Good morning, everyone. Thank you for joining the Apax Global Alpha's 2021 Q1 results call. My name is Darren, and I'll be moderating your call today. Before I hand you over to your host, Ralf Gruss, I would like to remind you, if you would like to ask a question during the Q&A session, please do so by pressing star one on your telephone keypad. If you join us online, please use the request to speak flag icon. Please unmute yourself locally before asking your question. I now have the pleasure to hand over to your host, Ralf Gruss, to begin with. Please go ahead, Ralf. Well, thanks, and good morning, everyone. Thanks for joining AGA's first- quarter results presentation for 2021. My name is Ralf Gruss. I'm the Chief Operating Officer of Apax Partners and a member of Apax Global Alpha's investment committee. I'm looking forward to taking you through the presentation today, and as usual, I will answer any questions you may have at the end of the call. Let me start with the key highlights from the quarter. The year has started with much of the world still under some form of lockdown, but also with renewed optimism linked to the rollout of vaccination programs. Against this backdrop, AGA has had a very strong start to the year. AGA's investments in its four core sectors have been performing strongly overall and are showing strong structural growth. This translated to strong returns in the quarter and growth in the value of the company. The total adjusted NAV return in the first quarter was 10.4%, and adjusted NAV grew to EUR 1.3 billion. On a per- share basis, this equates to EUR 2.64, GBP 2.25 at the end of March, and these numbers are net of the GBP 0.0528 per share dividend that was paid during the period. I'm also pleased to report that AGA's performance was strong across the entire portfolio. The Private Equity portfolio, which represents the largest share of investments, continued to perform strongly and achieved a 13.7% total return. In the derived portfolio, deal activity continued to focus on derived debt, which represented 87% of the derived investment portfolio. Both the derived debt and the remaining derived equity portfolio showed strong performance in the quarter. I will talk more about deal activity later, but the high-level summary is that it's been a busy first quarter for new deals. In private equity, Apax X, the latest global buyout fund signed or closed six new investments, and it was also a busy period for exits. The funds realized three investments and IPO'd one portfolio company. The exits came at an average uplift of 50.5% to the last unaffected valuations. If you include the one IPO, which was InnovAge, a provider of senior care in the U.S., the average uplift was 91%. We believe that these exits underscore the value creation and business transformation experienced under the Apax X's ownership. They also highlight how the funds can make a difference to business quality during the ownership period and be rewarded with a consequent rerating at exit. Let's move to the next page, which shows the portfolio composition at 31st March. The pie chart here shows the composition of the portfolio together with key metrics for private equity and derived investments. As you can see, AGA remains close to fully invested at 93%. AGA actually saw quite some significant cash realizations from exits during the period and started to deploy that excess liquidity in derived investments in line with strategy. I won't go into details on liquidity and balance sheet in my presentation, but you can find details in the appendix on page 16. Of course, happy to answer any questions in relation to this during Q&A. Back to the portfolio. 69% of the portfolio was invested in private equity at period end. You can see the exposure to the various private equity funds on the pie chart in the middle of the page. As a reminder, the numbers that you do see in that pie chart don't include the original acquisition cost of an investment that is still bridged by the private equity fund's capital call facility. Therefore, if you look at Apax X in particular, that exposure still looks relatively small in this pie chart. Apax X held its final close in January, but signed its first deal in December 2019, and by the end of March, has signed or closed 12 investments already and has invested or committed 32% of its capital. In terms of value, the majority of portfolio companies are held through Apax VIII, which was raised in 2012, and Apax IX, which was raised in 2016. That gives the private equity portfolio a very nice diversification by investment vintage. Again, I point you to the appendix, and you can find details there, though, to highlight some stats for the private equity portfolio in terms of vintage diversification. About a quarter of the private equity portfolio dates from 2016 and earlier years. Close to 45% of the portfolio are from 2017 and 2018. These deals are now about three to four years in the portfolio. Another roughly 30% or so were made since 2019. These are the younger deals in the early phases of value creation. Now, comment on exits here. Exits in private