Ladies and gentlemen, welcome to the Apax Global Alpha's 2021 third quarter results conference call. My name is Glenn, and I will be hosting the call today. If you would like to ask questions during the presentation, you may do so by pressing star one on your telephone keypad. I will now hand you over to your host, Ralf, to begin. Ralf, please go ahead. Thanks a lot, and good morning, everyone, and thanks for joining AGA's third quarter results presentation for 2021. My name is Ralf Gruss. I'm the COO of Apax Partners and a member of the investment committee for Apax Global Alpha. I'm looking forward to taking you through the presentation this morning, and I will answer any questions you may have at the end of the call. Let me start with the key highlights from the quarter. As you can see on the slide, you know, this was another very strong quarter for AGA with good momentum across the portfolio. I will provide you with an update on the performance by sector later on, but in general, AGA continued to benefit from exposure into high growth sectors and subsectors that are performing well, you know, like tech and digital and also healthcare. Performance was also primarily driven by operating improvements and earnings growth in the underlying portfolio. Across the portfolio, valuation multiples have also gone up. This multiple expansion is, however, primarily due to the recent IPO of Thoughtworks rather than a broad-based rerating of where the portfolio companies are held. I will provide you with the details later on in the presentation. Taken together, AGA achieved strong returns in the third quarter and growth in the value of AGA. The total NAV return in the period was 9.9%, and adjusted NAV grew to close to EUR 1.5 billion. Now, if you look at this on a per share basis, the adjusted NAV per share is now above EUR 3, and it equates to, you know, EUR 3.02 at GBP 2.59 at the end of September. Now on the private equity portfolio, which makes up over 70% of the investment portfolio, you know, that portfolio continued to experience a strong pace of both realizations and new investments. The exits and IPOs continue to produce very healthy uplifts to prior unaffected valuations, and on average, approximately 57%. In this context, the Derived Investments portfolio has continued to provide a steady source of liquidity from net realizations. This also goes hand in hand, with the heightened level of calls from private equity that AGA is expecting due to the significant number of new deals, primarily in Apax X and also the Apax Digital Fund. Then finally, and this is not on this page, AGA paid EUR 34.4 million in dividends in the quarter. Again, you know, this is in line with the company's strategy to pay 2.5% of NAV on a biannual basis. Let's move to the next page, which shows the portfolio composition at 30 September. Again, the pie chart here shows the composition of the portfolio 30 September, you know, together with a couple of key metrics for the private equity and Derived Investments portfolios. As you can see at the center of the page, and let's start there, AGA remains close to fully invested at 95%. If you look at the split between private equity and Derived Investments, this was largely consistent with prior periods, with slightly more than 70% of the portfolio invested in private equity and the rest being in Derived Investments. Again, you know, within Derived Investments, primarily in Derived Debt. All parts of the portfolio performed strongly in the quarter, you know, highlighting the overall quality of the portfolio itself. Now, double-clicking on the portfolio and starting with private equity, Apax IX and Apax VIII, to which AGA has the largest exposure, and which are now in their maturity and harvesting phases, performed particularly strongly in the quarter. Looking at Apax X and AGA's exposure to Apax X, which is the latest global buyout fund. That exposure has also continued to increase, you know, reflecting the fund's investment pace and increased calls to repay the fund's capital call facilities. During the last results call, I also mentioned that AGA has made a new commitment of $90 million to the second Apax Digital Fund, which is the successor fund to the Apax Digital Fund or ADF, you know, which you can see on the slide here. The Apax Digital Fund II isn't yet showing on this pie chart, and the reason why that is that it hasn't started investing yet. However, we do expect the Apax Digital Fund II to make its first investment in the coming months. I'll talk more about the investment activity later, but as you can see, exits of private equity achieved a gross multiple of 6.5x and a gross IRR of 73.6%. Some very, very strong results here from exit activity. All of the exits from the private equity portfolio actually have delivered strong returns, though the main driver of the overall number here on this page is Thoughtworks, you know, which listed on the Nasdaq in September. Thoughtworks has been a tremendously successful investment for the funds, and to illustrate, the investment was marked at a gross multiple of 13.3x at the end of September. Now briefly turning to Derived Investments. Derived Investments continued to perform well in the quarter, achieving a total return of 3.8%. On a constant currency basis, returns were 2% in the quarter, and as many of you will know by now, and as you can see on this page, most of the Derived Investments portfolios is invested in Derived Debt, which makes up 87% within the Derived Investments portfolio overall. The Derived Debt portfolio is in