Apax Partners Raises $9B for Ninth Buyout Fund

Dec 20 2016 | 9:26pm ET

Global private equity company Apax Partners held a final close for its ninth buyout fund, raised $9 billion in capital commitments and hitting the new vehicle’s hard cap.

The new fund, named Apax IX, closed at its hard cap of $9 billion, the company said in a statement. It was raised in less than a year and, like its predecessor, is “dual currency”, i.e. comprised of a USD partnership and a EUR partnership. 

Apax IX will pursue leveraged and management buyout opportunities across the Tech & Telco, Services, Healthcare, and Consumer sectors, Apax said, and has already made its first two investments. The fund was supported by a range of existing and new investors, including leading public and private pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments and charitable foundations, and high-net-worth individuals. 

Approximately 44% of the capital came from investors in North America, 23% from investors in Asia, 21% from European investors and 12% from the rest of the world, Apax said. Apax IX held its first close in late June, 2016. 

“We are very pleased to continue our relationships with our long-standing investors, as well as to build new ones with first-time investors,” said Mitch Truwit and Andrew Sillitoe, co-CEOs of Apax Partners, in the statement. “Their support is an endorsement of our approach to building better businesses from both a financial and operational standpoint.

Based in London, Apax Partners was founded in 1981 and has raised and advised funds with aggregate commitments in excess of $48 billion over its more than 30-year history. Since January 2014, the Apax Funds have realized more than $21.5 billion for investors, $8 billion of which was generated in 2016 alone.

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