UNIVERSAL REGISTRATION DOCUMENT
including the Annual Financial Report
2020
ALTAMIR   2020 Universal Registration DocumentB
Contents
The components of the Annual Financial Report are identified by the symbol
AFR
Altamir at a glance 2
Conversation with Maurice Tchenio,
Chairman and CEO
of the Management Company 4
1 Business description
and activities 9
1.1 Selected financial
information
AFR
10
1.2 Presentation of the Company 19
1.3 Business description 52
1.4 Comments on
the financial year
AFR
70
1.5 Internal control procedures 79
1.6 Risk factors
AFR
82
2 Corporate governance
Report of the Supervisory Board 87
2.1 Management and
supervisory bodies 88
2.2 Remuneration of
corporate ocers 100
2.3 Management fees 103
2.4 Observations of
the Supervisory Board
at the General Meeting 104
3 Financial statements 107
3.1 Consolidated financial
statements
AFR
108
3.2 Statutory Auditors’ report
on the consolidated
financial statements
AFR
135
3.3 Statutory financial
statements
AFR
139
3.4 Statutory Auditors’ report
on the financial
statements
AFR
154
3.5 List of subsidiaries
and equity investments 158
4 Information about
the Company and its capital 159
4.1 Share capital
AFR
160
4.2 Principal shareholders 165
4.3 Legal and tax framework
of an SCR 169
4.4 Articles of association 173
4.5 Regulated agreements 176
5 Supplementary information 179
5.1 Person responsible
for the Universal Registration
Document
AFR
180
5.2 Persons responsible for
the audit of the financial
statements 181
5.3 Documents available
to the public 182
5.4 Reference to historical
financial statements 183
5.5 Cross reference index 184
5.6 Glossary 189
ALTAMIR   2020 Universal Registration Document 1
UNIVERSAL
REGISTRATION DOCUMENT
including the Annual Financial Report
2020
This document is an English-language translation of the French (“Document
d’Enregistrement Universel”) filed with the Autorité des Marchés Financiers (AMF)
on 6 April 2021, the competent authority under EU Regulation 2017/1129, without prior
approval, pursuant to Article 9 of the same regulation.
The Universal Registration Document may be used to support a public oering of
securities or to admit shares to trading on a regulated market if it is accompanied by
a prospectus (note d’opération) and a summary of all amendments incorporated into
the universal registration document. The group of documents thus formed has been
approved by the AMF, pursuant to EU Regulation 2017/1129.
ALTAMIR   2020 Universal Registration Document2
A listed private equity company founded in 1995
to give all investors access via the stock market
to private equity, one of the best-performing
asset classes over the long term.
An investment strategy based on financing growth and sector specialisation.
Primarily through and alongside the funds managed by two private equity companies, leaders on their
respective markets:
Apax Partners SAS
(Paris based)
l 33 investment professionals
l Over €4bn under management
l Companies with an enterprise value
between €50m and €500m
l Apax France VIII: €700m (2011)
l Apax France IX: €1bn (2016)
l Apax France X: hard cap €1.4bn (2020)
l Apax Development (small caps): €255m (2019)
Apax Partners LLP
(London based)
l Over 120 investment professionals
l More than $60bn under management
l Companies with an Enterprise Value
between €500m and €3bn
l Apax VIII LP: $7.5bn (2013)
l Apax IX LP: $9bn (2016)
l Apax X LP: $11.8bn (2020)
l Apax Digital (digital companies): $1.1bn (2017)
INVESTMENTS
Net Asset Value
€1,128m
as of 31/12/2020
NAV
+13.7
%
dividend included
EBITDA
+13
%
in 2020
Market cap
€728m
as of 31/12/2020
Investments &
Commitments
€113m
Divestments
€159m
2020 FIGURES
ALTAMIR   2020 Universal Registration Document 3
Maurice Tchenio,
pioneer in private equity,
main shareholder of the company
Public
65
%
35
%
Grow and create value
This ambitious strategy translates into the following two
objectives:
l Increase Net Asset Value (NAV) by outperforming the
benchmark indices.
l Maintain a simple, attractive and sustainable dividend
policy: 2-3% of NAV at year-end.
Invest mainly through the Apax funds
l Altamir’s strategy relies on Apax: backing companies with
high growth potential, in four sectors of specialisation,
primarily through LBO and growth capital transactions,
establishing positions as majority or lead shareholder.
l Allocation every 3-4 years when new funds are launched
by Apax.
Seize growth opportunities through
direct investment
l Reinforce the exposure to specific companies through
co-investments alongside the Apax funds
(7 companies as of 31 December).
l Invest in highly attractive segments (Apax Development,
which targets small caps, and Apax Digital, a digital fund).
l Take advantage of Altamir’s status as an evergreen
company to hold investments for longer than the typical
private equity investment horizon.
