Apax reaches $7.5b final close on latest global fund
Apax Partners has reached a EUR5.8 billion ($7.5 billion) final close on its eighth global fund. The final close was reached within 15 months of the fund's launch, as planned, but still falls short of its initial target of EUR9 billion.
The fund is also smaller than its predecessor, which attracted commitments of EUR11.2 billion back in 2007 during the pre-global financial crisis boom.
A significant portion of commitments came from existing long-term investors which include public and private pension funds, sovereign wealth funds, insurance companies and high net worth individuals. North America accounted for 43% of commitments, 25% came from Europe while Asia, Middle East and Africa accounted for 32%. The fund is split 51-49 between euros and US dollars.
China Investment Corp. (CIC), Government of Singapore Investment Corporation (GIC) and Australia's Future Fund - which jointly own 10% of Apax - put EUR900 million towards the fund's first close of EUR4.3 billion in March 2012. According to AVCJ research, other investors include Washington State Investment Board, which committed $394 million.
In a statement, Apax said it will continue to pursue the firm's core strategy of sector-focused investing, and identifying opportunities where capital and experience can lead to significant growth. Typical target sectors include tech and telecom, retail and consumer, media, healthcare and financial and business services.
Other recent global fundraises include Advent International, which reached a final close of EUR8.5 billion on its seventh fund last November, more than the EUR7 billion initially planned. CVC Capital Partners is expected to exceed the EUR9 billion target for its latest global fund, but Permira and Cinven are both said to be struggling.
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