair values approximate their carrying values.
Market risk is the risk that changes in market prices such as foreign currency exchange rates,
interest rates and equity prices will affect the Company’s income or the value of its investments.
The Company aims to manage this risk within acceptable parameters while optimising the return.
Market risk
12c
The Company has undrawn commitments and recallable distributions
to its Private Equity Investments, which are as follows:

| 31 December 2024 | 31 December 2023
| €’000 | €’000
Apax Europe VI | 225 | 225
Apax Europe VII | 1,030 | 1,030
Apax VIII | 14,976 | 14,475
Apax IX | 34,312 | 29,694
Apax X | 81,795 | 67,993
Apax XI | 553,249 | 642,294
AMI Opportunities | 6,690 | 6,491
AMI Opportunities II | 33,510 | 35,346
Apax Digital Fund | 4,391 | 7,541
Apax Digital Fund II | 59,349 | 69,357
Apax Global Impact | 47,006 | 44,885
Total | 836,533 | 919,331

Liquidity risk continued
12b
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GLOSSARY
98 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Company is exposed to price risk on its Private Equity Investments, Debt Investments and
Derived Equity. All positions within the portfolio involve a degree of risk and there are a wide variety
of risks that affect how the price of each individual investment will perform. The key price risks in
the Company’s portfolio include, but are not limited to: investment liquidity, where a significant
imbalance between buyers and sellers can cause significant increases or decreases in prices; the
risk that a company which has issued a bond or a loan has its credit rating changed, which can
lead to significant pricing risk; and general investment market direction, where various factors
such as the state of the global economy or global political developments can impact prices.
For the year ended 31 December 2024, the main price risks for the Company’s portfolio were
assessed to be market uncertainty due to inflation, high interest rate enviroment and geopolitical
uncertainty. The Investment Manager actively manages and monitors price risk. The table
below reflects the sensitivity of price risk of the invested portfolio and the impact on NAV:
Price risk
12c.i.

| Base case | Bull case (+20%) | Bear case (-20%)
31 December 2024 | €’000 | €’000 | €’000
Financial assets | 1,178,571 | 1,414,285 | 942,857
Financial liabilities |  | - | -
Change in NAV and profit |  | 235,714 | (235,714)
Change in NAV (%) |  | 19% | (19%)
Change in total income |  | 1,185% | (1,185%)
Change in profit for the year |  | 2,800% | (2,800%)

| Base case | Bull case (+20%) | Bear case (-20%)
31 December 2023 | €’000 | €’000 | €’000
Financial assets | 1,200,989 | 1,441,187 | 960,791
Financial liabilities | (495) | (396) | (594)
Change in NAV and profit |  | 240,099 | (240,099)
Change in NAV (%) |  | 19% | (19%)
Change in total income |  | 343% | (343%)
Change in profit for the year |  | 449% | (449%)

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GLOSSARY
99 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW

| EUR | USD | GBP | INR | NZD | Total
31 December 2024 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000
Financial assets and liabilities at FVTPL | 460,889 | 717,682 | - | - | - | 1,178,571
Cash and cash equivalents | 32,687 | 11,616 | 1,231 | - | - | 45,534
Investment receivables | 3,861 | 93 | - | - | - | 3,954
Interest receivable | 20 | 932 | - | - | - | 952
Other receivables | 2,176 | - | 33 | - | - | 2,209
Investment payables | - | - | - | - | - | -
Performance fee payable | (2,861) |  |  |  |  | (2,861)
Accrued expenses | (1,671) | - | - | - | - | (1,671)
Total net foreign currency exposure | 495,101 | 730,323 | 1,264 | - | - | 1,226,688

| EUR | USD | GBP | INR | NZD | Total
31 December 2023 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000
Financial assets and liabilities at FVTPL | 470,533 | 684,967 | 33,163 | - | 11,831 | 1,200,494
Cash and cash equivalents | 84,275 | 14,769 | 2,260 | 71 | - | 101,375
Investment receivables | - | 139 | - | - | - | 139
Interest receivable | 434 | 1,584 | - | - | 383 | 2,401
Other receivables | 2,177 | - | 40 | - | - | 2,217
Investment payables | (10,773) | - | - | - | - | (10,773)
Accrued expenses | (1,689) | - | - | - | - | (1,689)
Total net foreign currency exposure | 544,957 | 701,459 | 35,463 | 71 | 12,214 | 1,294,164

The Company is exposed to currency risk on those investments, cash, interest receivable and
other non-current assets which are denominated in a currency other than the Company’s
functional currency, which is the euro. The Company does not hedge the currency exposure
related to its investments. The Company regards its exposure to exchange rate changes on the
underlying investments as part of its overall investment return and does not seek to mitigate
that risk through the use of financial derivatives. The Company is also exposed to currency risk
on fees which are denominated in a currency other than the Company’s functional currency.
The Company’s exposure to currency risk on net assets is as follows:
Currency risk
12c.ii.
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GLOSSARY
100 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Company’s sensitivity to changes in foreign exchange
movements on net assets is summarised below:

| Base case | Bull case (+20%) | Bear case (-20%)
31 December 2024 | €’000 | €’000 | €’000
USD | 730,323 | 876,388 | 584,258
GBP | 1,264 | 1,517 | 1,011
NZD | - | - | -
Change in NAV and profit |  | 146,318 | (146,318)
Change in NAV (%) |  | 12% | (12%)
Change in total income |  | 736% | (736%)
Change in profit for the year |  | 1,738% | (1,738%)

| Base case | Bull case (+20%) | Bear case (-20%)
31 December 2023 | €’000 | €’000 | €’000
USD | 701,459 | 841,751 | 561,167
GBP | 35,463 | 42,556 | 28,370
INR | 71 | 85 | 57
NZD | 12,214 | 14,657 | 9,771
Change in NAV and profit |  | 149,842 | (149,842)
Change in NAV (%) |  | 12% | (12%)
Change in total income |  | 214% | (214%)
Change in profit for the year |  | 280% | (280%)

Currency risk continued
12c.ii.
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GLOSSARY
101 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Interest rate risk arises from the effects of fluctuations in the prevailing levels of market
interest rates on financial assets and liabilities and future cash flows. The Company holds
Debt Investments, loans payable and cash, and cash equivalents that expose the Company
to cash flow interest rate risk. The Company’s policy makes provision for the Investment
Manager to manage this risk and to report to the Board of Directors as appropriate.
The Company’s exposure to interest rate risk was €240.3m (31 December 2023: €395.6m).
The analysis below assumes that the price remains constant for both bull and bear cases.
The impact of interest rate floors on the Debt portfolio have been included in the bear case
and fixed rate debt positions have been excluded from the below:
Interest rate risk
12c.iii.

| Base case | Bull case (+500bps) | Bear case (-500bps)
31 December 2024 | €’000 | €’000 | €’000
Cash and cash equivalents | 45,534 | 47,811 | 43,257
Debt | 194,748 | 204,485 | 186,480
Change in NAV and profit |  | 12,014 | (10,545)
Change in NAV (%) |  | 1% | (1%)
Change in total income |  | 60% | (53%)
Change in profit for the year |  | 143% | (125%)

| Base case | Bull case (+500bps) | Bear case (-500bps)
31 December 2023 | €’000 | €’000 | €’000
Cash and cash equivalents | 101,375 | 106,444 | 96,306
Debt | 294,213 | 308,924 | 283,327
Change in NAV and profit |  | 19,779 | (15,955)
Change in NAV (%) |  | 2% | (1%)
Change in total income |  | 28% | (23%)
Change in profit for the year |  | 37% | (30%)

The Investment Manager also reviews the concentration risk of the invested portfolio.
The spread of the portfolio across the three key sectors is set out below:
Concentration risk
12c.iv.

|  | % of Debt | % of Equity |  | % of Debt | % of Equity
| % of Private Equity | investments | investments | % of Private Equity | investments | investments
| 31 December 2024 | 31 December 2024 | 31 December 2024 | 31 December 2023 | 31 December 2023 | 31 December 2023
Tech | 44% | 77% | 0% | 35% | 61% | 0%
Services | 32% | 13% | 0% | 31% | 12% | 67%
Internet/Consumer | 19% | 0% | 25% | 22% | 4% | 11%
Remaining Healthcare | 5% | 10% | 0% | 12% | 23% | 0%
Other | 0% | 0% | 75% | 0% | 0% | 22%
Total | 100% | 100% | 100% | 100% | 100% | 100%

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GLOSSARY
102 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW

| Level 1 | Level 2 | Level 3 | Total
Assets | €’000 | €’000 | €’000 | €’000
Private Equity financial assets | - | - | 978,823 | 978,823
Private Equity financial liabilites | - | - | - | -
Debt Investments | 10,131 | 170,589 | 14,028 | 194,748
Derived Equity | - | - | 5,000 | 5,000
Total | 10,131 | 170,589 | 997,851 | 1,178,571

