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( LSE : APAX ) Apax Global Alpha Limited Quarterly results for the period ended 31 March 2021 Key highlights Strong performance during the quarter : AGA's Total NAV Return¹ was 10.4 % ( 6.8 % constant currency ) . Focus on four key sectors and a strategy of business improvement in private equity driving strong returns in the portfolio . Two full exits signed or closed ( Boats Group , Signavio ) , one significant partial exit ( Psagot ) , and one public listing ( InnovAge ) in Private Equity . Excluding the InnovAge IPO ( primary only ) , the average uplift on exits was 50.5 % ² to previous Unaffected Valuations² . Apax X continues to have a strong pipeline of new investments , having signed or closed six new deals in the first quarter . The Derived Investment portfolio had a Total Return¹ of 8.0 % in Q1 , driven by strong performance in Derived Debt which makes up the largest part of the Derived Investment portfolio and a rebound in the Derived Equity positions . AGA's liquidity position is healthy with € 100m of cash and its evergreen revolving credit facility of € 140m undrawn . Derived Investments of € 369m³ provide a further source of funding for AGA . Apax Consumer sector renamed ' Internet / Consumer ' ( incorporating all online marketplaces previously included under Services ) to reflect increased focus on digital consumer opportunities away from traditional retail . Commenting on the results , Ralf Gruss , COO of Apax Partners , said : " It has been a very good start to the year with AGA continuing to deliver strong NAV performance in the quarter . There is a strong pipeline of new investments and the current portfolio is performing well , benefitting from a focus on sectors that are showing strong structural growth , and investment in digital enablement and digital acceleration . As global economies continue to open , AGA's portfolio is well positioned for continued growth and to generate further value for shareholders . " Financial highlights Adjusted NAV³ Adjusted NAV³ per share NAV³ per share GLOBAL ALPHA Significant growth in Adjusted NAV³ to € 1.3 billion , up from € 1.2 billion in the last quarter , despite dividend payment of 5.28p per share during the quarter . Portfolio weighted towards Private Equity ( 69 % ) vs. Derived Investments ( 31 % ) . AGA was 93 % invested as at 31 March 2021 and had outstanding commitments to the Apax Funds ( together with recallable distributions ) of € 443m . Q1 2021 ( EUR ) EUR 1,297m EUR 2.64 EUR 2.65 Exposure Total NAV Return¹ Total Return¹ - Private Equity Total Return¹ - Derived Debt Total Return¹ - Derived Equity Cash & Others Private Equity portfolio highlights 64 % 25 % 4 % 7 % Q1 2021 10.4 % 13.7 % 6.4 % 18.3 % Q1 2021 ( GBP ) GBP 1,106m GBP 2.25 GBP 2.25 Q1 2021 constant currency 6.8 % 9.6 % 2.5 % 14.1 %