Apax Global Alpha shares were well into the red on Thursday morning, after its quarterly results for the period ended 31 March revealed total net asset value Return was -0.7%.
The London-listed firm did confirm that, on a constant currency basis, total net asset value return was actually a positive of 1.0%, against a backdrop of volatile markets and continuing strength of the euro against the dollar.

Adjusted net asset value fell by 29.1m to 883.3m during the period, which the board said was mainly due to the second semi-annual dividend paid for 2017, of 23.5m, and a negative foreign exchange impact of 14.8m.

Apax's adjusted net asset value per share was 1.80 (£1.58), which was down from 1.86 (£1.65) as at 31 December.

The company said it was 97% invested, and had a net cash balance of 17.8m.

"Performance in the first quarter was positive on a constant currency basis however overshadowed by the continuing strengthening of the euro against the US dollar and the backdrop of volatile markets," said Apax Partners COO Ralf Gruss.

"AGA's Private Equity portfolio continues to demonstrate strong operational performance.

"Derived investments continued to have a steady flow of derived debt income and the derived equity portfolio outperformed broader market indices."

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