STRATEGY SHAREHOLDING
A portfolio of growth companies, diversified by sector, size (SMEs and large companies), and by geography
(Europe, North America, emerging market countries)
55
companies
of which 46 non listed and 9 listed
(SMEs and large companies)
8
new companies
acquired in 2020
16 companies
representing
80
%
(1)
of total portfolio value
as of 31 December 2020
(1) In fair value as of 31/12/2020
4 sectors of specialisation
SERVICES
15%
of the portfolio
(1)
17
companies
HEALTHCARE
4%
of the portfolio
(1)
7
companies
CONSUMER
24%
of the portfolio
(1)
10
companies
TMT
57%
of the portfolio
(1)
21
companies
PORTFOLIO
TAX
An attractive
tax status
for long-term shareholders
ALTAMIR   2020 Universal Registration Document4
Conversation with Maurice Tchenio
Chairman and CEO
Conversation with Maurice Tchenio
Chairman and CEO
Net Asset Value increased again over 2020
(13.7%), rounding out a decade of year-on-year
NAV growth for Altamir.
ALTAMIR   2020 Universal Registration Document 5
Conversation with Maurice Tchenio
Chairman and CEO
In an extremely uncertain and volatile context, Altamir’s NAV grew by a remarkable 13.7%
in 2020, after a record 30.8% in 2019.
In terms of activity, Altamir had a good year. We sold six companies, at an average
uplift of 25%, for nearly €159m in proceeds. That was less than 2019 but, given
that lockdowns halted all deal-making for two months, it was a sound performance.
We also made investments in eight companies for a total of €113m, which was about the
same as in 2019 if you exclude the €70.5m short-term investment in Aho20 (formerly
Apax France VII Fund).
Moreover, Altamir significantly increased its financing capabilities, raising the amount
of credit lines from €30m at the beginning of 2020 to €90m.
Altamir’s performance over 2020 enabled us to revisit the dividend paid for 2019. This
year we will propose €1.09, including €0.92 for the 2020 financial year, equating to 3%
of NAV at year-end, and €0.17 as a catch-up payment to bring the 2019 dividend to 3%.
In 2021, there are still significant risks associated with the pandemic and we remain
cautious, even if Altamir made a particularly dynamic start to 2021 in terms of activity.
2020 proved to be a uniquely challenging year.
Didn't it?
Without a doubt it was a massively disruptive year, which
brought with it extremes of uncertainty in daily life, individual
health, the well-being of entire communities and economic
activity. This was clearly reflected in investment volatility.
It is obviously a huge relief that we can now be optimistic that
the worst is behind us, though the eects will linger for a long
time and are yet to be fully reckoned with. We have clearly
seen the strengths and weaknesses of not only businesses,
but also societal structures and whole countries.
That uncertainty was reflected in your initially
cautious outlook for 2020. Is it fair to say that
Altamir’s activity was stronger than you had
expected?
I am happy to say I was wrong in my outlook for the year,
though I don’t regret being cautious. My fear, in the early
part of 2020, was that we were facing the financial crisis of
2008 and would be left wrestling with a similar stagnation
of investment. As it turned out, the private equity sector in
Europe rode out the volatility, and rebounded in the second
half to set a new record for both investment and divestment.
My caution meant that Altamir went into the first half of
the year in a conservative mode and as a consequence,
we significantly increased our credit lines, from €30m to
€90m, then found we didn’t have to use that additional debt.
ALTAMIR   2020 Universal Registration Document6
In terms of activity, both in investment and divestment,
Altamir had a good year. We sold six companies, at an
average uplift of 25%, for nearly €159m in proceeds. That
was less than 2019 but, given that lockdowns halted all deal-
making for two months, it was a sound performance. We also
made investments in eight companies for a total of €113m,
which was about the same as in 2019 if you exclude the
€70.5m short-term investment in Aho20 (formerly the Apax
FranceVII fund).
How do you explain that Altamir's Net Asset
Value increased even in 2020, rounding out
a decade of year-on-year growth?
Net asset value grew 13.7% over 2020, compared with 30.8%
growth in 2019.
The NAV growth was all the more remarkable in that we
carried out only one-third as much divestment in 2020 as in
2019 and suered a €24m foreign exchange loss, compared
to a €7m gain in 2019 – a dierence that alone explains six or
seven percentage points of growth.
Altamir’s performance over 2020 also enabled us to revisit
the dividend paid for 2019. Last year, we had planned to pay
a dividend of €0.83 per share, or 3% of NAV, but faced with
significant uncertainty, we decided to preserve cash. Instead,
we paid €0.66 per share, as in the prior year and thus below
3% of NAV, which is the objective we had achieved for nine
consecutive years. This year we will propose €1.09, including
€0.92 for the 2020 financial year, equating to 3% of NAV at
year-end, and €0.17 as a catch-up payment to bring the 2019
dividend to 3%.
That 2020 turned out to be business as usual in a decidedly
unusual year was a testament to our tried and tested
model, and we can now say it has been tested through even
more extreme situation. It is a model that targets the most
promising sectors and within those sectors consistently
identifies companies with significant potential to grow Ebitda,
cash flow and thus value by boosting valuation multiples.