equity achieved an average gross multiple of 1.7x and a gross IRR of 15.3%. There is a bit of a skew here in the numbers as two out of the three investments were very strong, but the third dragged the average return down. As a reminder, these numbers do not include the IPO of InnovAge, as InnovAge was a primary offering only. For the sake of completeness, had InnovAge been included, the average grossed multiple would've been 2.5 x and gross IRR 134.5 x. Turning to the derived investments. The derived investments performed strongly in the quarter as well, both derived debt and the remaining derived equity portfolio. The total return across the entire derived investment portfolio, which is not shown on this page, was 8%. Derived debt showed strong performance in line with strategy. Returns were 6.4% in the quarter, though this time around, the portfolio saw some currency tailwinds, leaving constant currency returns at 2.5%. Again, perfectly in line, if not above expectations here. I will dig deeper into the performance metrics of the portfolio later, but let me first move on to give you a brief overview of activity across the sectors. On a very high level, looking at page six, the main message is that AGA's focus on four key sectors in the strategy of business improvement in private equity continues to drive strong returns in the portfolio. I'll go through the sectors individually and start with Tech. Tech, which is the sector to which AGA has the largest exposure, experienced continued strong performance in the first quarter. Deal activity was also quite active in the period. To highlight a few of the movements here, the Apax Digital Fund exited Signavio. We discussed that transaction at year-end. That deal closed in the quarter. As a reminder, that deal generated a 2.8 x gross money of invested capital and a 98% gross IRR for the fund. Not strictly in the quarter, but post-period end, Genius Sports completed its combination with an NYSE-listed stock. As a reminder, Genius Sports is a provider of sports data, content, and technology for the global sports betting and media industries. The deal was valued at 4.4 x original cost at the end of the quarter. You might have seen that the share price continued to tick up since completion of the stock merger, which was on the 20th of April. Now in terms of new deals, two exciting new investments signed, both made through the Apax X fund. The first is an investment in a company called Herjavec Group, which is a global cybersecurity firm, and the other one is a company called Lutech, an IT services and solutions provider operating out of Italy. Now let's turn to services. In autism services, we saw continued good performance across the portfolio. One new investment was made in a company called PIB Group. Those of you dialing in from the U.K. might actually know the name. PIB Group is a leading independent specialist insurance broker. Insurance broking falls within our outsourced sales and marketing target subsector in services, where we have in-depth expertise and the funds can look at a track record of successful investments. For example, Apax IX is invested in AssuredPartners, an insurance broker in the U.S., and the fund's also invested in a company called Hub International, and that deal was actually exited in 2013 at a gross money multiple of 2.9x for the fund. A very successful investment. Before I move on to the other two sectors, let me briefly comment on the renaming of the consumer sector, which you can see here on the page, and also why online marketplace investments were moved into the renamed Internet and Consumer sector. Why was the consumer sector renamed to Internet and Consumer? The reason here is simply to better reflect the increased focus on digital consumer investment in the sector for the past several years away from traditional brick-and-mortar retail opportunities. The reason why the online marketplace investments were moved from services to internet consumer is because their end customer base are usually consumers, and therefore it was felt that they better sit in internet consumer going forward. As a result of this move, AGA's exposure to the internet consumer sector has slightly increased to 15%. However, the online marketplace is 30% off of this sector. Sticking with internet consumer, there were no new exits in the sector, but Apax X signed and closed idealista in February this quarter. In terms of performance, we continue to see strong performance across the online marketplace investments. Cole Haan, the premium footwear brand, is still trading below pre-COVID levels. Cadence, the U.S. early childhood education school operator, is recovering enrollment and reactivating its M&A program. Finally, turning to healthcare. The key event in the quarter for sure was the IPO of InnovAge. InnovAge, as a reminder, is a leading provider of senior care in the U.S., and it operates within a government-sponsored program under which InnovAge provides comprehensive medical care and social support to its members. Apax X invested in the business in late July last year, and the company performed