Simpson Thacher recently acted as legal advisers, as to both English and U.S. law, to Lexington Partners in respect of a cornerstone investment by LCP VIII Cayman Holdings, L.P., an exempted limited partnership controlled by funds affiliated with Lexington Partners, L.P. (“LCP”) in the initial public offering of Apax Global Alpha Limited (“Apax Global Alpha”) and the admission of Apax Global Alpha’s entire issued share capital to the premium listing segment of the Official List of the U.K. Listing Authority and to trading on the London Stock Exchange's main market on June 15, 2015.
The offer consisted of 183,037,695 new ordinary shares being issued at an offer price of 119.2 pence per share, valuing the entire issued share capital of Apax Global Alpha at £585.4 million at the offer price and raising gross proceeds of £218.2 million. LCP subscribed for 24,405,026 shares for a subscription amount of approximately £29 million, representing 4.97% of Apax Global Alpha’s issued share capital on admission.
Apax Global Alpha is a closed-ended investment fund which will make (i) private equity investments in existing and future private equity funds managed, advised and/or operating by Apax Partners LLP (“Apax”) and its affiliated entities (the “Apax Group”), and (ii) derived investments which Apax identifies as a result of the process the Apax Group undertakes in its private equity activities and which will primarily comprise direct or indirect investments in public and private debt, as well as limited investments in equity in listed companies.
The Simpson Thacher team included Clare Gaskell and Linford Coates (U.K. Corporate and Capital Markets); Barrie Covit, Steven Klar, Daniel Hulme and Fan Wei (U.S. Funds); Jonathan Goldstein (U.S. Tax); and Jeanne Annarumma (ERISA).