In QuotedData’s morning briefing 8 January 2025:

• The Apax IX Fund, in which Apax Global Alpha Limited (APAX) is a limited partner, announced that portfolio company Paycor (PYCR) a leading provider of human capital management software, has entered into a definitive agreement with Paychex to be acquired in an all-cash transaction for $22.50 per share. Including prior distributions, this transaction is expected to deliver a total gross multiple on invested capital of 3.3x and a gross internal rate of return of 26% for Apax IX. The transaction values APAX’s look-through investment in Paycor at approximately €38m. This represents an uplift of c.69% to the last unaffected valuation and an uplift of c.€16m in the NAV of APAX at 30 September 2024. The transaction is expected to close in H1 2025, subject to customary closing conditions.

We also have updates from Henderson Opportunities Trust, The European Smaller Companies Trust, and Ground Rents Income Fund