Ares’ secondaries unit backs Apax Global Alpha take-private

The transaction involves a continuation fund-like structure, Secondaries Investor understands, and includes an option for backers of the UK investment trust to roll into a new fund, filings show.

A secondaries structure has emerged as part of a deal to de-list investment trust Apax Global Alpha, affiliate title Secondaries Investor understands.

Ares Management is backing the limited company Janus Bidco, which has agreed to buy AGA in a €916.5 million deal, according to a filing on the London Stock Exchange.

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