That value creation is the result of the often exceptional
management teams, that run our portfolio companies, but
also of the value created by the Apax teams on which Altamir
relies. To deliver that benefit year-in, year-out, we rely on
something very dicult to replicate: the strong Apax brand.
It helps the teams source and create partnerships with the
right companies because they want to work with Apax. And
it also enables Apax to foster a uniquely successful culture,
by recruiting the best people and retaining them to execute
on the strategy of value creation.
Early in 2021 you took the unusual step of buying
THOM Group outright. Can you talk us through
that decision?
At the time of the take-over bid by Amboise in 2018, I
indicated to the market that Altamir would take advantage of
its evergreen status to pursue promising investments beyond
the scope of traditional private equity funds. The acquisition
of THOM Group, in January, was one of those cases.
We took the first step toward the deal in 2019, when we
purchased 80% of the limited partner’s stake in Apax France
VII, in a secondary market deal that gave us a very strong
foothold in THOM Group. When the majority stake in THOM
came up for sale we decided to purchase it from the holder
That 2020 turned out to
be business as usual in a decidedly
unusual year was a testament to
our tried and tested model.
Conversation with Maurice Tchenio
Chairman and CEO
ALTAMIR   2020 Universal Registration Document 7
Bridgepoint in a transaction that saw us initially divest our
holding for €104m before reinvesting €100m directly in THOM
to become the lead shareholder at a very attractive valuation.
The investment continues our long history with the company,
which dates back to our first investment in 2008, and
supports our strong conviction that THOM’s leading position
in aordable jewellery retailing and its superb management
team mean there is still significant value creation to come.
What lessons do you take away from 2020?
My first conclusion is that crises are unpredictable, unforgiving
and inevitable, so you need to be prepared for them. The
pandemic damaged significant sectors and it didn’t matter
how well managed some companies were, there was no
escape. That reinforces the importance of being prudent in
terms of risk management. Obviously, a diversified portfolio
is crucial, but so too is the need for careful cash management
to ensure that commitments can be met even in the most
dicult times. The health crisis was not as bad as I had feared
for private equity, but next time we may not be so fortunate.
The second conclusion I draw, is that crises exacerbate
inequality and it is incumbent on the more fortunate to
help mitigate that inequality. We are not sitting idle on the
sidelines.
Some 10 years ago I founded a philanthropic foundation,
Fondation AlphaOmega, with the goal of supporting charities
that help disadvantaged children and young adults in France
to realise their potential through education. We support,
financially and through our business expertise, seven charities
that in turn support 320,000 young people.
The impact investing undertaken by Fondation AlphaOmega,
which is financially supported by a €45m endowment
and €80m in revenue-sharing funds created by Altamir’s
and Amboise’s partners and our shareholders, empowers
individuals to succeed and in so doing lifts entire communities.
It is a key part of our wider social commitment alongside
the ESG principles that are central to the investment and
management philosophy of Altamir and the Apax funds
through which we invest.
What is your outlook for 2021?
We have made a particularly dynamic start to 2021. Two
months into the year, we had invested more than over all of
2020 and made divestments worth nearly 50% more than in
all of last year. But there are still significant risks associated
with the pandemic. We remain cautious and are expecting
short-term volatility.
That volatility, particularly given our longer-term investment
horizon, is something I have been thinking about for some
time now. And with that in mind we have decided, starting
this year, to switch from providing simple 12-month objectives
to benchmarking ourselves against a five-year forecast,
annualised on an average basis. I am convinced this provides
a better tool for our shareholders to gauge our performance
and benchmark us against our long-term goals, rather than
just providing a view of the coming year, during which results
can be distorted by numerous factors.
Impact investing is a key part of
our wider social commitment
alongside the ESG principles that
are central to the investment and
management philosophy of Altamir
and the Apax funds through which
we invest.
