Apax’s buyout assets drive listed fund up

 
Michael Bow
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A LISTED fund floated by private equity firm Apax earlier this year unveiled an eight per cent rise in the adjusted value of investments in maiden results yesterday.

The company floated on the London stock exchange in June and is comprised of investments made by Apax executives – including chairman Martin Halusa – and the firm’s buyout funds.

The listed fund’s adjusted net asset value rose to €877.9m (£567.7m) from €812.9m for the half year period but fell over the quarter, from €881.7m at the end of March.

Private equity investments, which make up about 46 per cent of the fund’s investments, jumped by 33 per cent in net asset value over the half year. The other half of the fund is invested in so-called derived investments, which are investments in stocks and bonds.

Apax said the outlook for private equity was good for future investments. “In North America, the investment manager considers buyout entry price points to be more attractive than they were during most of 2014, partly due to a regulatory environment which is aimed at dampening excess leverage in private equity buyouts,” it said.