Asian LPs contribute 23% of Apax's $9b global fund

Approximately 23% of the capital for Apax IX came from Asian LPs, with 23% from North America, 21% from Europe and 12% from investors in other locations. The firm did not disclose the Asian contribution to its previous fund, which closed at $7.5 billion in June 2013. Asia, the Middle East and Africa collectively accounted for 32%, with North America and Europe committing 43% and 25%, respectively.

The new fund received backing from a range of existing and new investors, including public and private pension funds, sovereign wealth funds, fund-of-funds, insurance companies, endowments and foundations, and high net worth individuals. China Investment Corporation, GIV Private and Australia's Future Fund jointly own 10% of Apax and are reportedly LPs in Fund VIII; their participation in Fund IX has not been confirmed.

Apax will continue to target opportunities in the technology and telecommunications, healthcare and consumer sectors. Fund IX - a dual currency US dollar and euro vehicle - has already made two investments: Dominion Marine Media, a marine industry online marketplace, and Unilabs, a medical diagnostics business.

"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," Mitch Truwit and Andrew Sillitoe, Apax's co-CEOs, said in a statement.

Since January 2014, Apax funds have realized more than $21.5 billion for investors, generating a multiple of 3.4x and a gross IRR of 27%. The firm said it returned a record $8 billion in 2016 alone from full and partial exits that included Tommy Hilfiger China.

In February, Apax and other shareholders in Tommy Hilfiger Asia (TH Asia) agreed to sell their remaining stake in the company to Philips-Van Heusen Corp (PVH), owner of the Tommy Hilfiger parent corporation, for about $172 million. TH Asia was a China-focused joint venture formed when Apax sold Tommy Hilfiger to PVH in 2010, having taken the company private four years earlier.

The GP also made a partial exit this year from Indian non-banking finance company (NBFC) Cholamandalam Investment & Finance, generating proceeds of $102 million. Other current portfolio companies in Asia include India-based Shriram City Union Finance and Zensar Technologies.

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• Topics
• Fundraising
• GPs
• LPs
• Buyout
• Europe
• Apax Partners
• Asia