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FINANCIAL AND LEGAL INFORMATION
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Analysis and comments on the financial year
Commitments
TheApaxFranceVII fund is fully invested. Altamir has anobligation
tomake follow-on investments inportfolio companies of amounts
proportional to its initial commitment. The maximum residual
commitment is estimated at €2m.
Altamir has committed to investing between €200mand€280m
in the Apax France VIII fund. As of the end of December 2016,
€16.9m of capital remained to be called, out of a total maximum
commitment reduced to €276.7m.
Altamir has committed to investing€60m in theApaxVIII LP fund.
In December 2016, the fundmade a capital call for the remainder
of residual commitment. The fund was therefore fully called as
of 31 December 2016.
Altamir has committed to investing between €220mand€300m
in the Apax France IX fund. This amount can be adjusted every
six months based on the Company’s foreseeable cash position.
For the first half of 2017, the Company has decided to maintain
its commitment at the maximum level of €300m. The amount
called as of 31 December 2016 was €4m. The fund has already
made three investments, entirely financed by credit lines, for a
total of €64m.
Altamir has also committed to investing €138m in the Apax IX LP
fund. The fund has not yet issued its first call for capital. However,
it has alreadymade two investments for a total of €11.5m, financed
by credit lines. The Management Company is not able to adjust
this commitment every six months.
Altamir’s maximum remaining commitments therefore total
€450.9m (excluding any follow-on investments in Apax France
VII), of which €75.5m have already been invested.
Portfolio
The portfolio as of 31 December 2016 included 42 equity
holdings, excluding escrow accounts, comprised primarily of
growth companies, distributed among Altamir’s four sectors of
specialisation.
1.4.3
OTHER SIGNIFICANT EVENTS
DURING THE YEAR
The Company paid a dividend of €0.56 per ordinary share to
limited partners on 27 May 2016.
1.4.4
POST-CLOSING EVENTS
In February 2017, Apax Partners and Altamir finalised the sale
of Unilabs. At the same time, Apax Partners LLP announced the
acquisition of Unilabs for the Apax IX LP fund.
Apax Partners LLP also completed the sale of its remaining
investment in Chola for €1.3m and the partial sale of GlobalLogic
for approximately €5m.
The last tranche in escrow in relation to theVizada sale, an amount
of €4.6m, was released in January 2017.
1.4.5
TRENDS
The volume of funds raised in the European private equity sector
rose sharply, with a total of $132bn raised in 2016
vs.
$97bn in 2015
(source: Private Equity Analyst).
During the same period, the market saw a decline in buyout
transactions for the second year in a row, which nevertheless
remained higher than the average for the past ten years (source:
MergerMarket).
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REGISTRATION DOCUMENT
1
ALTAMIR 2016