Shares in Apax’s new £585m listed fund Apax Global Alpha rose nearly five per cent as trading kicked off in the stock on the London stock exchange yesterday.
The private equity firm raised £218.2m from investors last week to float the fund on London’s main market.
The vehicle is comprised of investments made by Apax executives – including chairman Martin Halusa – and includes stakes in pub owner Spirit Pub Company and Apax buyout funds.
The fund’s chairman, former Legal & General boss Tim Breedon, said: “It is exciting to see Apax Global Alpha successfully complete its move into the public markets... Investors will gain exposure to Apax’s track record in private equity as well as attractive derived Investment opportunities as part of a diversified portfolio.”
Shares in the fund priced at 119.2p but rose to close at 124.75p yesterday. The combined value of all the funds’ investments totals €611m (£442m).
Apax’s listed vehicle is part of a growing trend in alternative investment to offer retail investors exposure to funds traditionally only offered to wealthy institutional investors.
Investment manager Bill Ackman listed a closed end fund in Amsterdam earlier this year based on his Pershing Square Capital hedge fund.