Apax VIII and Apax IX post higher valuations than Q4 2019

Katharine Hidalgo
22 July 2020

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Apax has announced its valuations for Apax VIII and Apax IX as of 30 June 2020.

A source close to the situation told Unquote that Apax VIII and Apax IX saw a sharp rebound in valuations in June 2020 compared with March 2020, with Apax VIII up 14.4% and Apax IX up 19.8% in euros.

Both funds have valuations of more than 3% higher than on 31 December 2019.

The performance was driven by an overall rebound in public equity markets and by exposure to sectors such as software, technology-enabled services and online marketplaces, according to a statement from Salim Nathoo, member of the investment committee of Apax Global Alpha. He said these sectors have proven more resilient to Covid-19's economic impacts and benefit from long-term structural growth.

Apax Global Alpha is a listed entity that has a portfolio of private equity and derived investments, and is an LP in the funds.

Apax VIII closed on €5.8bn in June 2013 and was fully deployed as of June 2017. LPs in the fund include the Canada Pension Plan Investment Board with a €350m commitment, the Florida State Board of Administration with a commitment of €150m and the Minnesota State Board of Investment with a commitment of $200m.

Apax IX closed on $9bn in December 2016 and was 92% deployed in December 2019. The fund portfolio includes companies such as Inmarsat, Matches Fashion and Unilabs.