The following table analyses within the fair value hierarchy the Company’s
financial assets (by class) measured at fair value at 31 December 2023:

| Level 1 | Level 2 | Level 3 | Total
Assets | €’000 | €’000 | €’000 | €’000
Private Equity financial assets | – | – | 891,235 | 891,235
Private Equity financial liabilites | – | – | (495) | (495)
Debt Investments | 9,952 | 274,273 | 9,988 | 294,213
Derived Equity | 10,329 | – | 5,212 | 15,541
Total | 20,281 | 274,273 | 905,940 | 1,200,494

Investments measured at fair value
13a
IFRS 13 “Fair Value Measurement” requires the Company to classify fair value
measurements using a fair value hierarchy that reflects the significance of the inputs
used to make those measurements. The fair value hierarchy has the following levels:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
• Valuation techniques based on observable inputs (other than quoted prices included within
level 1), that are observable for the asset or liability, either directly (that is, as prices) or indirectly
(that is, derived from prices). This category includes instruments valued using: quoted market
prices in active markets for similar but not identical instruments; quoted prices for identical
instruments in markets that are not considered to be active; and other valuation techniques
where all the significant inputs are directly or indirectly observable from market data (level 2).
• Valuation techniques for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (level 3).
The level in the fair value hierarchy within which the fair value measurement is categorised in
its entirety is determined on the basis of the lowest level input that is significant to the fair
value measurement in its entirety. If a fair value measurement uses observable inputs that
require significant adjustment based on unobservable inputs, that measurement is a level 3
measurement. Assessing the significance of a particular input to the fair value measurement
in its entirety requires judgement, considering factors specific to the asset or liability.
The determination of what constitutes “observable” requires significant judgement
by the Company. The Company considers observable data to be market data that is
readily available, regularly distributed or updated, reliable and verifiable, not proprietary,
and provided by independent sources that are actively involved in the relevant market.
The Company also determines if there is a transfer between each respective level at
the end of each reporting period based on the valuation information available.
The following table analyses within the fair value hierarchy the Company’s financial assets
and financial liabilities (by class) measured at fair value at 31 December 2024:
IFRS 13 requires the Company to describe movements in and transfers between levels of the
fair value hierarchy. The Company determines if there is a transfer between each respective
level at the end of each reporting period based on the valuation information available.
There was one transfer between level 2 and level 3 due to a judgemental credit quality
adjustment being applied to the valuation during the year to 31 December 2024
(31 December 2023: no transfers), this position was subsequently disposed of as
at 31 December 2024. There were no transfers between level 1 and level 2.
Fair value estimation
13
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103 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Company values its holdings in Private Equity Investments based on the
NAV statements it receives from the respective underlying funds.
The Company values Debt Investments using third-party market data and broker quotes where
available. Where such information is not available, the Company uses models that take account
of factors that are relevant to each investment and that prioritise the use of observable inputs.
The fair value of investments in subsidiaries is considered to be the NAV of the
underlying subsidiaries which includes the fair value of investments held net of
other net current assets or liabilities. The fair value of the underlying investments
held are included within the Debt Investments disclosures as relevant.
The Company values unquoted equities in the Derived Equity portfolio using
recent transaction data where applicable or models that utilise comparable
company multiples applied to budgeted and historical earnings.
Movements in level 3 investments are summarised in the table below:
The unrealised losses attributable to only assets and liabilities held at
31 December 2024 were €26.2m (31 December 2023: €9.2m).
Significant unobservable inputs used in measuring fair value
13b

| Year ended 31 December 2024 |  |  |  | Year ended 31 December 2023 |  |  |
| Private Equity | Debt | Equity | Total | Private Equity | Debt | Equity | Total
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | €’000
Opening fair value | 890,740 | 9,988 | 5,212 | 905,940 | 870,958 | 9,658 | 5,152 | 885,768
Additions | 154,548 | - | - | 154,548 | 89,699 | – | – | 89,699
Disposals and repayments | (61,756) | (709) | - | (62,465) | (90,431) | – | – | (90,431)
Realised gains/(losses) on financial assets | 25,356 | (3,173) | - | 22,183 | 30,109 | – | – | 30,109
Unrealised (losses)/gains on financial assets | (30,065) | 4,040 | (212) | (26,237) | (12,238) | 330 | 60 | (11,848)
Unrealised gains on financial liabilities | – | - | – | – | 2,643 | – | – | 2,643
Transfers into Level 3 | – | 3,882 | – | 3,882 | – | – | – | –
Closing fair value | 978,823 | 14,028 | 5,000 | 997,851 | 890,740 | 9,988 | 5,212 | 905,940
Financial assets held at FVTPL | 978,823 | 14,028 | 5,000 | 997,851 | 891,235 | 9,988 | 5,212 | 906,435
Financial liabilities held at FVTPL | – | – | – | – | (495) | – | – | (495)

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104 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The table below sets out information about significant unobservable inputs used in
measuring financial instruments categorised as level 3 in the fair value hierarchy:
Significant unobservable inputs used in measuring fair value continued
13b

|  | Significant | Sensitivity to changes in significant | 31 December 2024 | 31 December 2023
Description | Valuation technique | unobservable inputs | unobservable inputs | valuation €’000 | valuation €’000
Private Equity financial assets | NAV adjusted for carried | NAV | The Company does not apply further discount | 978,823 | 891,235
| interest |  | or liquidity premiums to the NAV statements. |  |
|  |  | A movement of 10% in the value of Private Equity |  |
|  |  | Investments would move the NAV at the |  |
|  |  | year-end by 8.0% (31 December 2023: 6.9%). |  |
Private Equity financial liabilities |  |  |  | – | (495)
Debt Investments | The Company holds a | Probability of | On a look-through basis, the Company held one debt | 14,028 | 9,988
| convertible preferred | conversion | position (31 December 2023: one) which assumed that |  |
| instrument, the value |  | the instrument would convert. |  |
| of which is determined |  |  |  |
| by the instrument |  | If the conversion rate scenarios were blended this would |  |
| converting at the |  | result in a movement of 0.0% on NAV at year-end (31 |  |
| valuation date |  |  |  |
|  |  | December 2023: 0.0%). |  |
Derived Equity | Comparable company | Comparable | The Company held two equity positions | 5,000 | 5,212
| earnings multiples | company | (31 December 2023: two) which were valued using |  |
| and/or precedent | multiples | comparable company multiples. The average |  |
| transaction analysis |  | multiple was 9.4x (31 December 2023: 8.5x). |  |
|  |  | A movement of 10% in the multiple |  |
|  |  | applied would move the NAV at year-end |  |
|  |  | by 0.1% (31 December 2023: 0.1%). |  |

04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
105 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Shareholders’ capital
14
At 31 December 2024, the Company had 488,177,356 ordinary shares fully
paid with no par value in issue (31 December 2023: 491,100,768 shares). All
ordinary shares rank pari passu with each other, including voting rights.
During the period to 31 December 2024, a total of 6,547,321 ordinary shares were
repurchased in the market, including 3,623,909 of performance shares that were transferred
to AGML to settle the performance fee payable (see note 10). The remaining 2,923,412
ordinary shares were purchased for a total cost of €5.0m (average cost per share of
144p). These shares were held in a treasury share reserve account at the year-end.
The Company has one share class; however, a number of investors are subject to lock-up periods,
which restricts them from disposing of ordinary shares issued at admission. For investors
which had five-year lock-up periods at admission, all of these shares have been released
following the fifth anniversary on 15 June 2020. For investors with ten-year lock-up periods,
20% of ordinary shares were released from lock-up on 15 June 2021, with a further 20% being
released annually until 15 June 2025. Additionally, performance shares historically awarded
to the Investment Manager were subject to a one-year lock-up from the date of receipt.

|  | Year ended | Year ended
|  | 31 December 2024 | 31 December 2023
Ordinary shares in issue | Notes | no. of shares | no. of shares
Opening balance at beginning of the year/period |  | 491,100,768 | 491,100,768
Purchase of own shares |  | (6,547,321) | -
Performance shares |  | (3,623,909) | -
Treasury shares |  | (2,923,412) | -
Transfer of shares | 10 | 3,623,909 | -
Balance at end of the year/ period |  | 488,177,356 | 491,100,768
Ordinary shares in issue |  | 491,100,768 | 491,100,768
Treasury shares |  | 2,923,412 | -

04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
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GLOSSARY
106 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Earnings and NAV per share
15
At 31 December 2024, there were no items that would cause a dilutive effect on earnings per
share (2023: Nil). The adjusted earnings per share has been calculated based on the profit
attributable to shareholders adjusted for the total accrued performance fee at year-end over the
weighted average number of ordinary shares. This has been calculated on a full liquidation basis.
1. For periods prior to 1 January 2024, the number
of performance shares is calculated inclusive of
deemed realised performance shares that would
be issued utilising the theoretical performance
fee payable calculated on a liquidation basis. For
periods after 1 January 2024, as performance fees
accrued are to be settled in cash, no adjustments
are required.
2. For periods after 1 January 2024, as performance
fees accrued are to be settled in cash, no
adjustments are required. For periods prior to
1 January 2024, the calculation of Adjusted
Shares above assumes that new shares were
issued by the Company to the Investment
Manager in lieu of the performance fee. As per
the prospectus, the Company may also purchase
shares from the market if the Company is trading
at a discount to its NAV per share. In such a case,
the Adjusted NAV per share would be calculated
by taking the NAV at the period-end adjusted for
the performance fee reserve and then divided by
the current number of ordinary shares in issue.
At 31 December 2023, the Adjusted NAV per share
for both methodologies resulted in an Adjusted
NAV per share of €2.62 respectively.