good shape and continues to produce steady returns at a very attractive level, and it's also pleasing to see that realized IRRs on positions exited out of the Derived Debt portfolio were double-digit again during the quarter. Now before discussing portfolio performance in more detail, let me give you a brief overview of activity across the four target sectors. At a high level, the portfolio split remains roughly in line with the first six months of the year, and the majority of the invested portfolio is in tech, followed by services, healthcare, and internet, and consumer. Now AGA continued to benefit from its focus on these four core sectors in the period, you know, with the supportive valuation environment for exits, particularly in tech. However, value creation has also been driven by the focus on accelerating portfolio value add initiatives, including in the area of digital transformation, where the deal teams are supported by Apax Operational Excellence practice or the OEP, how we call it, a team of business specialists with decades of operating experience. Now, for example, in staying on the topic of digital transformation, in the last year, the OEP has built out its data science team and increased the focus on the integration of data from across the portfolio companies into one single framework. That allows for a rapid analysis of complex data during due diligence. Let me give you an update on recent developments in each of those sectors. Starting with tech and digital, which represents 46% of invested capital. Now across this sector, we continue to see strong performance across the subsectors in the portfolio. Performance was driven by a combination of secular tailwinds, continued COVID-related recovery, operational improvement, and a supportive valuation environment, and in particular, portfolio companies that have gone or are public, such as Thoughtworks, are benefiting from this environment in tech. The focus in the tech sector has continued to be on generating exits in order to capitalize on these high valuations that are currently achievable. As highlighted on the slide and outside of private equity, tech also continues to be a key focus area for the Derived Investments portfolio, with almost half of Derived Debt invested in the sector, predominantly in software companies. Now turning to services, which represents 22% of invested capital. You know, this sector experienced good performance and continued momentum across the subsectors, with many companies still seeing the benefit from COVID tailwinds. To give you an example, again, you know, ADCO, as you know, is the provider of mobile sanitary solutions and a private equity portfolio company in the density-based business subsector. It continued to see strong performance with upside as the events part of the business started to recover this summer. Similarly, you know, if you look in the outsource sales and marketing subsector, portfolio companies such as PIB or Authority Brands continue to benefit from tailwinds in their respective insurance and residential end markets. Now moving on to healthcare, which represents 19% of invested capital. Performance of the portfolio in the quarter was good overall. The one outlier in the quarter was InnovAge, a company in which Apax X invested in July 2020, and which announced its IPO in March this year in an all primary offering. The company experienced a significant decline in share price in the period, and as a result, was the largest negative share value movement in AGA's portfolio. The decline was due to some negative news relating to, among others, regulatory audits of sites in California and Colorado. InnovAge is of course addressing these issues while it's also continuing to drive growth initiatives across the business. Now finally, Internet Consumer, which represents 12% of invested capital. Most of the portfolio performed well in the period, with many portfolio companies benefiting from digital trends. However, and as I've mentioned in previous periods, recovery is still underway for some companies which are more exposed to discretionary consumer spend, such as Cole Haan and MatchesFashion. Meanwhile, online marketplaces such as the investments in Trade Me and idealista continue to do well, benefiting from operational improvements and increased valuation multiples. Now that briefly covers the portfolio. Let me now turn to the next page and go through the performance metrics of the private equity portfolio in more detail. The continued strong momentum in private equity generated a total return of 13.6% in the quarter. Performance was primarily driven by secular and earnings growth and ongoing operational improvements in the underlying portfolio. These operational improvements and resulting earnings growth are clearly visible from the portfolio company financials. For instance, if you look at EBITDA over the last 12 months to the end of September, that EBITDA metric was up 41% across the portfolio or 36.3% if you adjust for M&A. We also continue to see top-line growth with revenue up 21.5% over the last 12 months. Now turning to exit activity, we continue to see exits achieved at a premium to previous valuations. In the third quarter, exits and IPOs were achieved at an average uplift of 57% to the last unaffected valuations. Exits from the private equity portfolio also continued at a healthy pace, with approximately EUR 85 million of cash returned to AGA during the quarter. Now talking about uplifts and exits, let me also touch on valuation multiples in the private equity portfolio in