Hi, good morning everyone. Thank you for joining Apax Global Alpha's full-year results presentation. My name is Ralf Gruss. I'm the COO of Apax and a member of AGA's investment committee. With me today on the call is Salim Nathoo. Salim is also a member of AGA's investment committee, as well as a member of the investment committees of the Apax private equity funds. I will provide you with an overview of AGA's portfolio and performance in 2023, and I will then hand over to Salim to cover the private equity portfolio in more detail before we open up for questions. Just go to the next page, please. In 2023, AGA achieved a total NAV return of 4.1% or 6.1% on a constant currency basis. Performance was driven by earnings growth in private equity and strong returns from the debt portfolio. The adjusted NAV was broadly flat year-on-year at EUR 1.3 billion. We saw both an increase in the NAV of the debt and the private equity portfolios. These increases were, however, offset by the dividend payments to shareholders and negative FX movements. There was good momentum across the portfolio, in particular investment activity and private equity ramped up in the second half of the year. Now, for context, at 31st December 2023, the private equity portfolio represented 74% of AGA's invested portfolio, providing shareholders with exposure to 82 private equity fund portfolio companies. The remainder of the invested portfolio was primarily invested in debt investments, with only three derived equity positions remaining at year-end. The board announced a final dividend of 5.64 pence per share, in line with the company's policy to pay out 5% of NAV in dividends annually. I will talk more about AGA's capital allocations and how the dividend fits into this picture later on, but let me first cover AGA's performance in the context of the current market backdrop. Let me start by saying that the global economy displayed resilience in 2023, despite central banks raising interest rates to levels not seen for many years. Not surprisingly, in this environment, deal activity in private equity was more muted during 2023, particularly when compared to the peak in 2021. And you can see this on the left-hand side of the slide. In parallel, though, some businesses got repriced and valuations adjusted somewhat. And on the right-hand side of this page, you can see some market data that shows the drop in median entry valuation multiples for private equity buyout transactions during the year. Of note, as uncertainty faded, we saw increased deal activity across AGA's private equity portfolio in the second half of the year. Salim will talk about this more later on in the presentation. Let me first talk about what this investment environment means for AGA. As a headline message, we believe AGA is well positioned to navigate in this environment. Let me explain why. First of all, in an environment where interest rates are high and the economic growth remains soft, it is key to back companies with resilient business models and capital structures, such as the ones you will find in AGA's private equity portfolio. Also, if you look at the companies in AGA's private equity portfolio, you know, these companies typically operate in parts of the economy where there are strong economic fundamentals. The capital structure across private equity portfolio companies is robust and remained at the lower end of the peer average at 4.6x net debt to EBITDA at the end of 2023. Second, there's also good continued earnings growth across the private equity portfolio, with average LTM EBITDA growth of 18% at year-end. Third, Apax hidden gems investment strategy, which you talked about before, is well suited for this environment. As a reminder, it is a strategy that is not predicated on continued market tailwinds, but rather grounded in enduring and proven disciplines, including diversification, backing businesses with strong underlying economic motors, and driving alpha through business improvement. And last, you know, looking at AGA itself, AGA has a robust balance sheet strengthened by its debt portfolio and an RCF, which was undrawn at year-end. I mentioned the dividend policy in AGA's capital allocation policy earlier, and on page six, we have included an illustration of this based on cash amounts from the last five years. So taking a step back, for those of you who are less familiar with AGA, the company invests as a limited partner in the Apax's private equity funds and thereby indirectly into the portfolio companies held by these funds. The capital, which is not invested in private equity, is deployed into a portfolio of predominantly debt investments. When the Apax's funds make an investment, AGA receives a capital call and pays its portion of the acquisition cost for the company. Now, the numbers you see here on the page are over the last five years. Over the last five years, AGA has paid EUR 706 million in capital calls. Whenever the funds sell or refinance portfolio companies, AGA receives distributions from the private equity funds. Again, you know, these distribution amounts, you know, totaled EUR 984 million over the last five years. Any excess cash and capital not invested in private equity is deployed primarily into a portfolio of debt securities. You can see from the numbers on the page that this portfolio of debt securities is an actively managed portfolio with a total of EUR 565, sorry, EUR 567 million invested and EUR 603 million returned from the portfolio over the last five years. Importantly, AGA receives an attractive stream of income from its debt portfolio, which totaled EUR 126 million over the five years. I've touched upon the role of the debt portfolio to avoid a cash drag and create attractive income before, and this number nicely illustrates this. This portfolio also enables AGA to be fully invested and to make substantial commitments to new Apax's private equity funds while remaining within its