| Year ended | Year ended
Earnings | 31 December 2024 | 31 December 2023
Profit or loss for the year attributable to equity shareholders: €’000 | 8,418 | 53,478
Total weighted ordinary shares | 490,415,480 | 491,100,768
Dilutive adjustments | - | –
Total diluted weighted ordinary shares | 490,415,480 | 491,100,768
Effect of performance fee adjustment on ordinary shares |  |
Performance shares to be awarded based on liquidation basis¹ | - | 3,545,262
Adjusted shares 2 | 490,415,480 | 494,646,030
Earnings per share (cents) |  |
Basic | 1.72 | 10.89
Diluted | 1.72 | 10.89
Adjusted | n/a | 10.81

NAV €’000 | 31 December 2024 | 31 December 2023
NAV at end of year/period | 1,226,688 | 1,294,164
NAV per share (€) |  |
NAV per share | 2.51 | 2.64
Adjusted NAV per share | 2.51 | 2.62

04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
107 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Capital management and dividends
Subsequent events
16
On 20 February 2025 the revolving credit facility was extended by six months, with a new expiry date
of 3 September 2027.
On 3 March 2025, the Board approved the final dividend for 2024, 5.50
pence per share (6.53 cents euro equivalent) (2023: 5.64 pence per share
(6.59 cents euro equivalent)) and this will be paid on 3 April 2025.
At the end of June 2024, the Board announced a new capital allocation framework.
This included fixing the dividend at 11.0p per annum, paid semi-annually, equivalent to
5.3% of 31 December 2024 NAV, as well as announcing a Distribution Pool of up to 5%
of NAV from excess cash flow from realisations which will be used to buy back shares
if the discount is wider than 23%. During the year, 2,923,412 shares were repurchased
from the market for a total cost of €5.0m, see note 14 for further details.
The ordinary shares are listed on the London Stock Exchange (“ticker: APAX”).
The Company’s capital management objectives are to maintain a strong capital
base to ensure the Company will continue as a going concern, maximise capital
appreciation and provide regular dividends to its shareholders. The Company’s
capital comprises non-redeemable ordinary shares and retained reserves.

| Year ended 31 December 2024 |  |  |  | Year ended 31 December 2023 |  |  |
Dividends paid to shareholders | €’000 | € | £’000 | £ | €’000 | € | £’000 | £
Final dividend paid for 2023/2022 | 32,364 | 6.59c | 27,698 | 5.64p | 32,462 | 6.61c | 28,582 | 5.82p
Interim dividend paid for 2024/2023 | 31,950 | 6.52c | 26,952 | 5.50p | 32,804 | 6.63c | 27,993 | 5.70p
Total | 64,314 | 13.11c | 54,650 | 11.14p | 65,266 | 13.24c | 56,575 | 11.52p

| Year ended 31 December 2024 |  |  |  | Year ended 31 December 2023 |  |  |
| €’000 | € | £’000 | £ | €’000 | € | £’000 | £
Final dividend proposed | 32,306 | 6.63c | 26,800 | 5.50p | 32,364 | 6.59c | 27,698 | 5.64p
Interim dividend paid | 31,950 | 6.52c | 26,952 | 5.50p | 32,804 | 6.63c | 27,993 | 5.70p
Total | 64,256 | 13.15c | 53,752 | 11.00p | 65,168 | 13.22c | 55,691 | 11.34p