Conversation with Maurice Tchenio
Chairman and CEO
ALTAMIR   2020 Universal Registration Document8
ALTAMIR   2020 Universal Registration Document 9
Business description
and activities
1.1 Selected financial
information
AFR
10
1.1.1 Performance 10
1.1.2 Portfolio 11
1.1.3 Activity 14
1.1.4 Simplified balance sheet 15
1.1.5 Share price 15
1.1.6 Shareholder information 17
1.2 Presentation of the Company 19
1.2.1 General presentation 19
1.2.2 Organisation charts 22
1.2.3 Portfolio at
31 december 2020 24
1.2.4 Composition of the
portfolio at fair value 26
1.3 Business description 52
1.3.1 The private equity business 52
1.3.2. Private equity
management costs 53
1.3.3 Altamir’s investment
policy from founding 55
1.3.4 Altamir’s cash management
and performance optimisation
strategy 57
1.3.5 Altamir's management costs 57
1.3.6 Altamir’s strategy 59
1.3.7 Apax Partners’ investment
process 61
1.3.8 Altamir’s decision-making
process 62
1.3.9 The Altamir team 63
1.3.10 Apax Partners teams 64
1.3.11 Responsible investing 65
1.4 Comments on
the financial year 70
1.4.1 Overview and performance 70
1.4.2. The Company’s
activities
AFR
70
1.4.3 Other significant events
during the year 72
1.4.4 Post-closing events 72
1.4.5 Trends
AFR
72
1.4.6 Profit forecasts
and estimates 72
1.4.7 Financial position 73
1.4.8. Valuation methods 76
1.4.9 The Company’s financial
resources 77
1.4.10 Payment terms 77
1.4.11 Statutory results and
other company data over
the last five years
(Article R.225-102 of the
French Commercial Code) 78
1.4.12 Acquisition of equity interests
and controlling interests 78
1.5 Internal control procedures 79
1.6 Risk factors
AFR
82
1.6.1 Introduction - principles 82
1.6.2 Presentation of risks 82
The components of the Annual Financial Report are identified by the symbol
AFR
ALTAMIR   2020 Universal Registration Document10
Business description and activities
Selected financial information
1.1 SELECTED FINANCIAL INFORMATION
AFR
1.1.1 PERFORMANCE
Historical NAV growth
13.7% NAV growth in 2020, dividend included
Net asset value per share in euros, at 31/12 of each year (share of limited partners holding ordinary shares)
  NAV per share
  Dividend paid in year N on N-1
(in €)
Comparative performance
Altamir outperforms its benchmark index
NAV Total Return (dividends reinvested) over 1, 3, 5 and 10 years as of 31 December 2020
  Altamir NAV TR
  LPX Europe NAV (index)
Sources: Altamir and LPX data
as of 31/01/2021
10 years
175%
243%
5 years
92%
55%
3 years
56%
18%
1 year
14%
2%
2011
12.10
2012
13.47
0.20
2013
14.87
0.41
2014
16.04
0.45
2015
18.60
0.50
2016
21.62
0.56
2017
21.54
0.65
2018
21.72
0.65
2019
27.75
0.66
2020
30.90
0.66
ALTAMIR   2020 Universal Registration Document 11
Business description and activities
Selected financial information
1.1.2 PORTFOLIO
The 16 largest investments
represent 80% of the portfolio at fair value
As of 31/12/2020
Residual cost
in €m
Fair value
in €m
% of portfolio
at fair value
Marlink 47.4 176.4 14%
THOM Group
(1)
88.7 104.1 8%
Expereo 37.6 91.8 7%
BIP 32.4 88.4 7%
Snacks Développement 38.2 73.1 6%
ThoughtWorks 6.9 72.1 6%
InfoVista 42.2 69.3 5%
Entoria 48.8 50.9 4%
Alain Aelou
(1) (2)
41.9 50.2 4%
AEB 38.8 46.9 4%
Destiny 28.0 38.8 3%
Sandaya 21.6 37.5 3%
Odigo 36.7 36.7 3%
Graitec 34.4 34.4 3%
Paycor 7.1 22.3 2%
Vocalcom 10.7 21.5 1%
TOTAL 16 LARGEST INVESTMENTS 561.4 1,014.5 80%
TOP 20 LARGEST INVESMENTS 594.0 1,075.2 85%
TOP 30 LARGEST INVESMENTS 637.7 1,168.5 92%
TOP 40 LARGEST INVESMENTS 678.9 1,223.7 97%
55 INVESTMENTS + FUNDS 716.1 1,266.7 100%
(1) Including the prorata share of Aho20.
(2) Gross fair value was €67.7m; non-controlling interests totalled €17.5m.
ALTAMIR   2020 Universal Registration Document12
A well-diversified portfolio
By sector
% of portfolio at fair value as of 31/12/2020
24%
Consumer
(10 companies)
4%
Healthcare
(7 companies)
15%
Services
(17 companies)
57%
TMT
(21 companies)
By vintage
% of portfolio at fair value as of 31/12/2020
24%
2016
(6 companies)
15%
2017
(12 companies)
11%
2019
(11 companies)
6%
2020
(7 companies)
20%
2014 and earlier
(6 companies)
1%
2015
(6 companies)
23%
2018
(7 companies)
By geography
% of portfolio at cost as of 31/12/2020
18%
United States
(21 companies)
3%
Rest of
the world
(10 companies)
79%
Europe
(24 companies)
Business description and activities
Selected financial information
ALTAMIR   2020 Universal Registration Document 13
Portfolio performance
13% growth in average EBITDA in 2020
Year-on-year EBITDA growth at constant exchange rates, in %, weighted by Altamir’s residual cost of each investment;
CAC 40 weighted (excluding financial companies) by market capitalisation
Business description and activities
Selected financial information
Valuation multiples
Average multiples as of 31/12 weighted by the residual amount
invested in each company
 Entreprise value/LTM EBITDA
 Number of companies
Debt multiples
Average multiples as of 31/12 weighted by the residual amount
invested in each company
 Total net debt/LTM EBITDA
 Number of companies
Sample of 30 companies valued with EBITDA, (i.e. 78% of Portfolio FMV)
weighted by each company’s residual cost.
