APAX Global announce a final dividend of 5.28p per share declared for the full year 2020, in line with AGA's stated dividend policy of distributing 5% of NAV per annum.
Other financial highlights include:
Strong full year performance delivered a Total NAV Return of 14.8% (21.6% constant currency) despite a challenging Covid-19 backdrop
Benefitted from sector-driven strategy and portfolio weighting towards Tech and Digital (47% of invested portfolio) which proved more resilient against the impact of Covid-19.
Private Equity portfolio was the key driver of strong full year results, achieving 25.4% Total Return, and AGA received distributions of €207.3m during the period. The average uplift on Private Equity exits was 40% to previous Unaffected Valuations.
Continued to invest in attractive opportunities with nine new Private Equity investments in Apax X and the Apax Digital Fund, primarily in technology.
Robust performance of Derived Debt portfolio impacted by currency headwinds (0.2% Total Return, 7.4% constant currency Total Return).
Healthy liquidity position with €93.5m of available cash and an unused revolving credit facility of €140.0m, and which post-period end was converted to an evergreen structure. Derived Investments of €319.4m provide a further source of capital flexibility.