Q1 2024 Apax Global Alpha Ltd Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to the Apax Global Alpha Q1-2024 results. (Operator Instructions) I would like to remind all participants that this call is being recorded.
I will now hand over to Ralf Gruss to start presentation.
Good morning, everyone. Thank you for joining Apax Global Alpha's Q1-2024 results presentation. My name is Ralf Gruss. I'm a partner at Apax and a member of AGA's investment committee. I look forward to talking you through the presentation, and I will answer any questions you may have at the end of the call.
Before I go into the quarterly update, let me take a step back and talk a little bit about the longer-term performance of AGA. Since IPO, AGA has delivered annualized total NAV return of 9.4%. I'm conscious that this is below the company's target total NAV return of 12% to 15% per annum. The company has seen good value accretion, in particular, in the three to four years before 2022.
During 2020 and 2021, the Apax Funds also took the
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