Apax Global Q1 hit by poor performance at Vyaire

Apax Global Alpha reported lower net asset value and took a €24m writedown across its private equity and debt portfolios after a poor performance at Vyaire Medical.

Total NAV return fell 0.5% in the three months to March 31 as performance was impacted by "negative developments" at Vyaire although no details were supplied.

AGA's adjusted NAV was €1.25bn at the end of the quarter, compared to €1.29bn at the end of 2023.

"The contribution of earnings to Q1 private equity returns slowed driven by a small number of portfolio companies, including Vyaire," Apax said.

"Following materially deteriorating trading at Vyaire during Q1, AGA has taken a €24m writedown on its value across the private equity and debt portfolios, reducing AGA's Private Equity exposure to Vyaire to €5m and debt exposure to Vyaire's first lien loan to €12m."

Reporting by Frank Prenesti for Sharecast.com