Apax Launches Listed Investment Trust From Guernsey

Apax Partners is dipping its toe into the public markets with the creation of Apax Global Alpha, a €250 million listed investment trust domiciled in Guernsey.

The vehicle, which is a registered, closed ended collective investment scheme, will trade on the London Stock Exchange and is expected to debut on 15 June.

It will give public equities investors access to Apax funds for the first time. It will also invest in public and private debt, and equity deals that do not meet the remit of Apax Partners buyout funds, but not in any other third-party funds.

Prior to the float Apax Global Alpha will acquire PCV Group, a fund launched in 2008 for the firm's employees. It has recorded an annual IRR of around 30% and, as of March of this year, had an estimated net asset value of €611.1 million.