On 3 March 2025, the Board approved the final dividend for 2024, 5.50
pence per share (6.63 cents euro equivalent) (2023: 5.64 pence per share
(6.59 cents euro equivalent)) and this will be paid on 3 April 2025.
On 4 September 2024, the Board approved an interim dividend for the
six months ended 30 June 2024, 5.50 pence per share (6.52 cents euro
equivalent) (2023: 5.70 pence per share (6.63 cents euro equivalent)).
The Board considered the Company’s future liquidity position and ability to pay dividends and
deemed it appropriate to maintain payment of the interim and final dividend in respect of 2024.
17
04 FINANCIAL STATEMENTS
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01 STRATEGIC
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GLOSSARY
108 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Directors (all Non-Executive)
Karl Sternberg (Chairman) (appointed 1 March 2024)
Stephanie Coxon (Chair of the Audit Committee)
Mike Bane
Susie Farnon
Alexander Denny (appointed 3 July 2024)
Tim Breedon CBE (retired 1 July 2024)
Chris Ambler (retired 1 March 2024)
Registered office of the Company
PO Box 656
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3PP
Channel Islands
Investment Manager
Apax Guernsey Managers Limited
Third Floor, Royal Bank Place
1 Glategny Esplanade
St Peter Port
Guernsey GY1 2HJ
Channel Islands
Investment Advisor
Apax Partners LLP
1 Knightsbridge
London
SW1X 7LX
United Kingdom
www.apax.com
Administrator, Company Secretary
and Depositary
Aztec Financial Services (Guernsey) Limited
PO Box 656
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3PP
Channel Islands
Tel: +44 (0)1481 749 700
AGA-admin@aztecgroup.co.uk
www.aztecgroup.co.uk
Corporate broker
Jefferies International Limited
100 Bishopsgate
London EC2N 4JL
United Kingdom
Investec Bank PLC
30 Gresham Street
London EC2V 7QP
Registrar
MUFG Corporate Markets (formerly Link Asset Services)
Mont Crevelt House
Bulwer Avenue
St Sampson
Guernsey GY2 4LH
Channel Islands
Tel: +44 (0) 871 664 0300
shareholderenquiries@cm.mpms.mufg.com
www.sharedeal.cm.mpms.mufg.com
Independent auditor
KPMG Channel Islands Limited
Glategny Court
St Peter Port
Guernsey GY1 1WR
Channel Islands
Association of investment companies – AIC
The AIC is the trade body for closed-ended investment
companies. It helps its member companies deliver better
returns for their investors through lobbying, media
engagement, technical advice, training, and events.
www.theaic.co.uk
Dividend timetable
Announcement: 4 March 2025
Ex-dividend date: 13 March 2025
Record date: 14 March 2025
Payment date: 3 April 2025
Stock symbol
London Stock Exchange: APAX
Shareholder information \ Administration
Enquiries
Any enquiries relating to shareholdings on the share
register (for example, transfers of shares, changes of
name or address, lost share certificates or dividend
cheques) should be sent to the Registrars at the address
given above. The Registrars offer an online facility at
www.signalshares.com which enables shareholders
to manage their shareholding electronically.
Investor relations
Enquiries relating to AGA’s strategy and results or if
you would like to arrange a meeting, please contact:
Investor Relations – AGA
Apax Partners LLP
1 Knightsbridge
London
SW1X 7LX
United Kingdom
Tel: +44 (0) 207 872 6300
investor.relations@apaxglobalalpha.com
04 FINANCIAL STATEMENTS
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01 STRATEGIC
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GLOSSARY
109 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
The Company’s investment policy is to make (i) Private
Equity Investments, which are primary and secondary
commitments to, and investments in, existing and future
Apax Funds, (ii) Debt Investments, which Apax will typically
identify as a result of the process that Apax Partners
undertakes in its private equity activities and which will
comprise direct or indirect investments other than Private
Equity Investments, including primarily investments in
public and private debt, (iii) Derived Equity, which represent
limited investments in equity, primarily in listed companies.
The Company will typically follow the Apax Group’s core
sector and geographical focus in making Debt Investments
and Derived Equity, which may be made globally.
For the foreseeable future, the Board believes that market
conditions and the relative attractiveness of investment
opportunities in private equity will cause the Company
to hold the majority of its investments in private equity
assets. The investment mix will fluctuate over time due to
market conditions and other factors, including calls for and
distributions from Private Equity Investments, the timing of
making and exiting Debt Investments and Derived Equity
and the Company’s ability to invest in future Apax Funds.
The actual allocation may therefore fluctuate according
to market conditions, investment opportunities and
their relative attractiveness, the cash flow requirements
of the Company, its dividend policy and other factors.
Private Equity Investments
The Company expects that it will seek to invest in
any new Apax Funds that are raised in the future.
Private Equity Investments may be made into Apax
Funds with any target sectors and geographic focus
and may be made directly or indirectly. The Company
will not invest in third-party managed funds.
Debt Investments
These investments may include among others: (i)
direct and indirect investments in Debt Instruments,
including public and private debt which may include
sub-investment grade and unrated Debt Instruments;
(ii) investments in the same or different types of
Debt Instruments in portfolio companies of the
Apax Funds; and may include (iii) acquisitions of Debt
Investments from Apax Funds or third-parties.
Derived Equity
These investments may include among others: (i) direct
and indirect investments in equity, including equity
in private and public companies; (ii) co-investments
with Apax Funds or third parties; (iii) investments in
restructurings; and (iv) controlling stakes in companies.
Investment restrictions
The following specific investment restrictions
apply to the Company’s investment policy:
• no investment or commitment to invest shall be
made in any Apax Fund which would cause the total
amounts invested by the Company in, together with
all amounts committed by the Company to, such
Apax Fund to exceed, at the time of investment or
commitment, 25% of the Gross Asset Value; this
restriction does not apply to any investments in or
commitments to invest made to any Apax Fund that
has investment restrictions restricting it from investing
or committing to invest more than 25% of its total
commitments in any one underlying portfolio company;
• not more than 15% of the Gross Asset Value
may be invested in any one portfolio company
of an Apax Fund on a look-through basis;
• not more than 15% of the Gross Asset
Value may be invested in any one Debt
Investment or Derived Equity; and
• in aggregate, not more than 20% of the Gross Asset
Value is intended to be invested in Derived Equity
securities of publicly listed companies. However,
such aggregate exposure will always be subject to an
absolute maximum of 25% of the Gross Asset Value.
Shareholder information \ Investment policy
The aforementioned restrictions apply as at the date
of the relevant transaction or commitment to invest.
Hence, the Company would not be required to effect
changes in its investments owing to appreciations
or depreciations in value, distributions or calls from
existing commitments to Apax Funds, redemptions or
the receipt of, or subscription for, any rights, bonuses or
benefits in the nature of capital or of any acquisition or
merger or scheme of arrangement for amalgamation,
reconstruction, conversion or exchange or any
redemption, but regard shall be had to these restrictions
when considering changes or additions to the Company’s
investments (other than where these investments are
due to commitments made by the Company earlier).
The Company may borrow in aggregate up to 25%
of Gross Asset Value at the time of borrowing to be
used for financing or refinancing (directly or indirectly)
its general corporate purposes (including without
limitation, any general liquidity requirements as
permitted under its Articles of Incorporation), which
may include financing short-term investments and/
or buybacks of ordinary shares. The Company does
not intend to introduce long-term structural gearing.
04 FINANCIAL STATEMENTS
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110 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Status and legal form
The Company is a Non-EU Alternative Investment Fund (“AIF”)
1
, being a closed-
ended investment company incorporated in Guernsey and listed on the London
Stock Exchange. The Company’s registered office is PO Box 656, East Wing,
Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3PP.
Remuneration disclosure
This disclosure contains general information about the basic characteristics of AGML’s (the
“AIFM”) remuneration policies and practices as well as some detailed information regarding
the remuneration policies and practices for Board Directors whose professional activities
have a material impact on the risk profile of Apax Global Alpha Limited (the “AIF”).
This disclosure is intended to provide the information contemplated by Section XIII of the
ESMA Guidelines on sound remuneration policies under the AIFMD and paragraph 8 of the
Commission Recommendation (2009/384/ EC of 30 April 2009 on remuneration policies in
the financial services sector) taking into account the nature, scale and complexity of the AIFM
and the AIFs it manages. The AIFM is a non-EU manager and the AIF is a non-EU closed-ended
investment company incorporated in Guernsey and listed on the London Stock Exchange.
The AIF is externally managed by the AIFM. The AIFM does not have any employees, however, it does
have a Board of Directors comprising five people, three of whom are employees of Apax Partners
