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Apax Global Q1 hit by poor performance at Vyaire
(Sharecast News) - Apax Global Alpha reported lower net asset value and took a €24m writedown across its private equity and debt portfolios after a poor performance at Vyaire Medical. Total NAV return fell 0.5% in the three months to March 31 as performance was impacted by "negative developments" at Vyaire although no details were supplied.
AGA's adjusted NAV was €1.25bn at the end of the quarter, compared to €1.29bn at the end of 2023.
"The contribution of earnings to Q1 private equity returns slowed driven by a small number of portfolio companies, including Vyaire," Apax said.
"Following materially deteriorating trading at Vyaire during Q1, AGA has taken a €24m writedown on its value across the private equity and debt portfolios, reducing AGA's Private Equity exposure to Vyaire to €5m and debt exposure to Vyaire's first lien loan to €12m."
Reporting by Frank Prenesti for Sharecast.com
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