Sample of 45 companies (excluding financial companies, companies being
divested).
 Altamir portfolio
  CAC 40
Source: Capital IQ as of 11/03/2021
2020
26%
4%
2016
19%
10%
2017
25%
13%
2018 2019
10%
17%
- 13%
13%
2020
12.79
30
2019
12.65
33
2018
11.16
35
2017
10.83
44
2016
10.43
38
2015
10.31
28
2018
4.55
40
2017
4.22
44
2016
4.07
38
2015
3.96
28
2019
4.82
43
2020
4.69
45
ALTAMIR   2020 Universal Registration Document14
1.1.3 ACTIVITY
Investments and commitments
€113.1m of new and follow-on investments in 2020
Amounts invested and committed, in €m; number of new portfolio companies per year
Business description and activities
Selected financial information
Divestments
€158.9m of divestment proceeds and revenue in 2020
Closed or agreed transactions, in €m
  Total sale
 Partial sale
 Number of full exits
 Short term investments (Aho20)
  Follow-on investments
(including Apax France IX-A in 2020)
  New investments and commitments
 Number of new portfolio companies
92.2
2013
74.5
17.7
7
143.2
2015
130.3
12.9
12
118.2
2017
95.3
22.9
11
133.7
20.6
154.3
2018
8
2020
105.5
7.6
113.1
8
2019
106.0
22.0
70.5
198.5
12
112.3
2016
83.0
29.3
8
71.8
2011
50.5
21.3
3
47.1
2012
41.1
6.0
2
39.6
3.8
43.2
2014
7
2019
377.9
6
166.3
22.4
188.7
2011
7
115.2
2013
111.1
341.7
4.1
215.7
2016
4
176.6
39.1
98.7
2017
4
6.8
91.9
155.7
2018
8
106.7
49.0
36.2
2020
158.9
6
112.9
46.0
3
63.9
2014
2
45.6
18.4
88.2
2015
1
2.0
86.2
38.5
2012
30.3
8.2
8
ALTAMIR   2020 Universal Registration Document 15
Business description and activities
Selected financial information
1.1.4 SIMPLIFIED BALANCE SHEET
Key aggregates
Consolidated (IFRS) financial statements, as of 31/12 of each year, in €m
Source: Altamir.
1.1.5 SHARE PRICE
Share price performance
Altamir has outperformed its benchmark indices
As of 31 December 2020 (rebased: 30/06/2012), in €
  NAV
  Portfolio
  Net cash
  Other debt, net
2011
134
-13
321
442
2012
98
-24
418
492
2013
82
-30
491
543
2014
70
-28
544
586
2015
38
-45
686
679
2016
-4
-81
875
790
2017
-37
-71
895
787
2018
-136
-70
999
793
2019
83
-130
1,060
1,013
2020
-5
1,267
1,128
-134
0
5
10
15
20
30
25
2012 2013 2014 2015 2016 2017 2018 2019
 Altamir TR   CAC Mid & Small GR   LPX Europe TR
2020
ALTAMIR   2020 Universal Registration Document16
Business description and activities
Selected financial information
Dividend distribution policy
2-3% of year-end NAV since 2013
Annualized Total Shareholder return
Altamir has outperformed its benchmark indices
Annualized total return over 1, 3, 5 and 10 years as of 31 December 2020
Sources: Altamir and LPX data as of 31/12/2020
* CAC Mid & Small GR index not available before 2011.
(1) This amount will be paid in 2021 with the 2020 dividend.
  Dividend in €
  Dividend yield on the average
share price
10 years 5 years 3 years 1 year
+10% +11% +12% +16% = +2%
0.41
2013
0.45
2014
0.50
2015
0.56
2016
0.65
2017
0.65
2018
0.66
2019
0.83
2020
0.92
2021
= +11%
0.17
(1)
0.66
4.1%
4.1%
5.1%
4.5%
4.1%
4.7%
5.2%
4.3% 4.3%
 Altamir SP TR
  LPX Europe TR (index)
  CAC Mid & Small GR
N/A
16%
11%
6%
9%
17%
-1%
6%
13%
0%
2%
23%
ALTAMIR   2020 Universal Registration Document 17
1.1.6 SHAREHOLDER INFORMATION
Altamir shares
Altamir shares are listed on Euronext Paris:
l Compartment B
l ISIN code: FR0000053837
l Ticker: LTA.PA
Altamir’s share price is available at www.altamir.fr
Altamir is included in the following indices:
l CAC All Shares
l CAC Financials
l LPX Europe
Stock market data
2018 2019 2020
Opening price as of 1 January 20XX €15.24 €12.64 €16.65
Closing price as of 31 December 20XX €12.64 €16.65 €19.95
Highest price
€17.34
(11/05/2018)
€17.50
(04-07/10/2019)
€21.00
(07/12/2020)
Lowest price
€12.50
(28/12/2018)
€12.44
(07/01/2019)
€13.55
(30/03/2020)
Average closing price €15.48 €16.12 €16.95
Average daily volume in number of shares traded 36,023 4,048 5,634
Average daily volume (in €) 588,182 64,854 96,768
Number of shares as of 31 December 20XX 36,512,301 36,512,301 36,512,301
Market capitalisation as of 31 December (in €m) 461.5 607.9 728.4
OTC transactions and transactions on alternative platforms are not included in these figures.