well out of the gate, and that led to a successful IPO during the quarter, with the public valuation valuing the Apax X investment now at a significant premium to its acquisition cost. Apax X also made a new investment in the Rodenstock Group, a manufacturer of premium optic lenses with a differentiated proprietary technology. The thesis for the investment in Rodenstock is that the management team can drive continued top-line growth, while at the same time achieve commercial acceleration and improvement in margins in the business. To recap, the performance across the portfolio is very strong overall, and we've seen good activity both in terms of new investments and exits during the first quarter. Now, let me now turn to the next page and go through the performance of the private equity portfolio in a bit more detail. On a headline return basis, the continued strong momentum in private equity has generated a total return of 13.7%. This performance was primarily driven by strong underlying operating performance across the portfolio, as we've just discussed. EBITDA over the last 12 months to the end of March was up 44.2%, or 33.6% after adjusting for M&A. This compares to 16.5% LTM EBITDA growth at the end of December 2020, so a nice acceleration performance in the first quarter of the year. Another value driver in the first quarter were exits achieved at a premium to previous valuations. The three exits were at an average uplift of about 50%, as we've already discussed, to last unaffected valuations. If you include the IPO of InnovAge, the uplift increases to 91%. Touching on valuations of the private equity portfolio. As you can see on the slide, the portfolio is currently held at an average 18.2 x EV to LTM EBITDA multiple. This is up from 16.9x in December 2020. This increase largely reflects the re-rating of InnovAge. If you were to remove InnovAge, multiples across the portfolio were broadly in line on average with the last 12 months to December. Moving on to the next page, you can see the return of the private equity portfolio now here on the next page over the last 12 months, broken down into its main drivers. The LTM total return of the private equity portfolio was 60.8%. When considering the various value drivers shown in this chart here, two things stand out. One is underlying earnings growth. The second is a change in multiples. Let me tackle the latter one first. Looking at the change of multiples impact here on returns, one needs to keep in mind that the period shown here starts right around the low point in financial markets at the outset of the COVID pandemic. It's therefore not surprising to see a marked impact of valuation multiples in returns. The former one, earnings, is however interesting and pleasing to see as it reflects how well the portfolio has actually performed or recovered through the pandemic. On leverage multiples, levers across the portfolio remain relatively static at a conservative level of 3.9 x EV/EBITDA. To summarize, the main takeaways when looking over the last 12 months in operational performance are strong, and valuations recovered, and leverage remained modest throughout the period. With this, let me now turn to new investment activity. As you can see on slide nine, Apax invested and committed about EUR 70 million into six new deals, three of which closed in the quarter. These new deals were all in Apax X, which is the latest global buyout fund, in which alongside the digital fund is shown on the pie chart on the left-hand side as in the investment phase. I've covered most of the new investments already earlier in the presentation. The ones I haven't touched upon yet are Ascensio and idealista. Now Ascensio is the carve out of 3i Infotech software business. The software products business comprises a comprehensive set of products targeted at customers in banking, financial services, insurance, and the transaction closed during the first quarter. Now, Idealista is a deal that will be familiar to you. As a reminder, this is the Southern European real estate online marketplace, which was previously owned by the Apax VIII fund. The new investment is a minority investment made by Apax X, exercising an option provided by EQT at the time of the sale in November last year. Of note, and since Apax VIII exited the investment, Idealista has combined with Casa, an Italian property portal, and Apax X will now own a stake in the combined business. Now, not on this page, as it happened post-period end, the Apax Digital Fund and the AMI Opportunities Fund also invested in Guesty, a short-term rental and alternative property management software platform headquartered in Tel Aviv in Israel. Moving to the next slide and to exits. There were two full exits and one partial exit in the period. When I spoke about average returns realized on exits during the year earlier, I mentioned the average number on returns across these three exits being a bit skewed. You can see the details on the page here. The exits from Signavio and Boats Group delivered very strong results for the funds with 2.8x and 4.2x total gross money multiples