Altamir - Registration Document 2016

1

FINANCIAL AND LEGAL INFORMATION

Risk factors

Nature of the risk

Risk mitigation

2) Risks related to the absence of investment liquidity

Altamir aims to invest principally in unlisted companies, with a medium- to long-term investment horizon. Although the investments Altamir makes can occasionally generate recurring revenue, in the vast majority of cases, capital invested and potential capital gains are only realised when the investment is partially or fully sold, which generally only takes place several years after its acquisition. There is no guarantee that the companies in which Altamir has invested or will invest, either directly or via the Apax France VIII, Apax France IX, Apax VIII LP and Apax IX LP funds, will be listed on the stock exchange or sold. Under these circumstances, Altamir may have difficulty selling its investments in a reasonable timeframe and at satisfactory pricing terms. Such a situation may restrict or prevent Altamir frommaking new investments and hinder the implementation of the investment strategy. Furthermore, in certain cases, Altamir may require prior authorisation of a sale from the competent authorities, or may be prohibited by contract, law or regulations, from selling an investment during a given period. Altamir’s success essentially depends on the capacity of the Apax management companies (Apax Partners SA, Apax Partners MidMarket and Apax Partners LLP) to identify, select, acquire and sell, in a competitive market, investments that are likely to generate significant capital gains. There is an increasing number of private equity companies, and for larger transactions , the market tends to be global, thus becoming fiercely competitive. Some of these companies have a greater financial capacity than the funds managed by the Apax Partners management companies, giving them a competitive advantage for undertaking significant financial transactions. Others may have lower ROI requirements than those of the Apax Partners management companies, enabling them to offer a higher price to sellers for a given asset. Altamir cannot guarantee that the Apax management companies will continue to be in a position to, or want to, study certain investment opportunities, nor can it guarantee that any acquisition proposals put together by the management companies will be accepted by the sellers. The rules governing the Apax Funds: limit the life of the funds; limit the period during which they can invest; might lead to an early liquidation of the funds in certain scenarios; might lead to an early termination of the investment period of these funds; might lead to the management company being dismissed (in the event of serious misconduct) In such a scenario, Altamir may no longer be in a position to invest. 3) Risks related to Altamir’s investment capacity

The portfolio’s sectoral and geographical diversification minimises the risk of illiquidity in the portfolio. The investment processes implemented by the Apax fund management companies (see Section 1.3.7) include an analysis of exit scenarios for each potential investment. Moreover, Altamir’s portfolio is well diversified in terms of acquisition dates, which facilitates a harmonious rotation of the portfolio.

Quality, team size and Apax’s strong reputation represent significant competitive advantages. Owing to the sectoral specialisation of Altamir and the Apax funds, it is often easier to identify opportunities at the outset (proprietary deals) and avoid highly competitive auction processes. By investing via funds managed by Apax Partners MidMarket and Apax Partners LLP, Altamir has the ability to invest worldwide, which significantly increases potential opportunities.

Altamir may co-invest alongside Apax funds when the funds syndicate these opportunities to their investors.

4) Risks related to investment in funds managed by Apax Partners MidMarket and Apax Partners LLP

The Apax France VIII and Apax VIII LP funds were both fully invested as of 31 December 2016. The Apax France IX and Apax IX LP funds are in the early stage of their investment period and have invested 23% and 2%, respectively, of the subscribed amounts.

The management company of Altamir is completely independent from the two management companies. As such, Altamir is free to invest with other partners. The historical relationship and the significant amounts invested by Altamir make such a scenario unlikely.

The Company cannot exclude the possibility that it might not be able to invest the full amounts subscribed in these funds. It cannot be guaranteed that Altamir will be authorised to invest in the following funds.

68 REGISTRATION DOCUMENT 1 ALTAMIR 2016

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