Shareholders
As of 28 September 2019, the shareholders were as follow:
24%
Individual
investors and
family oces
11%
Institutional
investors
65%
Amboise SAS
10%
Rest of
Europe
3%
Rest
of world
87%
France
Business description and activities
Selected financial information
ALTAMIR   2020 Universal Registration Document18
Dividend distribution policy
Since 2013, the dividend paid to ordinary shareholders has
been based on NAV as of 31 December of each financial year,
to which a rate between 2% and 3% is applied.
The Management Company has noted the Board’s proposal
to set this year’s dividend payable to holders of ordinary
shares at €1.09. This amount will be composed of €0.92
with respect to the 2020 financial year (i.e. 3% of NAV as
of 31December2020) and €0.17 as a catch-up on 2019. The
€0.17 catch-up corresponds to the dierence between 3%
of NAV as of 31December 2019 and the dividend that was
eectively paid with respect to financial year 2019 following
the decrease of the dividend proposed at the 2020 AGM.
The calculation of dividends for the 2018, 2019 and 2020
financial years is shown below for illustrative purposes. The
dividend proposed with respect to financial year 2020 is
much higher compared to the dividend paid with respect to
financial year 2019.
2020 dividend
calculation
2019 dividend
calculation
2018 dividend
calculation
Base NAV as of 31/12/2020 NAV as of 31/12/2019 NAV as of 31/12/2018
Parameter €1,128.2m €1,013.2m €792.9m
Rate 3.5% 2.4% 3%
Amount of dividends on ordinary shares €39,798,408 €24,098,119 €24,098,119
Dividend per ordinary share €1.09 €0.66 €0.66
Dividend per ordinary share proforma of the 2019 catch-up €0.92 €0.83 €0.66
Financial communications policy
Altamir maintains regular contact with the financial
community.
Every quarter, the Company publishes a press release on NAV
growth. A more comprehensive report is provided at the end
of each six-month and full-year accounting period, and at
the same time a meeting is held for analysts and investors,
organised in collaboration with the SFAF (French society of
financial analysts). For international investors, a webcast is
broadcast in English.
Regular meetings are held with financial analysts and investors
in the form of road shows, individual meetings and conference
calls. These various events enable the financial community
to discuss the Company’s management strategy, results and
outlook with the Management Company.
Any investment or divestment in excess of €10m is announced
in a press release.
All of the information published by Altamir is available in
French and English on the Company’s website www.altamir.fr
The information on the website is not part of this Universal
Registration Document and as such has not been examined
by the AMF.
Responsible persons
l Éric Sabia (Financial information)
l Claire Peyssard-Moses (Communication)
l Altamir, 1, rue Paul Cézanne, 75008 Paris (France)
l Tel. +33 (0)1 53 65 01 00
Place where legal documents can be consulted
Legal documents may be consulted at the Company’s head
oce: Altamir, 1, rue Paul Cézanne, 75008 Paris (France)
2021 financial communication calendar
27 April at 10 a.m. Annual General Meeting of Shareholders
11 May after market close Press release on NAV as of 31 March 2021
9 September after market close Press release on first-half 2021 financial statements and NAV as of 30 June 2021
10 September at 8:30 a.m. Analyst/investor meeting and webconference
4 November after market close Press release on NAV as of 30 September 2021
The Company hereby informs the market that, as recommended by the French Financial Markets Authority, it has set the
blackout period preceding the publication of annual and half-yearly results at 3 weeks.
Business description and activities
Selected financial information
ALTAMIR   2020 Universal Registration Document 19
1.2 PRESENTATION OF THE COMPANY
1.2.1 GENERAL PRESENTATION
Profile
Altamir is a listed private equity company (Euronext Paris,
Compartment B) with a net asset value (NAV) of more
than €1bn. The company was founded in 1995 to enable all
investors to gain access via the stock market to private equity,
one of the best-performing asset classes over the long term.
Altamir invests primarily in or alongside the funds managed
or advised by Apax Partners SAS and Apax Partners LLP,
two leading private equity firms with more than 45 years of
investing experience. As a majority or lead shareholder, the
Apax funds carry out LBO and growth capital transactions and
support corporate executives as they implement ambitious
value-creation objectives.
In this way, Altamir offers investors access to a portfolio
of companies with high-growth potential, diversified by
geography and by size across the four sectors in which Apax
specialises: TMT (Technologies-Media-Telecom), Consumer,
Healthcare and Services.
