Apax Global Alpha share price rises after IPO as parent floats new listed vehicle on London market

Michael Bow
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Investments previously held by Apax chairman Halusa are up for grabs
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.

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