Hardman & Co Research on Apax Global Alpha (Initiation of coverage):
Making pearls out of oysters

Apax Global Alpha’s (AGA) core is the investment in the Apax Private Equity Funds, which, in turn, target the acquisition of private companies, whose performance is then transformed by Apax’s global insights and operational expertise. On average, investee company EBITDA growth accelerates by 15%, and margins improve by 8%. They become more valuable, and their sale relative multiple is typically ca.30% higher than on purchase. Repeating this playbook in four sectors with resilient, secular growth, has given investors 2.5x the total returns of the FTSE All-Share index since IPO. Exit uplifts prove a conservative NAV, and AGA’s strong outperformance through the COVID-19 turbulence proves its resilience. The current discount is 30%.

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