a bit more detail. Now the average EV/EBITDA multiple increased to 23.5x from 18x in June 2021. This is obviously a significant increase, so it is important to understand where it is coming from. The driver for this increase is really Thoughtworks. Thoughtworks IPO during the quarter and remains the largest investment in AGA's portfolio, representing about 9% of NAV at the end of September. Given Thoughtworks' long-term secular growth outlook, public market investors don't really value Thoughtworks on a last twelve months EV/EBITDA basis, which is, however, the metric used here to illustrate portfolio company valuations. Thoughtworks is included in the calculation that gets you to 23.5x LTM EV/EBITDA, despite that metric maybe not being the most appropriate for this business. If you were to exclude Thoughtworks from the multiple analysis, the rest of the portfolio is valued at 16.1x EV/EBITDA, which is broadly in line with where the portfolio, again, excluding Thoughtworks, was valued in June. What we're seeing here is not a broad-based increase in valuation multiples across the portfolio, but rather the impact of a single and very successful investment that distorts the numbers. Now turning to new investments. On the new investment side, the pace of investment remains strong. Close to EUR 47 million of capital was deployed in new private equity investments during the period, and EUR 60 million called for investments that were made in prior periods. AGA is now expecting to fund at least EUR 142 million of calls from its private equity portfolio over the next 12 months. I won't go into details on liquidity and balance sheet today, but as you know from prior discussions, AGA's balance sheet is strong. At the end of September, in addition to EUR 73 million of net cash, there was EUR 394 million invested in Derived Investments, plus the EUR 140 million euro revolving capital facility remains undrawn. You can find the details on all of this in the appendix on page 16, and I'm also happy to answer any questions in relation to this during the Q&A session. Back to new investments. You know, notably, the Apax funds continue to execute their investment strategy with modest levels of financial leverage. At the end of September, the weighted average portfolio leverage was only 3.4x net debt to EBITDA across the portfolio. As I mentioned already, the second Apax Digital Fund had a final close in September at its $1.75 billion hard cap, and as announced in May, AGA has made a commitment of $90 million to that fund. Again, as a reminder, this is the successor fund to the Apax Digital Fund, to which AGA already has exposure, and it will aim to pursue a similar strategy of investing in a balanced portfolio of minority equity and growth buyout opportunities in mid-market technology companies globally. Now on the next page, you can see the return of the private equity portfolio in the last 12 months, broken down into its main drivers. There are two drivers that stand out behind the private equity returns over the last 12 months, earnings growth and change in comparable multiples. Starting with the latter, as we've just discussed, the portfolio is currently held at an average 23.5x EV/LTM EBITDA multiple, with Thoughtworks having a big impact on this metric. Again, if you were to exclude Thoughtworks, the average valuation multiple at the end of September would be 16.1x. Now, a year ago in September 2020, the average valuation multiple across the portfolio, and again excluding Thoughtworks, was 16.7x. Actually on this basis, multiples were a little bit higher a year ago than what they were today. The reason I'm drawing your attention to this is that there are a number of factors that play into the impact of valuation multiples on returns over the last 12 months. These include factors like new investment and exit activity, and as you know, exits were achieved with significant uplifts, but also the composition of the portfolio has changed as a result of this. You have the impact of Thoughtworks recently and also strong growth in LTM/EBITDA across the portfolio. A lot of factors are at play here. Again, if you look at these returns over the last 12 months, it's not that the unrealized portfolio on average and excluding Thoughtworks is valued at a significantly different LTM EV/EBITDA multiple when compared to a year ago. Now going back to the operational performance, this was another good quarter with underlying earnings growth having added 38.2% to the returns in the period. Now fortunately, the explanation here is a much simpler one. The portfolio is in good shape, and the impact on return correlates with the increase in EBITDA you've seen on the previous page. Turning now to investment activity in the period on page nine. There was significant activity with three new investments closing in the period. Activity in both the investment and exit side was in the tech sector only. Revolution Prep and Wizeline are investments and exits respectively in the Apax Digital Fund. Let me give you some more color on the new deals in the portfolio. Now, starting with Revolution Prep, which I've just mentioned, this is a U.S. online academic tutoring and test preparation services business in which the Apax Digital Fund acquired a majority stake. The investment will be used to support the company's growth priorities, driving improvements across its product platform and expansion into new partner schools and tutoring segments. Infogain is an Apax X investment. Infogain is a digital platform and software engineering services