Apax Partners closes 9th fund at $9b, Asia LPs subscribed for 23%

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Apax Partners, one of Europe’s largest private equity firms, has closed its ninth fund Apax IX at $9 billion, the PE firm said in a statement. It is a dual currency fund including USD and Euro.

The total corpus of the fund is raised in less than a year and it secured $7.9 billion in its first close in July this year. Around 44 per cent of the capital was received from investors in North America, Asian investors contributed 23 per cent, 21 per cent was received from European investors while remaining 12 per cent is invested by other investors.

According to the statement, 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 participated in the fund.

The latest pool of capital is larger than its predecessor, Apax VIII, for which the firm amassed $7.5 billion in June 2013.

“Our strategy has positioned us well to find investments at fair prices and identify situations where we can support management teams in driving operational improvements and geographic expansion. We are excited by the opportunities that we will be able to pursue on behalf of our investors with this new pool of capital,” said Mitch Truwit and Andrew Sillitoe, co-CEOs of Apax Partners.

The new fund will continue to invest in the firm’s core industries like tech & telco, services, healthcare, and consumer sectors. It has already backed a couple of companies including marine industry online marketplace Dominion Marine Media and Unilabs, a medical diagnostics business. With this, Apax has raised more than $48 billion across its all funds.

Apax, which has offices across the globe and significant operations in the US, joins a number of other buyout funds that successfully raised capital this year. These include Advent International which closed its eighth fund at $13 billion in March and Cinven raised $7.9 billion for its sixth fund in April.

Since January 2014, the Apax Funds have realised more than $21.5 billion for investors with full and significant exits delivering a MOIC of 3.4x and a gross IRR of 27 per cent; $8 billion of this was generated in 2016 alone, the company said.

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Apax Partners’ latest fund hits first close at $7.9b

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.