Apax Global Alpha Ltd on Thursday said net asset value fell during the third quarter of its current financial year, as its total return was hurt by currency movements.

The closed-ended investment company providing access to the private equity funds of investment adviser Apax Partners LLP said net asset value per share on September 30 was €2.45, down 2.8% from €2.52 at June 30.

NAV at September 30 was €1.20 billion, down 3.3% from €1.24 billion on June 30.

NAV per share total return for the three months that ended September 30 was negative 0.2%, due to foreign exchange headwinds. At constant currency, total return in the quarter was 1.7%.

Chair Karl Sternberg said: ‘Following a challenging start to the year, performance across the portfolio is improving with the underlying private equity portfolio companies posting good earnings growth in the period.

‘In addition to the regular dividend which has been a core feature of Apax Global Alpha since its initial public offering, the board is now able to support further net asset value accretion via buybacks, and we remain focused on generating value for shareholders.’

Apax Global Alpha has returned around €67 million to shareholders since the start of the year through dividends and share buybacks.

Shares in Apax Global Alpha were down 0.4% at 139.20 pence each in London on Thursday afternoon.

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