The Company opted at inception for the status of “SCR”
(société de capital risque) and has maintained this status ever
since. As such, Altamir is exempt from corporation tax and
the Company’s investors may benefit from tax exemptions,
subject to specific holding-period and dividend-reinvestment
conditions.
Altamir is not an alternative investment fund (AIF) subject to
the exemption for holding companies mentioned in para. 7
of V of Article L.532-9 of the French Monetary and Financial
Code. This does not presume, however, that the European
or other competent authorities might not in future take a
contrary position.
Objectives
To create value for shareholders over the long term, Altamir
pursues the following objectives:
l increase Net Asset Value (NAV) per share by outperforming
the benchmark indices (LPX Europe, CAC Mid & Small);
l maintain a simple, attractive, and sustainable dividend
policy.
Investment policy
Before 2011, Altamir co-invested alongside the funds managed
by Apax Partners SA 
(1)
, and, as of 31 December 2020, held two
investments in its portfolio from that legacy business: Alain
Aelou and THOM Group.
Since 2011, Altamir has both invested in funds managed by
Apax Partners and co-invested alongside these same funds:
l Managed by Apax Partners SAS, France:
• €277m in Apax France VIII,
• €306m in Apax France IX,
• €350m in Apax France X,
• €15m in Apax Development.
l Managed by Apax Partners LLP, London:
• €60m in Apax VIII LP,
• €138m in Apax IX LP,
• €200m in Apax X LP (€180m initially),
• $5m in Apax Digital.
l Co-investments: €79m in seven investments.
Altamir will continue to invest primarily with Apax Partners.
Nevertheless, as announced at the time of the takeover of
Altamir by Amboise in 2018, the Company’s investment policy
might change in order to seize investment opportunities
in promising markets such as Asia or in market segments
whose investment horizon exceeds the customary duration
(7/10 years) of private equity funds. Accordingly, on
25January 2021, Altamir announced that it had invested
€100m directly in the top-level holding company of THOM
Group, thereby becoming its lead shareholder.
Investment strategy
Altamir’s strategy is clear, dierentiated and proven. It relies
on that of Apax Partners, which consists in:
l investing in growth companies, diversified in terms of size
and geography;
l investing only in four sectors of specialisation (TMT,
Consumer, Healthcare, Services);
l carrying out LBO/growth capital investments;
l establishing positions as majority or lead shareholder;
l creating value, aiming for a multiple of two to three times
the amount invested;
l carrying out responsible investments, measuring the ESG
(Environment, Social, Governance) performance of each
investment.
(1) Apax Partners SA was renamed Amboise Partners SA on 1 January 2018.
Business description and activities
Presentation of the Company
ALTAMIR   2020 Universal Registration Document20
Corporate governance
Altamir is a French partnership limited by shares (société
en commandite par actions, or SCA), which includes two
categories of partners: limited partners (shareholders) and a
general partner that is also the Management Company (see
Section 2.1.1).
The Company is run by the general partner, with the
Supervisory Board, which represents shareholders, exercising
oversight.
The general partner
The general partner is Altamir Gérance, a société anonyme
(SA), whose Chairman & CEO is Maurice Tchenio.
Altamir Gérance’s remit is to determine Altamir’s strategy,
manage its growth and take and implement the principal
operating decisions.
The Board of Directors of Altamir Gérance is composed of
five members who contribute their experience as private
equity professionals and corporate chief executives (see their
biographies in Section 2.1.2):
l Maurice Tchenio, Chairman (co-founder of Apax Partners);
l Peter Gale (Head of Private Equity and Chief Investment
Ocer at Hermes GPE LLP);
l James Mara (previously Sr. Managing Director at General
Electric Asset Management);
l Eddie Misrahi (Chairman and CEO of Apax Partners SAS);
l Romain Tchenio (Partner at Amboise Partners SA).
Supervisory Board
Altamir’s Supervisory Board provides ongoing oversight of the
Company’s management and decides on the allocation of net
income to be proposed to shareholders at their Annual Meeting.
The Management Company consults the Supervisory Board on
the application of valuation rules to portfolio companies and
on any potential conflicts of interest.
As of 31 December 2020, the Supervisory Board was composed
of four members who contribute their experience as corporate
executives and experts in Altamir’s sectors of specialisation
(see their biographies in Section 2.1.4.). Three of them are
independent. Board members are appointed for two-year,
renewable terms.
l Jean Estin (Chairman from 1 January 2021)
l Marleen Groen
l Anne Landon
l Jean-Hugues Loyez (Chairman until 31 December 2020)
Two non-voting-members (observers) are appointed to the
Supervisory Board for a two-year term in an advisory capacity:
l Gérard Hascoët
l Philippe Santini
Statutory auditors
RSM Paris
EY (formerly Ernst & Young et Autres)
Business description and activities
Presentation of the Company
Gérard Hascoët
Observer
Philippe Santini
Observer
Marleen Groen Anne Landon Jean-Hugues LoyezJean Estin
Chairman
ALTAMIR   2020 Universal Registration Document 21
Apax Partners
Private equity pioneer
Apax Partners was founded in 1972 by Maurice Tchenio in
France and Ronald Cohen in the UK; they subsequently
partnered with Alan Patricof in United States in 1976. The
Group was composed of independent companies in each
country, sharing the same strategy, corporate culture and
methods, but owned by local partners managing domestic
funds. It continued to grow using this model in the main
European countries.
