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( LSE : APAX ) Key highlights ● Apax Global Alpha Limited Quarterly results for the period ended 30 September 2021 Total NAV Return¹ of 9.9 % in the quarter ( 8.3 % constant currency ) . Total Adjusted NAV increased to c . € 1.5bn with Adjusted NAV per share , growing from € 2.81 ( £ 2.41 ) to € 3.02 ( £ 2.59 ) in the three months to 30 September 2021 . Performance in Private Equity driven primarily by earnings growth in the portfolio and an increase in multiples , mainly as a result of ThoughtWorks IPO in the quarter . Private Equity exits achieved at healthy uplifts² of 56.9 % . Strong investment pace in Private Equity , with AGA deploying c . € 47m on a look through basis across three new Private Equity investments in the period . Distributions of c . € 85m received from Private Equity , including proceeds from one full exit ( TietoEvry ) , one partial exit ( Wizeline ) and two public listings ( ThoughtWorks and Paycor ) in the period . Five Derived Investments positions were realised in the quarter for a total of c . € 70m , providing net realisations of c . € 43m that can be used to meet future Private Equity calls . Liquidity position is healthy with available cash after net liabilities of € 73m , and the evergreen revolving credit facility of € 140m remaining undrawn . Derived Investments of c . € 394m³ provide a further source of funding for AGA . Ralf Gruss , COO of Apax Partners , said : " It has been another strong quarter and we are pleased to see that AGA's investment strategy and sector focus have continued to deliver robust NAV performance . In Private Equity , we have seen a number of transactions , primarily in the Tech sector . There continues to be a solid pipeline of deals and real momentum across the portfolio . " Financial highlights Adjusted NAV³ Adjusted NAV³ per share NAV³ per share Growth in Adjusted NAV³ to c . € 1.5 billion , up from c . € 1.4 billion as at 30 June 2021 . Portfolio weighted towards Private Equity ( 72 % ) , vs. Derived Debt ( 24 % ) and Derived Equity ( 4 % ) . AGA was 95 % invested as at 30 September 2021 and had outstanding commitments to the Apax Funds ( together with recallable distributions ) of € 434m . Total NAV Return¹ Total Return¹ - Private Equity Total Return¹ - Derived Debt Apax Total Return¹ - Derived Equity Cash & Others Q3 2021 ( EUR ) EUR 1,483m EUR 3.02 EUR 3.03 GLOBAL ALPHA Exposure 68 % 23 % 4 % 5 % Q3 2021 9.9 % 13.6 % 3.4 % 6.5 % Q3 2021 ( GBP ) GBP 1,274m GBP 2.59 GBP 2.61 Q3 2021 constant currency 8.3 % 11.8 % 1.5 % 5.4 %