business, and the team has identified this as an opportunity, drawing on the prior experience they had from GlobalLogic and Thoughtworks. The investment thesis here is really that the business could be bought at a reasonably relative price, and it's a platform which is in mid-transformation that has the potential to grow and drive a re-rating at exit. Now, I will come back to the three companies you can see framed within a box in a minute, but let me first touch on the exit activity in the partial sale of Wizeline. Wizeline is a smaller tech-enabled business and an investment made by the Apax Digital Fund in March 2018. In the period, the Apax Digital Fund sold a majority stake to CDPQ, but also retained approximately 5%-15% stake in the business to benefit from future value potential in this company. To illustrate the strength of the business, despite challenges posed by COVID, the business grew revenues by 79% in 2021, and the Apax Digital team was instrumental with business introductions and professionalizing and scaling the company during the fund's ownership. In the period, Apax VIII also sold its remaining stake in Tietoevry. The overall deal generated a gross multiple of invested capital of 2.8x. As a reminder, EVRY was taken private by Apax VIII in 2015. It was then restructured. It returned to growth with improved margins. It was then relisted in 2017, and then subsequently merged with Tieto to create the largest IT services company in the Nordics. It's another story of business transformation, which paid off with a strong return for the funds in a sub-sector of expertise. There were also two IPOs in the quarter. In Paycor, an Apax IX portfolio company and a human capital software platform, which was taken public in an all-primary IPO in July. The sub-sector expertise of the deal team and of the operational excellence practice helped the company accelerate growth by improving the sales and go-to-market practices, completing three accretive acquisitions, and strengthening key leadership positions during the fund's ownership. As we've of course, touched on Thoughtworks many times already in this presentation. Now, however, for the sake of completeness, Thoughtworks is an Apax IX portfolio company. The business was acquired in 2017, on the back of the Apax Fund's previous investment in GlobalLogic and drawing on the tech team's expertise in digital transformation and tech-enabled services. Thoughtworks is a great example of a typical Apax deal, an investment in the subsector of expertise and prior success acquired at a reasonable valuation and exited at a premium to peers due to its transformation from a good into a great asset. Apax IX still holds approximately 50% of Thoughtworks, and we will continue to provide updates on performance over the coming periods. Let me now come back to the three companies you saw in the box, EveryAction, Social Solutions, and CyberGrants. I briefly touched on these Apax X investments at the interim results already, but as the transactions have now closed, I wanted to provide some further detail. As a reminder, all three companies are mission-driven and have best-in-class software as a service solutions for the social good ecosystem. This is a growing under-penetrated market with strong tailwinds, given the increasing importance of corporate social responsibility for enterprises of all sizes, as well as the need to ensure the money spent is delivering an impact. The Apax Fund acquired all three businesses approximately at the same time and with the vision to build a completely new social good platform of scale. This new combined platform will bring together a giving community of 650,000 nonprofits, 38 million donors, and 340+ corporates, which is a unique scaled global giving network. We think that it creates an opportunity to use technology to enable more impact delivery and reporting through case management solutions, and to enable more support for nonprofit to corporate social responsibility and fundraising engagement solutions. If we are successful in catalyzing more giving through these network-like qualities, these products will be more impactful and valuable, which should drive company value at the end. The combined platform has an enterprise value of approximately $2 billion and over $200 million in annual revenue as of today. Why were the Apax funds uniquely positioned to execute on these transactions? The main reason is that this transaction squarely fits with Apax expertise and values. Tech is one of the firm's target sectors, and over the last 15 years, the Apax Funds have invested $6 billion in about 18 transactions in the software subsector alone. Accordingly, additionally, Apax longstanding focus in ESG, which dates back over a decade, includes a focus in measuring outcomes and the detailed collection of KPIs from portfolio companies which are reported on in an annual sustainability report, which gives the firm credibility in a transaction like this. In fact, you know, this was a key factor for management when deciding to partner with Apax. What are the plans for the business? The thesis here is to create a transformational social good software platform that can accelerate growth in both software and payment revenues. This will support nonprofits, donors, and corporates alike, enhancing the offerings that they can access and the networks that they can tap into. It's a very exciting and sizable investment again. We will keep you informed as the investment progresses. Now let me turn to the Derived Investments portfolio briefly. The Derived