liquidity risk appetite. At IPO, AGA's board put in place a dividend policy of paying 5% of NAV to AGA's shareholders on an annual basis. The policy was put in place to ensure regular cash returns to shareholders from the returns generated by the fund. Again, to put numbers to this, AGA has paid out EUR 304 million in dividends to shareholders in the last five years. This number increases to EUR 444 million if you include all dividends paid since IPO. Or to put this in context, the EUR 444 million paid out reflect about 50% of the original IPO NAV. Note that this does not include the dividend just announced, which will be paid on the 4th of April. During 2023, and in light of the increasing share price discount to NAV, the board also undertook a detailed review of the company's capital allocation policy in the context of future private equity calls and the capacity of AGA's RCF and debt portfolio. It was concluded that returning capital to shareholders via the existing dividend policy remains appropriate. Let me briefly summarize how the private equity investments in the debt portfolio have driven returns in 2023 now. As I mentioned at the start of the presentation, AGA's total NAV return was 4.1% during 2023, and that's the column to the right-hand side of this chart. The private equity portfolio performed well, and value generation continued from earnings growth of the underlying portfolio companies. However, there were some negative movements in valuation multiples, primarily for multiple contraction in the fund's listed holdings of previously IPOed businesses. The return contribution of private equity was therefore 3% during the year. The debt portfolio performed very strongly during 2023, contributing 4% to overall returns. Attractive income yields, as well as spreads tightening during the year, were the main drive of performance. Looking at the other movements, foreign exchange stands out being -2% contribution. As AGA invests globally, we will continue to see these foreign exchange fluctuations over the years in returns. Let me now hand over to Salim to give you an overview of the private equity strategy and portfolio performance in 2023. Thank you, Ralf. As Ralf mentioned earlier, we think Apax's hidden gems investment strategy is well suited to generate alpha in the current environment. It is a strategy that focuses on buying right on entry and pulling multiple microlevers to accelerate business performance during the fund's ownership. By improving the quality of a business, the expectation is that the funds can be paid for the growth and improvements made at exit, thereby generating alpha. This strategy of mining the hidden gems has the following attributes. First, Apax focuses on coveted categories, being high-quality subsectors where the investment team has significant experience and expertise, and where successful businesses or polished assets often trade for very high multiples. Next, rather than identify these readily identified businesses, Apax generally seeks to identify assets operating below or sometimes significantly below their full potential, the hidden gems. These are businesses in which the subsector teams can visualize this full potential, allowing the Apax's funds to invest at reduced entry valuations, which could be materially higher upon exit if improvements are made to the business. Following the investment, Apax's focuses on value mining to improve these businesses, combining subsector expertise and know-how and best practice with operational and digital expertise, including through input from our Operational Excellence Practice team. And then finally, the Apax's funds seek to reap the rewards of the strategy to achieve superior returns by selling improved or polished businesses, which are intrinsically more valuable than they were at the time of the acquisition, and which operates in parts of the economy that command high valuations. If you look at the bottom row, this page shows the strategy in action, which has been the Apax's funds' buyout, which has seen the Apax's funds' buyout companies at an average discount of 24% to peers. In addition, EBITDA growth at exit has been on average 22% per annum, reflecting an acceleration by more than 1,500 basis points between entry and exits by mining the value which I described earlier. Because in most cases the businesses have been transformed, the funds are able to exit at a multiple much closer to peers and on average exits at 11% premium to peers. The combination of the earnings growth and the increased multiples has led to strong returns. If we move to the next page, which shows the private equity return bridge for the 12 months to the year-end December 2023, you can see the drivers of total return for fiscal 2023. Earnings growth across the private equity portfolio companies remained the main driver of performance despite a more challenging macroeconomic backdrop. As Ralf mentioned, LTM EBITDA growth across the portfolio companies was 18% at December 31st, 2023, broadly in line with the previous year. However, earnings growth was upset by negative movements in the valuation multiple of comparables. As a reminder, a comparables-based valuation methodology is used for the private equity portfolio companies based on market pricing, taking into account both real-time public and recent transaction comps. As a result, it is not surprising that valuation multiples have come down since December 2021. In the year to 31st December 2023, multiples decreased slightly from 17.2x to 16.6x at year-end, mainly reflecting the negative movements from the Apax fund's listed holdings and particularly ThoughtWorks, Inmarsat, and Paycor. Share prices for these investments trended up in Q4, but not sufficiently to offset declines earlier in the year. At 31st December, the Apax fund's listed exposure represented 7% of the private equity portfolio, down from 14% at the end of 2022, primarily due to further