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The information contained herein and on the pages that follow is directed at persons in the United Kingdom who are professional investors, investment professionals, high net worth investors, and/or advised individual investors who understand the risks involved in investing in the Company. If you do not reside in the UK, and you choose to access this Site, it is your responsibility to comply with any applicable laws to which you are subject. If you are not permitted to view the materials on this website or are in any doubt as to whether you are permitted to view the materials, please exit this webpage.
The information is not directed at persons in any jurisdiction where the Company is not authorised to engage in any investment business or activity requiring registration or authorisation.
In particular, the ordinary shares of the Company may not be offered, sold or delivered, directly or indirectly, within the United States, Canada, Japan, Australia, South Africa, Singapore, Hong Kong, or the European Economic Area (with the exception of the Netherlands, Luxembourg, Belgium, Denmark, Sweden and Ireland and then only to professional investors in each such jurisdiction). If you are visiting this site from a country in which the shares of the Company cannot be offered or sold, you agree that you will not seek to acquire any shares of the Company unless such acquisition can be effected in the secondary market without breaching the securities and other laws to which you are subject.
If you are a US Person, you agree that you will not seek to acquire shares of the Company unless you are a “Qualified Purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940 and an “Accredited Investor” as defined in Rule 501 of Regulation D, in a transaction not subject to the registration requirements of the U.S. Securities Act of 1933.
You also agree that you will not acquire or hold any shares of the Company with the assets of (i) an “employee benefit plan” as defined in Section 3(3) of the US Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA; (ii) a “plan” as defined in Section 4975 of the US Internal Revenue Code of 1986, as amended (the “US Tax Code”), including an individual retirement account (“IRA”) or other arrangement, that is subject to Section 4975 of the US Tax Code; (iii) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements that are subject to Title I of ERISA or Section 4975 of the US Tax Code; or (iv) a plan, fund or other program that provides for retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment (including for example, a governmental, church, non-US or other employee benefit plan) that is subject to any federal, state, local or non-US law or regulation that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the US Tax Code (collectively, “Similar Laws”), and whose purchase, holding, or disposition of the shares (a) could subject the Company (and Persons responsible for the investment of the Company’s assets) to any applicable Similar Law or (b) would constitute or result in a violation of any applicable Similar Law (each of the plans, accounts, funds, programs and arrangements described in clauses (i), (ii), (iii) and (iv) are referred herein to as “Plans”).
Nothing in this site should be construed as being personal financial advice. You should contact your professional adviser if you have any queries about the suitability of an investment in shares of the Company. If you should choose to enter into any transaction in relation to the shares of the Company based on any information obtained from this site, you should consult with your financial, tax, or investment advisor, or otherwise seek appropriate professional advice tailored to your situation. All investments involve a degree of risk. In particular:
The materials contained on the website may contain certain “forward-looking statements” regarding the belief or current expectations of the Company, Apax Guernsey Managers Limited (the “Investment Manager”) and Apax Partners LLP (the “Investment Adviser”) and members of their management and/or board of directors about the financial condition, results of operations and business of the Company. Such forward-looking statements are not guarantees of future performance. Rather, they speak only as of their date, are based on views and assumptions held at that time and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of the Company, the Investment Manager and the Investment Adviser and are difficult to predict, that may cause the actual results, performance, achievements or developments of the Company or the industry in which it operates to differ materially from any future results, performance, achievements or developments expressed or implied from the forward-looking statements.
Access to this website is provided free of charge, but “as is” and “as available”, and no representations or warranties are given with respect its contents. The Company endeavors to ensure that the information on this website is reliable, but we do not warrant or represent that the information is accurate, complete or current. Your use of this website and any of its content is at your own risk.
Neither the Company nor any of its affiliates, officers, directors, employees and agents is responsible for, or accepts any liability in respect of, any information on any other website that may be linked to this website by a third party.
These terms and conditions shall be governed by, and interpreted in accordance with, the laws of England and Wales and you agree that the courts of England and Wales shall have exclusive jurisdiction in relation to the matters set out in this agreement.
In our initiation note, 'Making pearls out of oysters', we noted AGA mainly invests in Apax PE funds. They acquire private companies, whose performance is then transformed by Apax’s global insights and operational expertise. On average, investee company EBITDA growth accelerates by 15%, and margins improve by 8%. They become more valuable, and on sale, their relative multiple is typically ca.30% higher than on purchase. Repeating this playbook in four sectors with resilient, secular growth has given investors market-beating returns since IPO. Exit uplifts prove a conservative NAV, and AGA’s strong outperformance through downturns show its resilience. The discount is 30%.
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