Hardman & Co Research on Apax Global Alpha (APAX):

“Hidden Gems” strategy: green shoots into live deals

In our view, the most interesting new information from AGA’s 3Q results was the comment “a further five investments post quarter end” with a further one announced since. This six-week performance compares with two investments in the whole previous quarter. Market wide, there are comments about encouraging green shoots of activity, but Apax is now completing deals. We explore, here, what is unique about the “Hidden Gems” strategy and why it is creating these opportunities. Interestingly, the deals have a broad range of EBITDA growth options, giving comfort that unchanged target returns remain realistic despite the higher interest rate environment.

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