Apax seeks €250m London listing for public vehicle

Tweet
Facebook
LinkedIn
Google plus
Send to

Apax Partners is pursuing a listing for investment vehicle Apax Global Alpha on the London Stock Exchange, allowing the public to invest in the GP's funds.

The GP is looking to raise a total of €250m from the public offering, of which €135m has already been committed by cornerstone investors.

Global Alpha is scheduled to begin trading on 15 June, and is targeting an annualised total shareholder return of 12-15% net of fees and expenses, as well as a 5% dividend yield of its NAV, once the fund is fully invested.

Apax will administrate the fund through its advisory firm and Global Alpha will invest in the GP's private equity funds as well as derived investments, mainly debt and equity.

Ahead of the listing, Global Alpha will acquire PCV Lux and its subsidiaries. PCV Lux is an investment vehicle that has until now been used by partners and employees at Apax to invest in four of the GP's private equity funds, and also performed some debt and equities investments. Its investments had an estimated €611.1m NAV at the end of March 2015.

Current Apax partners and employees who have committed capital to the fund are locked in for six years, following which they can divest no more than 20% per year. Shareholders investing before the IPO will be subject to a one-year lockup period, and a subsequent sell-down limit of 20% per year.

Tim Breedon will be the chairman of Apax Global Alpha.