Guernsey Limited (“APG”) and two of whom are Non-Executive Directors. No other persons are
remunerated directly from the AIFM for work in relation to the AIFM or the AIF. The Directors of the
AIFM fall within the Directive definitions as senior management and risk-takers as detailed below:
• “senior management” means the relevant persons responsible for the supervision of the AIFM
and for the assessment and periodical review of the adequacy and effectiveness of the risk
management process and policies of the AIFM; and
• “risk-takers” means all staff whose actions have a material impact on the AIFM’s risk profile or the
risk profile of the AIF and, given the size of the AIFM’s operations, includes all staff of the AIFM who
are involved directly or indirectly in the management of the AIF.
Shareholder information \ AIFMD
Alternative Investment Fund Managers Directive (“AIFMD”)
General description of policy
The Board of the AIFM has adopted a remuneration policy which applies to the Directors. The
overarching aim of the policy is twofold: (i) to ensure that there is no encouragement for risk-
taking at the level of the AIF which is inconsistent with the risk profile and investment strategy of
the AIF; and (ii) to encourage proper governance, risk management and the use of sound control
processes. All Directors are responsible for ensuring the AIF acts in accordance with its investment
policy and managing the AIFM’s risks effectively. The policy recognises that two of the Directors
areNon-Executive Directors and three Directors are Apax employees (the “Apax Directors”).
Remuneration (which excludes carried interest) paid to the Directors is not based on, or linked to, the
overall performance of the AIF. Other than described below, there is no variable component in the
remuneration paid to any of the Directors for their services on the Board and thus the policy does
not seek to identify quantitative and qualitative criteria by which the Directors’ performance can
be assessed for the purposes of adjusting a variable component of remuneration. Remuneration
paid to the Directors is therefore not based on, or linked to, the overall performance of the AIF.
General description of remuneration governance
The remuneration process is overseen by the AIFM Directors. The Board of the AIFM reviews the
remuneration policy annually. The Board of the AIFM ensures that the policy is transparent and easy
to understand.
Remuneration framework – objectives
The remuneration of Directors is described in the table below:
Type of remuneration Purpose
Non-Executive
Directors of
the AIFM
x2 persons
– contractual arrangement in place for their services
– receive a set amount of remuneration each quarter
– the remuneration of these Directors is detailed in the disclosed
remuneration value
APG employees
as Directors of
the AIFM
x3 persons
– the services principally provided by these Directors is included within
the total fee payable for services provided by the administrator
to the AIFM and the performance of these services forms part of
the employee’s duties. Where separate remuneration is made to
a Director via a contractual arrangement for their services this is
detailed in the disclosed remuneration value
Variable
remuneration
–
the AIFM may receive performance shares in the AIF (as part of
its performance fee shares awarded) and may choose to award a
proportion of those shares to the APG employees as Directors of the
AIFM or to other employees of the Apax Group on a discretionary basis
1. From the Directive – “Depending on their legal form,
it should be possible for AIFs to be either externally
or internally managed. An AIF should be deemed
externally managed when an external legal person
has been appointed as manager by or on behalf
of the AIF, which through such appointment is
responsible for managing the AIF”.
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111 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Quantitative disclosures
The table below shows the breakdown of remuneration for the fiscal
year ended 31 December 2024, for the Directors:
Total The total amount of fixed remuneration for the
reporting period paid by the AIFM to its Directors
£265,000
Performance
shares
The total number of performance shares awarded
free from consideration during the year
20,736
Carried interest Not applicable to the AIF
1
1. The AIF will not pay carried interest, which can be confirmed in its prospectus.
Sustainable risk finance disclosure regulation (2019/2088) (the “Disclosure Regulation”)
The AIFM makes the following disclosures in accordance with Article
6(1) and Article 7(2) of the Disclosure Regulation:
Integration of sustainability risks
The policy of the AIFM on the integration of sustainability risks in its investment
decision-making process is to rely on the responsible investment and sustainability
policies and procedures of Apax Partners LLP (the “Investment Advisor”) as set
out at: www.apaxglobalalpha.com/investment-portfolio/sustainability/
In line with the above policy, the AIFM and the Investment Advisor on which the AIFM
relies, has determined that sustainability risks are relevant to the AIF. It has reached this
determination, having had regard to the types of investments that may be made in accordance
with AIF’s investment policy and objectives, and has concluded that environmental or
social characteristics and sustainable investments are relevant but are not a key objective
for the AIF. It has therefore assessed that investments on behalf of AIF are likely to be
subject to specific sustainability risks and that the AIF returns may be impacted.
The portfolio of the AIF comprises different direct and indirect investments that may
change over time as a result of specific investment decisions made and accordingly the
identification and assessments of risks, including sustainability risks, will take place on an
investment-by-investment basis. The Investment Advisor’s assessment (on which the
AIFM relies) is that integration of sustainability risks in investment decisions, combined
with a diversified portfolio, is appropriate for the AIF. In light of its investment objective and
strategy, this should help mitigate the potential material negative impact of sustainability
risks on the returns of the AIF. Although there can be no assurance that all such risks will
be mitigated in whole or in part, nor identified prior to the date the risk materialises.
Transparency of adverse sustainability impacts
The Investment Advisor does not consider the adverse impacts of investment decisions on
sustainability factors in the manner prescribed by article 4 of the Disclosure Regulation. Article
4 of the Disclosure Regulation requires fund managers to make a clear statement as to whether
or not they consider the “principal adverse impacts” of investment decisions on sustainability
factors. Although the Investment Advisor takes sustainability and ESG very seriously, the
Investment Advisor could not gather and/or measure all of the data on which it expects to be
obliged by article 4 of the Disclosure Regulation to report, or could not do so systematically,
consistently, and at a reasonable cost to investors. This data gap is not expected to change
in the short term. This is because: (i) various underlying issuers (which may be global, and
many not public interest entities) are not obliged to, and overwhelmingly do not currently,
report by reference to the same data; or (ii) the underlying investments and issuers are still in
the process of considering their mandatory data collection and disclosure requirements.
Taxonomy regulation disclosure
The investments underlying this financial product do not take into account
the EU criteria for environmentally sustainable economic activities.
Material changes
Other than the new Disclosure Regulation, there have been no material changes to the
information disclosed under Article 23 of the AIFMD in the prospectus of the Company.
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112 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
NOTE:
All quarterly information included
in the tables above is unaudited.
1. Total Return for each respective sub-
portfolio has been calculated by taking
total gains or losses and dividing them
by the sum of Adjusted NAV or NAV
at the beginning of the period and the
time-weighted net invested capital. The
time-weighted net invested capital is
the sum of investments made during the
period less realised proceeds received
during the period, both weighted by the
number of days the capital was at work
in the portfolio. Adjusted NAV is used for
periods before 1 January 2024, whilst
NAV is used for periods thereafter.
2. Includes management fees and
other general costs. It also includes
FX on the euro returns table only.
Quarterly returns since 1Q19
Total Return
1
(Euro) Return attribution
Private Equity
Investments
Debt
Investments
Derived
Equity
Private Equity
Investments
Debt
Investments
Derived
Equity
Performance
fee Share buybacks Other
2
Total NAV
Return¹
1Q20 (11.6%) (7.7%) (25.1%) (8.0%) (1.8%) (1.8%) 0.0% - (0.3%) (11.9%)
2Q20 16.0% 7.0% 14.8% 11.1% 1.6% 0.7% 0.0% - (0.2%) 13.3%
3Q20 12.4% 2.1% (2.4%) 8.4% 0.4% (0.1%) 0.0% - (0.3%) 8.5%
4Q20 8.7% (0.1%) 36.1% 6.0% 0.0% 1.0% 0.0% - (0.1%) 6.9%
1Q21 13.7% 6.4% 18.3% 8.5% 1.6% 0.7% (0.2%) - (0.2%) 10.4%
2Q21 9.5% 1.4% 8.2% 6.1% 0.4% 0.3% (0.1%) - (0.2%) 6.5%
3Q21 13.6% 3.4% 6.5% 9.1% 0.9% 0.3% (0.2%) - (0.2%) 9.9%
4Q21 (0.6%) 2.7% (3.7%) (0.4%) 0.7% (0.1%) (0.1%) - (0.2%) (0.1%)
1Q22 (3.1%) 2.8% (0.7%) (2.0%) 0.6% 0.0% (0.2%) - (0.1%) (1.7%)
2Q22 (2.6%) 0.7% (10.0%) (1.8%) 0.1% (0.2%) 0.2% - (0.2%) (1.9%)
3Q22 3.0% 6.0% (2.9%) 2.1% 1.6% (0.1%) (0.3%) - (0.1%) 3.2%
4Q22 (8.2%) (6.2%) 8.0% (9.9%) 1.8% 0.5% 0.5% - (0.2%) (7.3%)
1Q23 1.8% 2.8% 4.3% 1.2% 0.9% 0.1% (0.1%) - (0.2%) 1.9%
2Q23 0.1% 2.6% (2.2%) 0.1% 0.9% 0.0% (0.2%) - (0.2%) 0.6%
3Q23 (1.7%) 5.6% (3.4%) (1.0%) 1.4% 0.0% (0.2%) - (0.3%) (0.1%)
4Q23 2.1% 0.9% 14.6% 1.5% 0.2% 0.2% 0.1% - (0.1%) 1.9%
1Q24 (1.7%) 3.5% 13.6% (1.2%) 0.9% 0.2% (0.2%) - (0.2%) (0.5%)