selldowns of residual stakes in portfolio companies that were previously IPOed. The reduced listed exposure should mean that there is less of a drag on the overall NAV performance of AGA going forward. The increased management fees accrued during the period largely reflects AGA's $700 million commitment to the latest Apax global buyout fund in 2022. As a reminder, private equity funds typically exhibit a J curve pattern in the early years where initial fees and expenses outweigh the gains as the fund has only commenced investing. We would expect this to dampen over time as the fund continues to invest. As Ralf mentioned, FX movements were mainly driven by the euro strengthening against the dollar. Earlier, we alluded to the investment environment picking up in the second half of 2023. If you move to the next page, you will see a snapshot overview of deals completed that year. Now we've talked about most of these deals in previous quarters, so I will not comment on each one of them. At a high level, AGA through the Apax's funds deployed EUR 95 million across 10 private equity investments mainly in the second half of the year as more compelling opportunities emerged. Of these 10 investments, four were by Apax XI, the latest global buyout fund to which AGA has committed $700 million. Post period end, Apax XI closed its investment in WGSN, a leading consumer trend forecaster from publicly listed Ascential in a carve-out transaction. Apax has a long history with WGSN's parent company Ascential, with the funds having acquired the business in 2008 as part of the acquisition of Emap PLC. Working closely with the operational excellence team, the Internet consumer team intends to leverage several organic growth levers, including improving product packaging and pricing strategies to grow the business. There is also an opportunity to expand into new products, verticals, and customer bases through M&A. Of the five Apax XI deals, including WGSN, three are carve-outs with also being a day one combination. All of them show potential for a creative M&A. I will come back to OCS Finwave, which is the carve-out and day one combination shortly. Elsewhere, in November, the Apax Digital Fund II invested in Petvisor, a veterinary and pet services business management and client engagement software platform. The digital team has been tracking the pet and vet sector for years, identifying Petvisor as a unique investment opportunity poised to leverage the sector's shift towards software solutions. The strategy involves supporting Petvisor's growth organically and via M&A, aiming to position it as the preferred platform for veterinary clinics embracing digital transformation. The Apax Global Impact Fund, which held a final close at $900 million in December, made 2 new investments in the year in Swing Education and GAN Integrity. The fund also announced a new investment last week in Integrated Environmental Solutions, a leader in energy simulation software. This transaction marks the first climate-focused investment for AGI. Now turning to exits, while the exit environment remained more challenging than in previous years, AGA received EUR 90 million in distributions from the Apax's funds. Exits were achieved at an average uplift of 20%. One of the larger exits in the year was Duck Creek, which was a take-private transaction that valued the company at a 53% uplift to its 2022 year-end valuation. As a reminder, the business was originally carved out from Accenture, upgraded and transformed, listed on NASDAQ, and then taken private by Vista. The deal closed in March 2023 and delivered a gross MOIC of 5.2x. As you can see on the page, the Apax's funds also sold Matches Fashion, a multi-brand luxury e-commerce retailer for nominal consideration in December. This was one of the Apax's fund's legacy retail investments, and the company had faced significant headwinds, including slowing demand for personal luxury goods, which impacted the whole industry. Finally, it is worth mentioning that there were also a number of selldowns of the Apax's fund's public holdings, including Shriram and Global-e, which are now fully exited, and the partial selldowns of Paycor, Genius Sports, and Baltic Classifieds Group, which are not on the page, showing the fund's discipline in exiting public positions where appropriate. As a result of this, the Apax's fund's listed exposure reduced, representing 7% of the private equity portfolio at the end of 2023. Let me now give you a more detailed overview of Apax XI's investment in OCS Finwave, which is a good example of the Apax's hidden gems investment strategy in action. As I mentioned, OCS Finwave is a carve-out and a day one combination. OCS is a leading Italian consumer finance software provider and was acquired by Apax XI in August 2023. In parallel with this transaction, Lutech, which is an Apax X portfolio company, agreed to sell its non-core proprietary fintech and credit management software division, Finwave, to Apax XI. The investment thesis was to combine the two companies to create a Southern European fintech platform of scale under the Finwave brand name. Looking at the deal through the framework of the Apax's hidden gems investment strategy, this transaction draws on the Apax's fund's focus and track record investing in software, where the funds have deployed about $7.6 billion across 27 deals. Apax's has also significant experience in carve-outs, with the Apax's operational excellence practice growing its carve-out practice over the last seven years. Additionally, both OCS and Finwave are true hidden gems, with Apax XI acquiring them at Italian mid-market valuations with a view that there is significant scope to drive a rerating closer to European financial services technology providers as the combined business scales. The investment offers multiple levers of value creation, and early initiatives include strengthening the M&A function and expanding the