Post-Lock Up Period Ended, Future Fund Readies Sales for Top Position in Apax Global Alpha
Posted on 03/18/2021
Jefferies International Ltd said Australia’s Future Fund Board of Guardians plans to sell 32,701,581 million shares, or 6.66% equity ownership, in Apax Global Alpha Limited through an accelerated bookbuild. The price will be determined through the bookbuild process. Jefferies International is acting as sole global coordinator in relation to the placing, and Guernsey-based private equity and derived investments-focused firm Apax Global will not receive any proceeds. The Future Fund is the largest shareholder in Apax Global Alpha. The other top two shareholders are Matthews International Capital Management LLC at 6.18% ownership, and Witan Investment Trust plc at 6.11% ownership.
Apax Global Alpha aims to provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments. Apax Global Alpha is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on June 15, 2015. It is regulated by the Guernsey Financial Services Commission. In July 2019, Apax Global Alpha made a commitment of around US$ 450 million to Apax X.
The Future Fund was a key investor before the fund went public, owning shares in Apax Guernsey (Holdco) PCC Limited. As at March 31, 2015, the PCV Lux S.C.A. had direct and in direct investments and/or commitments to invest in four Apax Private Equity Funds as well as 15 investments in corporate and other debt and 12 investments in publicly-listed equities. As at March 31, 2015, PCV’s portfolio had an estimated net asset value of 611.1 million euros (570.6 million euros excluding legacy hedge funds, cash and cash-equivalents, and net current assets).