2Q24 (0.8%) (1.6%) (5.2%) (0.6%) (0.4%) (0.1%) 0.2% 0.0% (0.1%) (1.0%)
3Q24 0.3% (2.2%) 5.4% 0.2% (0.4%) 0.0% 0.0% 0.1% (0.1%) (0.2%)
4Q24 1.6% 8.9% (5.4%) 1.3% 1.6% 0.0% (0.2%) 0.1% (0.2%) 2.6%
2020 25.4% 0.2% (3.8%) 15.9% 0.0% (0.2%) 0.0% - (0.9%) 14.8%
2021 41.0% 13.4% 37.5% 25.0% 4.0% 1.3% (0.7%) - (0.9%) 28.7%
2022 (11.3%) 2.7% (7.4%) (7.3%) 0.6% (0.1%) 0.0% - (0.6%) (7.4%)
2023 2.4% 11.8% 14.8% 1.6% 3.3% 0.2% (0.5%) - (0.5%) 4.1%
2024 (0.5%) 7.5% 26.9% (0.4%) 1.5% 0.1% (0.2%) 0.2% (0.4%) 0.8%
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01 STRATEGIC
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GLOSSARY
113 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
NOTE:
All quarterly information included in the tables above is unaudited.
1. Total Return for each respective sub-portfolio has been calculated by taking total gains or losses and dividing them by the sum of Adjusted NAV or NAV at the beginning of the period and the time-weighted net invested capital. Thetime-weighted net invested capital is the
sum of investments made during the period less realised proceeds received during the period, both weighted by the number of days the capital was at work in the portfolio. Adjusted NAV is used for periods before 1 January 2024, whilst NAV is used for periods thereafter.
2. Includes management fees and other general costs. It also includes FX on the euro returns table only.
3. Includes the impact of FX movements on investments and FX on cash held during each respective period.
Quarterly returns since 1Q19 continued
Total Return
1
(constant currency) Return attribution
Private Equity
Investments
Debt
Investments
Derived
Equity
Private Equity
Investments
Debt
Investments
Derived
Equity
Performance
fee Other
2
Share buybacks FX
3
Total NAV
Return¹
1Q20 (11.6%) (8.6%) (23.5%) (7.9%) (2.0%) (1.7%) 0.0% (0.2%) - (0.1%) (11.9%)
2Q20 16.3% 8.4% 16.2% 11.4% 2.0% 0.8% 0.0% (0.2%) - (0.6%) 13.3%
3Q20 15.9% 5.7% (1.0%) 10.7% 1.2% 0.0% 0.0% (0.2%) - (3.2%) 8.5%
4Q20 11.0% 3.0% 37.2% 7.6% 0.7% 1.1% 0.0% (0.1%) - (2.4%) 6.9%
1Q21 9.6% 2.5% 14.1% 6.0% 0.7% 0.6% (0.2%) (0.2%) - 3.5% 10.4%
2Q21 10.2% 1.9% 9.2% 6.6% 0.5% 0.4% (0.1%) (0.2%) - (0.7%) 6.5%
3Q21 11.8% 1.5% 5.4% 7.9% 0.5% 0.2% (0.2%) (0.1%) - 1.6% 9.9%
4Q21 (2.3%) 1.0% (5.9%) (1.5%) 0.3% (0.1%) (0.2%) (0.2%) - 1.6% (0.1%)
1Q22 (5.4%) 0.3% (2.1%) (3.6%) 0.2% 0.0% (0.2%) (0.2%) - 2.1% (1.7%)
2Q22 (6.1%) (3.7%) (12.5%) (3.9%) (1.0%) (0.3%) 0.2% (0.2%) - 3.3% (1.9%)
3Q22 (1.6%) 0.4% (6.7%) (1.0%) 0.4% (0.1%) (0.3%) (0.2%) - 4.4% 3.2%
4Q22 (2.1%) 1.1% 14.6% (1.5%) 0.0% 0.3% 0.3% (0.2%) - (6.2%) (7.3%)
1Q23 2.6% 3.9% 4.9% 1.8% 1.2% 0.1% (0.1%) (0.2%) - (0.9%) 1.9%
2Q23 0.4% 3.1% (2.5%) 0.3% 1.0% 0.0% (0.1%) (0.2%) - (0.4%) 0.6%
3Q23 (3.6%) 3.4% (3.8%) (2.3%) 1.0% (0.1%) (0.2%) (0.3%) - 1.8% (0.1%)
4Q23 4.9% 3.9% 16.1% 3.3% 1.0% 0.2% (0.1%) 0.1% - (2.6%) 1.9%
1Q24 (3.2%) 1.8% 11.8% (2.3%) 0.5% 0.2% (0.2%) (0.1%) - 1.4% (0.5%)
2Q24 (1.3%) (2.2%) (5.1%) (1.0%) (0.6%) (0.0%) 0.2% (0.1%) 0.0% 0.5% (1.0%)
3Q24 2.2% 0.3% 9.3% 1.6% 0.1% 0.0% 0.0% (0.1%) 0.1% (1.9%) (0.2%)
4Q24 (2.8%) 3.5% (13.1%) (2.2%) 0.7% 0.0% (0.2%) (0.2%) 0.1% 4.4% 2.6%
2020 32.6% 7.4% 2.5% 20.6% 1.7% 0.1% 0.0% (0.8%) - (6.8%) 14.8%
2021 34.6% 6.9% 30.2% 21.0% 2.3% 1.1% (0.7%) (0.9%) - 5.9% 28.7%
2022 (14.8%) (1.7%) (8.6%) (9.5%) (0.4%) (0.2%) 0.0% (0.6%) - 3.3% (7.4%)
2023 4.5% 14.4% 16.8% 3.0% 4.0% 0.2% (0.6%) (0.5%) - (2.0%) 4.1%
2024 (4.6%) 2.9% 19.2% (3.3%) 0.7% 0.0% (0.2%) (0.4%) 0.2% 3.8% 0.8%
04 FINANCIAL STATEMENTS
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
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GLOSSARY
114 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
1. For annual periods the average weighting over four
quarters used.
2.
For periods before 1 January 2024, Adjusted
NAV represents the total NAV less share-
based payment performance fee reserve.
For periods from 1 January 2024, total NAV
and Adjusted NAV are equivalent as the
performance fee accrues as a liability instead
of a share-based equity reserve.
Portfolio allocation since 1Q19
Portfolio allocation
1
Portfolio NAV (€m) NAV (€m)
Private Equity
Investments
Debt
Investments
Derived
Equity
Net cash
and NCAs
Private Equity
Investments
Debt
Investments
Derived
Equity
Net cash
and NCAs
Total
NAV
Total Adjusted
NAV²
1Q20 69% 24% 4% 3% 643.1 221.4 44.3 27.4 936.2 936.2
2Q20 70% 22% 5% 3% 742.5 230.8 50.7 36.7 1,060.7 1,060.7
3Q20 70% 22% 3% 5% 784.1 243.4 32.3 64.3 1,124.1 1,124.1
4Q20 66% 23% 3% 8% 788.3 275.7 43.7 93.5 1,201.2 1,201.2
1Q21 64% 25% 4% 7% 830.7 322.8 46.1 99.9 1,299.5 1,296.6
2Q21 66% 28% 4% 2% 916.6 388.6 50.6 29.0 1,384.8 1,380.3
3Q21 68% 23% 3% 5% 1,016.1 348.8 51.5 73.2 1,489.6 1,483.0
4Q21 68% 20% 2% 10% 1,012.9 304.6 30.9 141.7 1,490.1 1,481.7
1Q22 65% 23% 2% 10% 918.4 327.1 30.7 145.7 1,421.9 1,419.6
2Q22 63% 24% 2% 11% 877.2 337.5 27.4 150.1 1,392.2 1,392.2
3Q22 66% 26% 2% 6% 922.4 369.6 24.9 89.3 1,406.2 1,402.1
4Q22 67% 26% 2% 5% 871.0 340.6 23.6 64.2 1,299.4 1,299.4
1Q23 69% 27% 2% 2% 887.7 343.6 24.4 37.3 1,293.0 1,291.4
2Q23 66% 26% 1% 7% 858.9 341.7 13.8 87.4 1,301.8 1,298.7
3Q23 67% 22% 1% 10% 849.5 283.2 13.1 124.1 1,269.9 1,264.2
4Q23 69% 23% 1% 7% 890.7 294.2 15.6 93.7 1,294.2 1,287.6
1Q24 72% 21% 1% 6% 898.3 263.1 18.1 71.7 1,251.2 1,249.2
2Q24 73% 18% 0% 9% 901.1 224.5 4.7 106.5 1,236.8 1,236.8
3Q24 77% 16% 0% 7% 922.6 189.0 4.9 82.9 1,199.4 1,199.4
4Q24 80% 16% 0% 4% 978.8 194.7 5.0 48.2 1,226.7 1,226.7
2020 69% 23% 4% 5% 739.5 242.8 42.8 55.5 1,080.6 1,080.6
2021 67% 24% 3% 6% 944.1 341.2 44.8 86.0 1,416.0 1,410.4
2022 65% 25% 2% 8% 897.2 343.7 26.7 112.3 1,379.9 1,378.3
2023 68% 24% 1% 7% 871.7 315.7 16.7 85.6 1,289.7 1,285.5
2024 75% 18% 1% 6% 925.2 217.9 8.2 77.4 1,228.6 1,228.1
04 FINANCIAL STATEMENTS
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03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
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01 STRATEGIC
REPORT
GLOSSARY
115 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Summary of fees
How fees are charged
1. Excludes Eligible Private Equity which represents c.2% of overall Private Equity portfolio.
2. Look-through management fees % calculates based on current management fee rate charged over AGA’s commitment.
3. Includes Derived Equity (<1%).
Fees paid by AGA
No layering of fees
No fees on cash
Private Equity
portfolio
companies
Fees paid by Apax Funds
- AGA benefits from
discounts that other
similar sized LPs pay
- Management fees
- Carried interest if
hurdle met
AGA invests as a
Limited Partner
into Apax Funds
Fees paid by AGA
- Management fees
- performance fee if
hurdle met
Portfolio
of Debt
Instruments
Private Equity (78%
1
of 31 December 2024 NAV)
For the Private Equity portfolio, fees are paid at the level of the Apax Funds. As AGA is typically a sizeable
investor in each of the Apax Funds, it benefits from fee discounts also made available to other investors
of similar size. Management fees of currently c.1.3%
2
of commitments.
Separate to this is carried interest which is accrued at the level of the Apax funds. As AGA is a Limited Partner
in these funds, Private Equity NAV reported by AGA is already net of this number and no additional
performance fee is charged by AGA.
Debt portfolio³ (16% of 31 December 2024 NAV)
At an AGA level, management fees and performance fees are only charged on the Debt portfolio, Derived
Equity, and Eligible Private Equity. Eligible Private Equity interests only represents c.2% of the overall
Private Equity portfolio and mainly relates to historic AEVI and AEVII commitments that AGA acquired on the
secondary market.The below table summarises the fees paid at an AGA level:
The performance fees are calculated based on the overall gains or losses net of management fees and Direct
Deal costs each financial year, and paid annually based on the respective fee and hurdle rates detailed above.
For each of the respective portfolios, the fees are calculated then combined to determine the total
performance fee payable. The performance fee is capped to ensure the net remains at or above the
respective portfolio hurdle rate. Any losses are carried over indefinitely until fully repaid.
Management fee Performance fee
Net portfolio Total Return hurdle Fee rate
Debt Investments 1.0% 6% 15%
Derived Equity and Eligible Private Equity 0.5% 8% 20%
04 FINANCIAL STATEMENTS
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GLOSSARY
116 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Ongoing charges in the reported period
Ongoing charges are calculated in line with
guidance issued by the AIC. They comprise
recurring costs such as administration
costs, management fees paid to AGML, and
management fees paid to the underlying Private
Equity funds’ general partners. They specifically
exclude deal costs, taxation, financing costs,
performance fees and other non-recurring
costs. A reconciliation between costs per
the financial statements and those used in
the ongoing charges is set out on the left.
1. Represents management
fees of the Apax Funds.
2. Represents the average of five
quarter-end reported NAVs from 31
December 2023 to 31 December 2024.
All in €’000
Operating costs
Total per statement of
profit or loss and OCI
Excluded from AIC
ongoing charges
Included in AIC
ongoing charges
Performance fee 2,861 2,861 -
Management fee 2,331 - 2,331
Admin and other expenses 3,180 181 2,999
Other admin and operating expenses 2,840 - 2,840
Deal transaction, custody and research costs 154 154 -
Legal and other professional fees 186 27 159
Total 8,372 3,042 5,330
Finance costs 3,958 3,958 -
Total costs 12,330 7,000 5,330
Look-through management fees¹ 18,880
Total ongoing charges 24,210
Average NAV² 1,242,971
% of Average NAV 1.9%
04 FINANCIAL STATEMENTS
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01 STRATEGIC
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GLOSSARY
117 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
AGA – Top gross portfolio holdings
(December 2023 restated¹)
Portfolio company Sector Geography Valuation €m % of Total
