Apax Global Alpha (LON:APAX) is potentially on the verge of a significant transformation following a challenging 2024. Analyst Mark Thomas from Hardman & Co highlights that, despite the company missing its return targets, recent results indicate a more promising future.

The firm has seen an uptick in exits and an acceleration in new investments, suggesting that conditions are aligning for a multi-year value creation narrative. This shift could signal a turning point for Apax Global Alpha, which operates as a closed-ended investment company supporting private equity funds advised by Apax, while also managing a targeted portfolio of debt and equity assets.

The conversation surrounding Apax Global Alpha focuses on the changes that have occurred, what lies ahead, and the potential for future gains, often referred to as “jam tomorrow.” As the company navigates through its current challenges, the outlook appears to be improving, setting the stage for enhanced performance in the coming years.