pipeline of both national and international opportunities. The OEP team is also supporting the management on the carve-out, technology modernization, and cybersecurity readiness. I will now hand back to Ralf to give you an update on the debt portfolio. Thanks, Salim. So I'm going to cover the debt portfolio, which is the portfolio I talked about in the context of the capital allocation policy and also returns for 2023. Now the debt portfolio absorbs capital not invested in private equity to generate additional returns and income. The portfolio primarily comprises debt investments in companies and sectors where Apax's can leverage insight from its private equity activities. This integrated approach of having no barriers between private equity and credit teams helps position the portfolio to access better risk-adjusted credit returns. While individual investments are identified through a bottom-up process, the portfolio itself is actively managed top-down from a risk and liquidity perspective. At 31st December 2023, AGA held EUR 294.2 million of debt investments, representing 25% of AGA's total investor portfolio. The debt portfolio achieved a strong total return in 2023 of 11.8% or 14.4% constant currency. At year-end, 61% of the debt investments were invested in first lien loans. Most of these syndicated first lien loans tend to be more readily tradable when compared to debt instruments that are more junior in the capital structure. We believe the current proportion of first lien loans held is appropriate in the context of the private equity commitments made by AGA. Also, 92% of the debt investments were invested in floating rate loans to minimize duration risk. With base rates having increased, the portfolio generated a 10.4% income yield. As spreads tightened in the second half of the year, there was an uptick in fair value of the portfolio, adding to returns generated during the year. Not on this page, and in addition to the debt portfolio, AGA also has a small exposure to derived equity, which represented 1% of the invested portfolio at the 31st of December. During the year, AGA exited two derived equity positions, with the three positions now remaining in the portfolio being valued at EUR 15.6 million. It's also worth highlighting that AGA maintained a higher liquidity balance in 2023 in anticipation of calls from the Apax's funds and the dividend payable in the first quarter of 2024. Before we now open up for Q&A, let me summarize a couple of key takeaways. AGA is well positioned, and there is good momentum across the portfolio. In private equity, portfolio companies predominantly operate in parts of the market with strong economic fundamentals. They have resilient business models and capital structures. The hidden gems investment strategy that Salim talked about is well suited to generate alpha through business improvement and private equity. We saw the pace of investment activity ramp up in the second half of the year. Something that has continued so far this year. AGA takes a disciplined approach to balance sheet management, and the debt portfolio is performing strongly, generating additional returns and income for the company. Taken together over the last five years, AGA has achieved an annualized cumulative return of nearly 13%. Since IPO, the company has returned EUR 444 million to shareholders, equivalent to 50% of AGA's IPO NAV. With that, Salim and I are now happy to answer any questions you may have, and I hand it back to the operator for that. Thank you, sir. We will now begin the Q&A session. As a reminder, participants can also submit questions by clicking the Ask a Question button on the webcast page. Please submit these, and the company will get back to you in due course. If you would like to ask a question on the phone lines, please signal by pressing star one on your telephone keypad. We will pause for a moment to assemble the queue. Our first question comes from the line of Charles Murphy of Singer Capital Markets. Please go ahead. Thank you for the update. Can you expand a bit more on sort of activity levels in the market as a whole? In terms of how widespread is it, or is it just very selective still? Do you see this as an improving trend, or do you think you need to wait for interest rates to start being cut before activity returns to more normalized levels? Yeah, Charles, maybe I'll take that. So I would say it is selective right now. I wouldn't say it's a tsunami of activity. I think the biggest gap is not really the cut in interest rates. It's this mismatch between what sellers are expecting and what buyers are willing to pay, given the overall environment. And part of that is closed. But there is still, I think, a gap, particularly if the seller has bought something in 2020 or 2021, the multiple will be paid is high. So I think the 3 sorts of opportunities we're seeing right now are one where a sponsor really needs to sell to demonstrate some liquidity. And many sponsors, investors are asking for liquidity. So that is going to become an increasing force driving deals. The second public to privates, we have one in the pipeline, and the third carve-outs. As I mentioned, we've done 3 carve-outs. In summary, I would say it is definitely more active than it was in the first half of 2023 as a market as a whole, but I would not expect a tsunami in 2024. Thank you very much. Thank you. As a reminder, participants can submit questions by clicking the Ask a Question button on the webcast page. If you'd like to ask a question on the phone lines, please signal by pressing star one on the telephone keypad. There are no further questions. I will now hand back over to the management for closing remarks. Thank you, and thank you all for participating in today's call. If you have any further questions, of course, or would like to arrange a meeting, please get in contact with our investor relations team. With that, I wish you a good day and goodbye.