AssuredPartners Services North America 58.7 5%
TOI TOI & DIXI Services Europe 45.0 3%
PIB Group* Services Europe 44.8 3%
Trade Me* Internet/Consumer Rest of World 37.9 3%
Paycor Tech North America 37.4 3%
IBS Software Tech Rest of World 35.2 3%
Candela Healthcare North America 34.1 3%
Bonterra Tech North America 33.4 3%
Cole Haan Internet/Consumer North America 31.9 2%
SavATree Services North America 31.9 2%
Infogain* Tech North America 31.0 2%
Rodenstock Healthcare Europe 30.6 2%
Safetykleen Europe Services Europe 30.6 2%
Authority Brands Services North America 30.4 2%
Oncourse Home Solutions Services North America 29.4 2%
Odido Tech Europe 28.3 2%
Thoughtworks Tech North America 27.9 2%
Lutech Tech Europe 27.1 2%
Vyaire* Healthcare North America 27.0 2%
Cadence Education Internet/Consumer North America 25.7 2%
Bazooka Candy Brands Internet/Consumer North America 25.5 2%
EcoOnline Tech Europe 24.3 2%
Coalfire Tech North America 21.8 2%
Nulo Internet/Consumer North America 21.6 2%
Lexitas Services North America 20.6 2%
Alcumus Services Europe 19.7 2%
Palex Services Europe 19.5 2%
Eating Recovery Center Healthcare North America 19.4 2%
Ole Smoky Distillery Internet/Consumer North America 18.0 1%
Baltic Classifieds Group Internet/Consumer Europe 17.9 1%
Total Top 30 Gross Values 886.6 68%
Other investments 364.3 28%
Holdco facilities (108.1) (8%)
Carried interest (143.3) (11%)
Capital call facilities and other (108.8) (8%)
Total Private Equity 890.7 69%
1. Represents the restated Private Equity portfolio
investments stated on a gross basis, without
accounting for the impact of the Holdco facility.
*Denotes overlap with Debt portfolio.
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GLOSSARY
118 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
AGA – Top gross portfolio holdings continued
(March 2024 restated¹)
Portfolio company Sector Geography Valuation €m % of Total
AssuredPartners Services North America 56.7 5%
PIB Group* Services United Kingdom 49.3 4%
TOI TOI & DIXI Services Europe 40.7 3%
Trade Me* Internet/Consumer Rest of World 38.8 3%
Bonterra Tech North America 37.7 3%
Candela Healthcare North America 36.9 3%
SavATree Services North America 35.5 3%
IBS Software Tech Rest of World 34.2 3%
Safetykleen Europe Services United Kingdom 33.5 3%
Paycor* Tech North America 31.7 3%
Odido Tech Europe 31.2 3%
Authority Brands Services North America 30.7 3%
Lutech Tech Europe 30.6 3%
Cole Haan Internet/Consumer North America 30.5 2%
Rodenstock Healthcare Europe 29.1 2%
Cadence Education Internet/Consumer North America 28.3 2%
Bazooka Candy Brands Internet/Consumer North America 28.2 2%
Oncourse Home Solutions Services North America 28.2 2%
Infogain Tech North America 26.9 2%
EcoOnline Tech Europe 26.0 2%
Coalfire Tech North America 23.2 2%
Nulo Internet/Consumer North America 22.7 2%
Lexitas Services North America 20.8 2%
WGSN Internet/Consumer United Kingdom 20.4 2%
Alcumus Services United Kingdom 20.1 2%
ECI Tech North America 19.0 2%
Palex Services Europe 18.5 1%
Healthium Healthcare India 18.4 1%
Ole Smoky Distillery Internet/Consumer North America 18.1 1%
Idealista Internet/Consumer Europe 17.7 1%
Total Top 30 Gross Values 883.6 72%
Other investments 369.9 29%
Holdco facilities (114.4) (9%)
Carried interest (129.7) (11%)
Capital call facilities and other (111.1) (9%)
Total Private Equity 898.3 72%
1. Represents the restated Private Equity portfolio
investments stated on a gross basis, without
accounting for the impact of the Holdco facility.
* Denotes overlap with Debt portfolio.
04 FINANCIAL STATEMENTS
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01 STRATEGIC
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GLOSSARY
119 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Operating metrics
(reweighted¹)
1. Private Equity portfolio operating metrics
reweighted based on investments stated
on a gross basis, without accounting for
the impact of the Holdco facility.
2. Gross Asset Value weighted average of the
respective metrics across the portfolio.
Investments can be excluded for reasons such
as: investments in the financial services sector;
companies with negative EBITDA (or moving
from negative to positive EBITDA in the case of
growth metrics); investments that are written
off; companies where EBITDA is not meaningful
for company specific reasons. Due to these
adjustments, the comparatives may not be on a
like for like basis. LTM EBITDA Growth and LTM
Revenue Growth represents 89% of Private
Equity portfolio NAV, net debt/EBITDA Multiple
and Enterprise Value/EBITDA Valuation Multiple
represents 80% of Private Equity portfolio NAV.
3. References to NAV prior to 1 January 2024
means Adjusted NAV, which reflects NAV
adjusted by the performance fee reserve.
For periods after 1 January 2024, the
performance fee is paid in cash, therefore the
liability accrued is already included in NAV.
Portfolio
year-over-year
LT M EBITDA
growth
2
Portfolio
year-over-year
LT M revenue
growth
2
Enterprise
valueMar/EBITDA
valuation multiple
2
Net debt/EBITDA
multiple
2
Jun-24 18.2% 9.2% 17.1x 4.4x
Jun-24
reweighted 15.6% 8.7% 17.1x 4.3x
Mar-24 18.0% 10.7% 16.8x 4.4x
Mar-24
reweighted 16.8% 10.5% 16.9x 4.4x
Dec-23 18.0% 12.1% 16.6x 4.6x
Dec-23
reweighted 16.5% 11.5% 16.6x 4.4x
Jun-23 14.1% 16.0% 16.3x 4.4x
Jun-23
reweighted 13.7% 15.5% 16.6x 4.2x
Listed equities look-through % of invested portfolio (reweighted¹).
Dec-24 Sep-24 Jun-24 Mar-24 Dec-23
% of invested portfolio
Listed PE % – – 2% 3% 5%
Listed PE % reweighted 2% 4% 6% 6% 8%
% of NAV
3
Listed PE % – – 2% 4% 6%
Listed PE % reweighted 2% 4% 7% 7% 10%
Listed equities look-through (reweighted
2
)
Glossary
04 FINANCIAL STATEMENTS
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GLOSSARYOVERVIEW
120 | Apax Global Alpha | Annual Report and Accounts | 2024
04 FINANCIAL STATEMENTS
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INFORMATION
03 GOVERNANCE &
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02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
121 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
AGA uses a number of APMs that are not specifically
defined under IFRS, providing investors with
additional metrics to see the Company’s
performance. These APMs may not be directly
comparable to those used by other companies.
For periods prior to 1 January 2024, AGA uses
Adjusted NAV and Total NAV Return. The purpose
was to show shareholders the NAV which was due
to them, net of the performance fee reserve.
Performance fees accrued from 1 January 2024 will
now be settled in cash. This results in a liability
being recognised on the statement of financial
position instead of an equity settled reserve. Going
forward, Total NAV and Total NAV Return represent
the NAV net of the performance fee which
reconcile to the IFRS statement numbers and
returns and are therefore not included in APMs.
A summary of the APMs and their calculation
methods is outlined below:
Adjusted NAV calculated by adjusting the NAV at
reporting periods prior to 1 January 2024, by the
estimated performance fee reserves.
Adjusted NAV per share calculated by dividing the
Adjusted NAV by the number of shares in issue.
This should be used instead of NAV per share for
reporting periods prior to 1 January 2024.
Cumulative Return calculated on the movement
in NAV or Adjusted NAV taking into account
any dividends paid during the respective period.
Annualised Cumulative Return calculated based
on the internal rate of return (“IRR”) using the
opening NAV or Adjusted NAV, dividend paid and
closing NAV or Adjusted NAV for the period stated.
Adjusted NAV is used for periods before 1 January
2024, whilst NAV is used for periods thereafter.
Gross IRR means an aggregate, annual,
compound, internal rate of return calculated on
the basis of cash receipts and payments together
with the valuation of unrealised investments at
the measurement date. Foreign currency cash
flows have been converted at the exchange rates
applicable at the date of receipt or payment. For
the underlying Private Equity, Gross IRR does not
reflect expenses to be borne by the relevant
investment vehicle or its investors including,
without limitation, performance fees,
management fees, taxes and organisational,
partnership or transaction expenses.
Gross MOIC calculated based on the expected
aggregate cash flows to AGA in EUR since
inception. Foreign currency cash flows have been
converted at the exchange rates applicable at the
date of receipt or payment.
Portfolio Total Return means the sub-portfolio
performance in a given period, and is calculated
bytaking total gains or losses and dividing them
by the sum of GAV at the beginning of the period
and the time-weighted net invested capital. The
time-weighted net invested capital is the sum of
investments made during the period less realised
proceeds received during the period, both
weighted by the number of days the capital was
atwork in the portfolio. Portfolio Total Return
isgross of performance fees but net of
management fees and relevant Direct Deal costs.
Total NAV Return for the year means the return
on the movement in the NAV or Adjusted NAV per
share at the end of the year together with all the
dividends paid during the year, divided by the NAV
or Adjusted NAV per share at the beginning of the
year. Adjusted NAV or NAV per share used in the
calculation is rounded to five decimal places.
Adjusted NAV per share is used for periods before
1 January 2024, whilst NAV per share is used for
periods thereafter.
Alternative Performance Metrics (“APM”) Glossary
Total Return under the Total Return calculation,
the sub-portfolio performance in a given period
can be evaluated by taking the total gains or
losses and dividing them by the sum of NAV or
Adjusted NAV at the beginning of the period and
the time-weighted net invested capital. The
time-weighted net invested capital is the sum of
investments made during the period less realised
proceeds received during the period, both
weighted by the number of days the capital was