In the early 2000s, the various national entities, with the
exception of France, were merged into a single management
company, Apax Partners LLP, with the aim of raising large
international funds and reorienting the investment strategy
towards large mid-caps, with an enterprise value in excess of
€500m (large caps). The French entity opted to conserve its
mid-market positioning and remain independent.
Apax Partners SA was the management company for the
French funds from 1983, when the first fund, Apax CR, was
created, until 2006, when the Apax France VII fund was
raised. It has been Altamir’s investment advisor since its
creation in 1995.
As part of the succession plan that led Maurice Tchenio,
founder of Apax Partners SA, to transfer the leadership of
the French fund management business to his partners at the
end of 2010, a new management company was created: Apax
Partners MidMarket SAS, headed by Eddie Misrahi.
The two French management companies have changed
names. Apax Partners MidMarket SAS became Apax Partners
SAS on 1 October 2017, and Apax Partners SA became
Amboise Partners SA on 1 January 2018.
Two legal entities
Today, two distinct legal entities operate under the Apax
Partners banner, with no cross-shareholding between them:
Apax Partners SAS, the management company for French
funds, and Apax Partners LLP, which manages international
funds. Because of their common history, Apax Partners
SAS and Apax Partners LLP share a strategy based on
financing growth and specialising by sector while positioning
themselves on markets that complement each other in terms
of geography and company size.
In the rest of this document, we will use the following terms:
“Apax Partners France” to indicate the activities of the
French funds managed successively by Apax Partners SA
and Apax Partners SAS;
“Apax Partners” or “Apax” to indicate the activities of
the funds managed by Apax Partners France and Apax
Partners LLP.
Apax Partners SAS
Apax Partners SAS is a major private equity company
in continental Europe. Based in Paris and headed by
Eddie Misrahi, the company has a team of 30 investment
professionals organised by sector.
Apax Partners SAS is the management company of Apax
France VIII, raised in 2011 (€704m), Apax France IX, raised
in 2016 (€1.030bn), Apax France X raised in 2020 (hard cap:
€1.4bn) and Apax Development, a €255m fund specialised in
the small-cap segment in France.
The funds managed and advised by Apax Partners SAS
total more than €4bn. They finance the long term growth of
medium-sized (enterprise values of €100m to €500m) and
small cap (€50m to €100m) companies in continental Europe.
For more information
 
please visit:
www.apax.fr
Apax Partners LLP
London-based Apax Partners LLP is one of the world’s
foremost private equity firms. Apax Partners LLP invests in
Europe (outside France), North America and the principal
emerging economies (China, India). It has a team of more
than 120 investment professionals, organised by sector and
located in seven oces (London, New York, Munich, Tel Aviv,
Mumbai, Shanghai and Hong Kong).
The funds managed and advised by Apax Partners LLP total
more than $60bn. They finance the long-term growth of
large companies with a value between €500m and €3bn. The
most-recently raised funds are Apax VIII LP, raised in 2013
($7.5bn), Apax IX LP, raised in 2016 ($9bn), Apax XLP raised
in 2020 ($11.8bn) and Apax Digital (a $1.1bn fund specialising
in technology-intensive companies), raised in 2017.
For more information
 
please visit: www.apax.com
Business description and activities
Presentation of the Company
ALTAMIR   2020 Universal Registration Document22
1.2.2 ORGANISATION CHARTS
Operational organisation chart as of 31 December 2020
Apax Partners SAS
Management company
Apax Partners LLP
Investment advisor
Amboise Partners SA
Investment advisor
Altamir SCA
Altamir Gérance
General Partner
24.6
%*
50.4
%*
25.0
%*
Legacy portfolio
and co-investment
Apax France VIII-B
Apax France IX-B
Apax France X-B
Apax Development
Apax VIII LP
Apax IX LP
Apax X LP
Apax Digital
2 companies
+ 7 co-investments
12 companies 41 companies
(*) % of the portfolio's fair market value.
NB: Apax Partners SAS and Apax Partners LLP are independent entities with no cross-shareholdings or legal relationships between them or with Altamir Gérance,
Amboise Partners SA, Amboise SAS and Maurice Tchenio.
Shareholders as of 31 December 2020
Amboise Partners SA
Chairman and CEO:
Maurice Tchenio
Investment advisor
Altamir SCA
Chairman of the
Supervisory Board:
Jean-Hugues Loyez
Altamir Gérance
Chairman and CEO:
Maurice Tchenio
Managing General Partner
Amboise SAS
100% owned by
Maurice Tchenio’s family
Shareholders
(public)
0.6
%
35.0
%
99.9
%
99.9
%
64.4
%
Business description and activities
Presentation of the Company