Altamir: NAV Increases by 0.8% in Q1, but Cash Position Worsens
As of March 31, 2026, Altamir's Net Asset Value (NAV) stands at 32.59 euros per share, up 0.8% from December 31, 2025 (32.32 euros). Although this slight increase masks a contrasting dynamic: the portfolio gains in value due to the revaluation of funds and rising stock prices, the net cash has deteriorated by 15.6 million euros over three months, reflecting an intensification of investments and fund calls by the manager.
Portfolio Sees Modest Value Creation, Year-on-Year Investment Decline
The portfolio value increased by 7.1 million euros during the quarter, primarily reflecting the revaluation of Altaroc Odyssey funds and the stock price increase of InnovAge. Meanwhile, investments made in the first quarter amounted to 24.1 million euros, down from 48.5 million euros in the first quarter of 2025. Notable investments this quarter include Id Fresh Food (3.7 million euros), an Indian platform for ready-to-cook fresh meals founded in 2005 and present in over 50 cities, and Yad2 (11.0 million euros), the leading classifieds platform in Israel founded in 2001. These investments were made through the Apax XI LP fund. In total, an additional 8.3 million euros were deployed through Altaroc Odyssey funds, while 3.2 million euros funded acquisitions of portfolio companies (Odin, Lumion, Altus).
Net Cash Position Deteriorates: Fund Calls Accelerate
Altamir's net cash position stands at -72.3 million euros as of March 31, 2026, compared to -56.7 million euros as of December 31, 2025, marking a deterioration of 15.6 million euros over three months. This decline reflects the intensity of fund calls from investment structures in which the manager is engaged. As of March 31, 2026, the maximum amount of commitments totals 464.7 million euros, of which 129.8 million euros are committed but not yet called. These commitments are primarily distributed among the vintages of 2023 (195.1 million euros), 2019 (208.3 million euros), and 2016 (57.7 million euros). Among these commitments, 53.5 million euros from the Apax X LP fund distributions can be recalled. However, Altamir has a semi-annual opt-out clause allowing it to adjust its commitment in the Seven2 Midmarket X fund by up to 100 million euros.
Governance Changes and Strategic Acquisitions by Apax
Eddie Misrahi has recently been appointed CEO of Altamir Gérance, while Maurice Tchenio remains as a director and continues to be associated with the company's strategy. Isabelle Andrès has been appointed to the Supervisory Board in place of Marleen Groen and joins the Audit Committee, now chaired by Anne Landon. Operationally, the Apax fund has announced the acquisition of Sedex, a global leader in supply chain risk management solutions, founded in 2004 with 100,000 clients across 180 countries. This acquisition exemplifies the ongoing strategy of consolidation and value creation within the portfolios managed by Apax.
