Altamir - 2018 Registration document

1

Business description and activities

Risk factors

1.6 RISK FACTORS

1.6.1. INTRODUCTION – PRINCIPLES

equity industry. Should this information be privileged, however, as defined by applicable regulations, these investors must not carry out transactions on the shares of Altamir.

Investors are asked to consider all the information provided in this document and presented in the Management Report before acquiring or subscribing to the Company’smarketable securities. As of the date this document was filed, the risks presented below, were they to materialise, could have a significant unfavourable impact on the Company, its business activities, its financial position, its results or its growth. The Company considers that, as of the date this document was filed, there are no significant risks other than those presented. Investors should be aware that the list of risks below is not exhaustive, and that there may have been other unidentified or unforeseen risks at the date this document was filed, which may have a significant adverse risk on the Company, its business activities, financial position, results and growth. The unitholders in the private equity fundsmanaged byAmboise Partners SA and Apax Partners SAS and the investors in the fundsmanaged byApax Partners LLP are professionals investing significant amounts with a long-term horizon. They have more detailed information about the investments acquired (as co- investments alongsideAltamir) than theother shareholders of the Company. This information is communicated to them in line with the rules of the funds and with common practice in the private

1.6.2. DESCRIPTION OF RISKS AND UNCERTAINTIES AND THEIR MANAGEMENT

RISKS INHERENT IN PRIVATE EQUITY

A)

Investment in a company whose objective is to acquire private equity interests is intrinsically high-risk, greater than that associated with investing in listed major industrial, property or financial companies. There is no guarantee that the investments will achieve Altamir’s objectives, or even return the capital invested in the Company, and thepast performanceof the fundsmanagedbyApaxPartners for this type of investment offers no guarantee of the future performance of the Company.

In particular, private equity investments present the following risks:

Nature of the risk

Risk mitigation

1) Risks relating to capital calls (liquidity risks)

The Company’s commitments to the Apax Partners SAS and Apax Partners LLP funds have been set within a range enabling it to respond to capital calls based on expected cash positions. The Company has carried out a specific review of its liquidity risk and believes it can meet its forthcoming obligations. The funds in which Altamir invests have access to credit lines and so are not required to make capital calls for each investment. The duration of the credit lines is 12 months. This enables the Company to increase its visibility on future capital calls. As of 31 December 2018, the Company had a net cash position of €-13.6m and €60m in authorised lines of credit. The Company is currently renegotiating these credit lines. Furthermore, Altamir has the option to reduce the maximum level of its commitment to the Apax France IX-B fund by up to €80m (bringing the maximum commitment down from €306m to €226m). Maximum commitments are reviewed semi-annually. This mechanism gives Altamir the flexibility to significantly lower its commitments for each six-month period.

The Company has commitments to the funds in which it invests (Apax France VIII-B, Apax France IX-B, Apax Development, Apax VIII LP, Apax IX LP and Apax Digital). These commitments are significant and could be called at any time with a notice period of around 10 days. The resources for meeting these commitments are held in available cash, proceeds from divestments and possibly temporary lines of credit. The Company’s status as a French société de capital risque (SCR) prohibits it from borrowing in excess of 10% of statutory net assets.

74 Registration document ALTAMIR 2018

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