- Investment fund Apax Global Alpha reported 'broadly flat' returns in the first half of the year as negative performance in the first quarter offset stronger performance in its private equity portfolio.

For the half-year ended 30 June, total return net asset value (NAV) was broadly flat at 0.5%.

'Following a negative return of 11.9% in the first quarter of 2020 reflecting general market weakness, valuations strongly recovered during the second quarter at 13.3%, especially in the private equity portfolio,' the company said.

The private equity portfolio delivered a total return of 2.3%, though that was offset by a 1.5% decline in derived debt total return and a 18.4% decline in derived equity total return.

The company declared an interim dividend of 4.87p a share, equivalent to 2.5% of the euro NAV as at 30 June 2020.

'The recovery is unlikely to be linear and, for most economies, economic activity may not return to pre-Covid levels until 2022,' the company said.

'The impact and recovery is, however, very different between sectors. Tech in general has proved more resilient and is expected to grow over the coming years driven by underlying trends. Offline retail has been severely impacted and is recovering more slowly.'

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