Investments portfolio continued to provide a stable source of liquidity for AGA at an attractive return level to meet future calls in private equity. In the period, the Derived Investments portfolio achieved a total return of 3.8%, and the return was 2.0% on a constant currency basis. Derived Debt generated a total return of 3.4%, and Derived Equity achieved a total return of 6.5%. As mentioned at the start of the presentation, Derived Debt makes up 87% of the Derived Investments portfolio and was the main driver of returns in this portfolio. Performance in Derived Debt was underpinned by a continued narrow sector focus, almost half its investment in tech, and it's an attractive average yield to maturity of 6.5%, and, you know, strong operational performance from the underlying portfolio companies. EUR 70 million was approximately realized in Derived Investments in the period, as some positions were repaid and the position in EVRY, where AGA held some listed equity together with the Apax VIII fund was exited. You can see this more clearly on slide 12 in the investment activity in the derived portfolio. Again, starting with exits, there were significant realizations in the period in the Derived Investments portfolio. Realizations in the period reflected mostly the repayment of positions when the company chose to refinance outstanding debt. In this period, the key catalyst here was IPOs, you know, which triggered repayment of the position held in EverCommerce, PowerSchool, and also Paycor. In terms of new investment activity, the focus remained on Derived Debt and investments in lower risk first and second lien loans, where there is a high degree of visibility on cash flow, and in target subsectors where Apax has unique insights gained from the team's private equity investment activity. Now finally, and before answering any questions you may have, let me summarize a couple of key points on page 14. In summary, the focus on target sectors and subsectors and a strategy of operational improvement in digitalization private equity continued to benefit AGA, which experienced another strong quarter. There were significant new investments, particularly in private equity, and the pipeline of new deals remains strong. As a result, we continue to expect higher levels of private equity fund calls in the next 6- 12 months. Now against this backdrop, and in addition to cash held and the undrawn RCF, a size of the Derived Investments portfolio continues to provide a stable source of capital and liquidity for AGA to meet these future calls from private equity. Overall, a very good quarter, and we're pleased with AGA's performance and feel confident about what the fund will be able to achieve. With that, I'm now happy to answer any questions, and with that, I hand it back to the operator. Thank you. Ladies and Gentlemen, if you'd like to ask questions please press star followed by one on the telephone keypad now. If you change your mind please press star followed by two to restore the questions. When it is time to ask your questions please ensure your phone is unmuted locally. Our first question comes from Priyesh Parmar. The person asks, the EBITDA growth of the portfolio has been extremely high for some time now. Can you give us a feel for what is driving this, please a nd what percentage of the PE portfolio is captured in the numbers? Thanks for the question. Look, you know, the overall performance of the portfolio remains very strong. What we're seeing is a combination of the impact of operational improvements in the portfolios. Where, you know, the deal teams and, you know, management teams work actively on improving business operations. But we also just see, you know, some continued COVID recovery tailwinds across the portfolio. I think those are the two main reasons. Thank you. We have our next question comes from Tom Furlong. He asks, please could you give us a brief update on the performance of Cohon? Does Thoughtworks also skew the earnings growth and the debt multiple disclosure? Thanks. Yeah, thanks. Let me briefly touch on the second question in terms of EBITDA growth. If you look at EBITDA growth, excluding Thoughtworks and you know, you compare the numbers, you know, pro forma for M&A between what we have in September and June, EBITDA in September, the growth number is still slightly ahead to what we have seen in June. There is some impact from Thoughtworks. The overall portfolio, again, you know, pro forma for M&A has accelerated growth slightly from the end of June. Now on Cole Haan, you know, Cole Haan continues its recovery. It's still below the pre-COVID level. What we're seeing is, you know, we are seeing good progress in terms of, for instance, improved launch into new performance categories. I mean, these are stuff like, you know, running, golf, tennis. We also see, you know, the wholesale order book progressing well. Overall, you know, trajectory on the recovery path. Thank you. As a further reminder, ladies and gentlemen, to ask any further question, you can press star followed by one on your telephone keypad now. For those who stream online, please kindly type your questions in the ask questions text box. Just to check if there's no further questions? If there aren't any further questions, then I want to thank everybody for participating in today's call. Obviously, if you have any further questions, you know, following this call or would like to arrange a meeting, you know, feel free to contact the investor relations team. With that, I want to wish you a, you know, a good day and goodbye.