Altamir - 2018 Registration document

1

Business description and activities

Comments on the financial year

n $5m (€4.3m) to Apax Digital, launched by Apax Partners LLP, which invests worldwide in technology companies. Altamir will invest these amounts over the next 3-4 years. The fund has already made four investments, of which the latest two, totalling $0.6m (€0.5m), were financed by credit lines. Residual commitments amounted to $4.5m (€3.8m) as of 31 December 2018. This commitment results from the transfer of a commitment originallymade byAmboise SAS. A regulated agreement was drawn up for this commitment and will be submitted for approval at the next AGM. These commitments being significantly smaller than those made in other Apax France or Apax LLP funds, the Company has decided to report on the overall portfolio of the two funds. The total maximum residual commitment is therefore €253.3m, of which €102.3m have already been invested but not yet called; €6mof the distributions paid by the Apax VIII LP and Apax IX LP may be called back, as of 31 December 2018. Portfolio The portfolio as of 31 December 2018 included 48 companies, excluding escrow accounts, comprised primarily of growth companies, distributed among Altamir’s four sectors of specialisation.

n Apax Partners LLP has signed an agreement to sell Assured Partners to a consortium led by US private equity company GTCR. Apax Partners LLP, which held Assured Partners via the Apax VIII LP fund, will remain a minority shareholder of the company, as a co-investor alongside GTCR via the Apax IX LP fund; and n Apax Partners SAS has finalised the refinancing of Marlink, which optimises the company’s financing terms and will make it possible to pay dividends to shareholders. Two transactions totalling an estimated €15m have been announced since 31 December: n the investment inAssuredPartners via theApax IXLP fund; and n the acquisition by Apax Partners LLP, via the Apax IX LP fund, of a significant stake in Fractal Analytics. Based in Mumbai, India, Fractal provides artificial intelligence and data-based solutions that power human decision-making.

1.4.5 TRENDS

The private equity market has experienced strong growth in recent years. Although fundraising in 2018 represented a 25% decrease from its all-time high in 2017, reaching $426bn versus $566bn, the amount collected remains historically very high (source: Preqin). EuropeanLBOfundswereveryactive, both for investments, which totalled$195.5bnvs. $167.4bn in2017, and for divestments through mergers/acquisitions, which were $158.2bn vs. $188.8bn in 2017 (source: MergerMarket).

1.4.3 OTHER SIGNIFICANT EVENTS DURING THE YEAR

On 4 May 2018, Amboise SAS filed a draft document related to a cash tender offer on the shares of the Company. The document was approved by the AMF on 10 July 2018 and the final offer was published on 12 September 2018. As a result, Amboise SAS has increased its stake inAltamir andnowholds 65%of theCompany’s capital and voting rights. The Company paid a dividend of €0.65 per ordinary share to limited partners on 25 May 2018.

1.4.6. PROFIT FORECASTS AND ESTIMATES

Because of the nature of its activities, and because its results are highly dependent on the performance of the companies in its portfolio aswell as on the amount andpace of its investments, the Company does not expect to announce any earnings forecasts or estimates. It has, however, communicated its objectives for the current year. Barring anymajor external developments, theManagement CompanyexpectsNAV to increaseagain in2019. New investments could number six or seven, for around €100m, and divestments could total around €250m. The portfolio companies should continue to perform well, with average organic EBITDA growth of about 7%.

1.4.4 POST-CLOSING EVENTS

Four transactions finalised after 31 December are expected to generate €184m in divestment proceeds: n Apax Partners SAS has signed an agreement to sell INSEECU., held by the Apax France VIII fund, to private equity company Cinven; n Apax Partners LLP has signed an agreement in principle with KKR with a view to selling Exact Software, held by the Apax VIII LP fund;

64 Registration document ALTAMIR 2018

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