Apax Partners closes latest fund on $9bn


Apax Partners has spent less than a year raising its ninth buyout fund

The firm held a first close on $ 7.9 billion in June, having launched the vehicle at the beginning of 2016, FN previously reported.

The vehicle received backing from a range of new and existing investors including public and private pension funds, sovereign wealth funds, fund of funds, high net worth individuals, endowments and charitable foundations, according to a statement.

Approximately 44% of the capital came from investors in North America, 23% from Asia, 21% from Europe and 12% from the rest of the world.

Investors that pledged money to the fund ahead of the first close were given an “early bird discount”. Those investors will be charged an annual management fee of 1.425%. Investors that came in later will pay 1.5%, FN previously reported.

Apax offered investors further management fee discounts if they accepted a structure that would allow Apax to pay itself profits on a deal-by-deal basis rather than through the fund as a whole.

The fund, which will target investments in the consumer, healthcare, technology and telecommunications sectors, has already made two investments.

It bought a stake in medical diagnostics business UniLabs from Nordic Capital and Apax France on December 12, 2016 – nine years after the firm first invested in the company. It also invested in Dominion Marine Media in July 2016, which was the first deal from the fund.

The fund is Apax’s ninth vehicle and is larger than its predecessor, Apax VIII, which closed on $ 7.5 billion in June 2013.

Apax joins a number of other buyout funds that successfully raised capital this year. Advent closed its eighth fund on its $ 13 billion hard-cap in March 2016, while Cinven amassed €7 billion for its sixth fund in April 2016.

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