Apax Partners to acquire Apax Global Alpha for $1.1bn.

Apax Partners, a private equity firm, agreed to acquire Apax Global Alpha, an investment trust focused on private equity investments, for $1.1bn. "Since inception, AGA has offered investors access to a diversified portfolio of private companies in the technology, services and internet/consumer sectors. The AGA Board has overseen the highest return of capital of any of its listed private equity trust sector peers, primarily via an annual dividend, amounting to €508m in total, equivalent to 57 per cent. of IPO NAV. However, like its peers in the listed private equity trust sector, AGA has faced persistent challenges - a widening discount to NAV, persistent selling from investors, a lack of a forthcoming re-rating and a reduction in new buyers," Karl Sternberg, AGA Chairman.