and uplifts between 40% and almost 100% for Signavio. Psagot is an asset management business in Israel. It's shown as a partial exit here as only the sale of the main part of the business was signed during the quarter. With the exit from some ancillary parts of the business still being on the way. The business faced some market and operational challenges over time and achieved a gross money multiple of only 0.6x, though at a good uplift to its December valuation. Again, not shown on the slide, as this was a post-period end, is the completion of the Genius Sports merger with the acquiring SPAC. The other exit that happened post-year end is the exit from Zap Group, a consumer internet group in Israel. We'll provide updates on those two in the semi-annual report, of course. Let me turn to the derived investments portfolio. In derived investments, derived debts now represents 87% of the derived investments portfolio. Derived debt performed strongly in the period, delivered a total return of 6.4%. The performance was underpinned by strong credit selection, leveraging the insights that we have as a firm from the private equity portfolio. The underlying portfolio is performing strongly, and the portfolio also generated an attractive average yield to maturity of 7.2%. While only a small part of the portfolio, derived equity recovered strongly in the quarter and achieved an 18.3% total return in the first quarter. Turning now to slide 12 and the investment activity in the derived portfolio. Similar to previous periods, the majority of activity has been in derived debt to deploy liquidity coming back from the private equity portfolio into new investments. Two new investments were made in AGA, deployed capital into Ellucian, a provider of software solutions to the higher education sector, in which AGA was invested before. The other investment was PIB Group, and the third was PSSI Group. With these three investments, a total of almost EUR 55 million was deployed. On the exit side, Rocket Software and Edastra were repaid, and a small position in Veritiv was sold. Noteworthy that the returns presented here are euro returns, which are below the constant currency returns, as all of Rocket, Edastra, and Veritiv were US-denominated investments. In derived equity, AGA exited DCB Bank. DCB is a retail bank in India, and COVID adversely impacted on DCB's self-employed customer segment, and therefore the manager took the decision to exit this investment even at below cost. Now, before I wrap up and go into Q&A, let me summarize a couple of key takeaways. AGA experienced strong performance and continued to benefit from a focus on four key sectors where experience and insights help deliver enhanced results. The good to great investment strategy in private equity focus on digitalization and accelerating operational performance across the portfolio, saw an increase in fair market value with re-ratings achieved at exit. Last, there were significant new investments in both private equity and derived debt with a strong pipeline of new deals. With that, I'm happy to answer any questions now and hand it back to you, operator. Oh, we have one question from Charles Murphy from N+1 Singer. Please go ahead, Charles. Hi, good morning. Morning, Charles. Hey, sorry. No worries. Just looking at the private equity operating metrics, a really strong EBITDA growth and revenue growth over the 12 months, just how it's developed over the quarter. Is there anything that particularly you felt the companies you're investing got particularly right? Is it just actually they were managed to perform in a strong environment? Well articulated. I'm trying to understand what you're doing right here, or is it just actually got the sector allocations correct? It's a good question, Charles. I think there's a lot of good things happening in the portfolio companies at the moment. Obviously, the top-line growth is very strong. The other thing that we've been seeing over the last couple of months, and we mentioned that in earlier calls, is that a number of the portfolio companies are coming out of the first couple of months pre-outbreak of the pandemic. Looked at their operating structures, their cost structures, and actually we're seeing some attractive operational gearing and with increased revenue growth, that's translating nicely into accelerated EBITDA growth. That's great. Thank you. Another reminder, ladies and gentlemen, if you would like to ask a question, please press star followed by one on your telephone keypad. Alternatively, if you join us through web, please click the Request to Speak flag icon. If you want to ask a question via the webcast, please type into the Q&A box. We do not have any questions at this moment. If there are no more questions, then thanks everyone for participating in today's call. If you have any further questions after the call or would like to arrange a virtual meeting, please feel free to contact the investor relations team at any time. With that, I wish you a good day, and goodbye. This concludes today's call. Thank you for joining. You may now disconnect your lines.