atwork in the portfolio.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
122 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Glossary
EBITDA means earnings before interest,
tax, depreciation and amortisation.
Eligible Portfolio means the Debt
Investments, Derived Equity and Eligible
Private Equity Investments portfolios.
Eligible Private Equity means the Private
Equity Investments eligible for management
fees and performance fee. It represents
interests in Private Equity Investments held
that do not pay fees at the Apax Fund level.
ESG means environmental, social and governance.
EV means enterprise value.
FRC means Financial Reporting Council.
FVTPL means fair value through profit or loss.
FX means foreign exchange.
Gross Asset Value or GAV means the Net
Asset Value of the Company plus all liabilities
of the Company (current and non-current).
Gross IRR means an aggregate, annual, compound,
internal rate of return calculated on the basis
of cash receipts and payments together with
the valuation of unrealised investments at the
measurement date. Foreign currency cash flows
have been converted at the exchange rates
applicable at the date of receipt or payment.
For the underlying Private Equity, Gross IRR
does not reflect expenses to be borne by the
relevant investment vehicle or its investors
including, without limitation, performance fees,
management fees, taxes and organisational,
partnership or transaction expenses.
ADF means the limited partnerships that
constitute the Apax Digital Private Equity Fund.
ADF II means the limited partnerships that
constitute the Apax Digital II Private Equity Fund.
Adjusted NAV calculated by adjusting the NAV
at reporting periods prior to 1 January 2024,
by the estimated performance fee reserves.
Adjusted NAV per share calculated by dividing the
Adjusted NAV by the number of shares in issue.
This should be used instead of NAV per share
for reporting periods prior to 1 January 2024.
AEVI means the limited partnerships that
constitute the Apax Europe VI Private Equity Fund.
AEVII means the limited partnerships that
constitute the Apax Europe VII Private Equity Fund.
AGI means the limited partnerships that
constitute the Apax Global Impact Fund.
AGML or Investment Manager means
Apax Guernsey Managers Limited.
AI means artificial intelligence.
AIX means the limited partnerships that
constitute the Apax IX Private Equity Fund.
AMI means the limited partnerships
that constitute the AMI Opportunities
Fund focused on investing in Israel.
AMI II means the limited partnerships
that constitute the AMI Opportunities II
Fund focused on investing in Israel.
Apax Global Alpha or Company or AGA
means Apax Global Alpha Limited.
Apax Group means Apax Partners LLP and its
affiliated entities, including its sub-advisors, and
their predecessors, as the context may require.
Apax Partners or Apax or Investment
Advisor means Apax Partners LLP.
Apax Private Equity Funds or Apax Funds
means Private Equity funds managed, advised
and/or operated by Apax Partners.
APFS means Apax Partners Fund Services Limited.
APG means Apax Partners Guernsey Limited.
AVIII means the limited partnerships that
constitute the Apax VIII Private Equity Fund.
AX means the limited partnerships that
constitute the Apax X Private Equity Fund.
AXI means the limited partnerships that
constitute the Apax XI Private Equity Fund.
Aztec or Aztec Group means Aztec
Financial Services (Guernsey) Limited.
Capital Markets Practice or CMP consists of a
dedicated team of specialists within the Apax
Partners Group having in-depth experience of the
leveraged finance debt markets, including market
conditions, participants and opportunities. The
CMP was initially set up to support the investment
advisory teams within the Apax Group in
structuring the debt component of a private equity
transaction. The CMP has over the years expanded
its mandate to working alongside the investment
advisory teams to advise on Debt Investments.
Cumulative Return calculated on the movement
in NAV or Adjusted NAV taking into account
any dividends paid during the respective period.
Annualised Cumulative Return calculated based
on the internal rate of return (“IRR”) using the
opening NAV or Adjusted NAV, dividend paid and
closing NAV or Adjusted NAV for the period stated.
Adjusted NAV is used for periods before 1 January
2024, whilst NAV is used for periods thereafter.
Debt Investments comprise investments including
primary investments in public and private debt. In
each case, these are typically identified by Apax
Partners as part of its private equity activities.
Derived Equity comprise investments
including primary investments in in equity,
primarily in listed companies. In each case,
these are typically identified by Apax Partners
as part of its private equity activities.
Direct Deal costs means costs directly
attributable to the due diligence and execution
of deals completed by the Company (such
as broker fees and deal research costs). For
avoidance of doubt, it excludes taxes payables
and general fund and administration costs.
04 FINANCIAL STATEMENTS
& SHAREHOLDER
INFORMATION
03 GOVERNANCE &
RISK MANAGEMENT
02 INVESTMENT MANAGER’S
REPORT
01 STRATEGIC
REPORT
GLOSSARY
123 |Apax Global Alpha|Annual Report and Accounts|2024
OVERVIEW
Glossary continued
used for periods before 1 January 2024, whilst
NAV per share is used for periods thereafter.
Total Return under the Total Return calculation,
the sub-portfolio performance in a given period
can be evaluated by taking the total gains or
losses and dividing them by the sum of NAV or
Adjusted NAV at the beginning of the period
and the time-weighted net invested capital.
The time-weighted net invested capital is the
sum of investments made during the period
less realised proceeds received during the
period, both weighted by the number of days
the capital was at work in the portfolio. Adjusted
NAV is used for periods before 1 January 2024,
whilst NAV is used for periods thereafter.
Total Shareholder Return or TSR
for the period
means the net share price change together
with all dividends paid during the period.
Unaffected Valuation is determined as the
fair value in the last quarter before exit, when
valuation is not affected by the exit process
(i.e. because an exit was signed, or an exit
was sufficiently close to being signed that the
Apax Funds incorporated the expected exit
multiple into the quarter-end valuation).
IFRS means International Financial
Reporting Standards.
Invested Portfolio means the part of AGA’s
portfolio which is invested in Private Equity,
Debt Investments and Derived Equity,
however, excluding any other investments
such as legacy hedge funds and cash.
Investor relations team means such investor
relations services as are currently provided
to AGA by the Investment Advisor.
IPO means initial public offering.
KPI means key performance indicator.
LCA means Life Cycle Assessment.
LSE means london Stock Exchange.
LT M means last twelve months.
Market capitalisation is calculated by multiplying
the share price at a particular date by the
number of shares in issue on the same date.
The euro equivalent is translated using the
exchange rate at the reporting period date.
MOIC means Multiple on Invested Capital.
Gross MOICs are calculated based on the
expected aggregate cash flows to AGA in EUR
since inception. Foreign currency cash flows
have been converted at the exchange rates
applicable at the date of receipt or payment.
NAV per share calculated by dividing the
NAV by the number of shares in issue.
Net Asset Value or NAV means the value
of the assets of the Company less its
liabilities as calculated in accordance with
the Company’s accounting policies.
NTM means next twelve months.
OCI means other comprehensive income.
Ongoing charges are the Company’s ongoing
charges which are calculated in line with guidance
issued by the AIC. They comprise recurring costs
such as administration costs, management fees
paid to AGML and management fees paid to the
underlying Private Equity funds’ general partners.
They specifically exclude deal costs, taxation,
financing costs, performance fees and other
non-recurring costs. A reconciliation between
costs per the financial statements and those
used in the ongoing charges is set out on p.116.
Operational Excellence Practice or OEP
means professionals who support the Apax
Funds’ investment strategy by providing
assistance to portfolio companies in specific
areas such as devising strategies, testing
sales effectiveness and cutting costs.
Performance fee reserve is the estimated
performance fee reserve calculated in line with
the Investment Management Agreement.
Portfolio Total Return means the sub-portfolio
performance in a given period, and is calculated
by taking total gains or losses and dividing them
by the sum of GAV at the beginning of the period
and the time-weighted net invested capital. The
time-weighted net invested capital is the sum
of investments made during the period less
realised proceeds received during the period,
both weighted by the number of days the capital
was at work in the portfolio. Portfolio Total
Return is gross of performance fees but net of
management fees and relevant Direct Deal costs.
Private Equity Investments or Private Equity
means primary commitments to, secondary
purchases of commitments in, and investments
in, existing and future Apax Funds.
RCF means Revolving Credit Facility.
Reporting period means the period from
1 January 2024 to 31 December 2024.
Total NAV Return for a year/period means the
return on the movement in the NAV or Adjusted
NAV per share at the end of the period together
with all the dividends paid during the period,
divided by the NAV or Adjusted NAV per share at
the beginning of the period/year. Adjusted NAV or
NAV per share used in the calculation is rounded
to five decimal points. Adjusted NAV per share is
If you would like to learn more about AGA or would like
to contact a member of the Investor Relations Team.
Tel: +44 207 666 6526
Email: investor.relations@apaxglobalalpha.com