Apax closes Global Impact Fund at c.$900m
10th December 2023
Apax Apax, a leading global private equity advisory firm, announced today the final closing of the Apax Global Impact Fund (“AGI”), a c.$900m fund committed to invesApax, a leading global private equity advisory firm, announced today the final closing of the Apax Global Impact Fund (“AGI”), a c.$900m fund committed to investing in mission-driven companies with core products and services that tackle environmental or social issues.
Apax has a strong heritage in impact and sustainability. The firm, co-founded by impact pioneer Sir Ronald Cohen over fifty years ago, was an early leader in implementing ESG data measurement in private markets, and has been committed to driving excellence in sustainability since inception. The Impact team, co-led by Managing Partners Alykhan Nathoo and David Su, builds on this track record, creating a unique and differentiated strategy that is optimised for both financial and impact returns.
Central to AGI’s investment strategy is its robust and proprietary impact measurement system, which evaluates and monitors impact across AGI’s portfolio. Formulated by internal and external experts, AGI’s rigorous measurement approach helps identify and track outcomes across truly impactful businesses within four key sector themes: health and wellness, environment and resources, social and economic mobility, and digital impact enablers. AGI has already utilised this approach to identify and invest in four businesses: GAN Integrity, a supply chain risk-management software platform; Swing Education, an online marketplace that connects schools and substitute teachers; Bonterra, a social good software company, and Eating Recovery Center (ERC), a leading provider of eating disorder and mood and anxiety treatment in the U.S.
Alykhan Nathoo and David Su, co-heads of the Apax Global Impact strategy, commented: “We are grateful for the confidence of AGI’s investors, all of whom share our commitment to supporting the visionary founders and management teams tackling society’s most pressing environmental and social challenges. We look forward to partnering with these sustainability leaders, leveraging the deep sub-sector expertise of the Apax sector teams, the strength and scale of the Apax platform globally, and the value creation potential of the Operational Excellence Practice to help the businesses of tomorrow, grow today.”
Jason Wright, Chair of Apax’s Global Impact strategy and a member of AGI’s investment committee, said: “We want to thank AGI’s limited partners for their support. We’re incredibly excited by the possibilities within the burgeoning impact space, and this successful fundraise is testament to our distinctive and differentiated proposition. The Apax Global Impact team have an impressive combination of private equity experience and impact expertise, making them ideally positioned to help visionary businesses accelerate growth and unlock value.”
Sir Ronald Cohen, Chair of the Apax Global Impact Advisory Board, said: “Apax, because of its history, its DNA, its values, and the authenticity of its intentions, is extremely well-positioned in the field of Impact. The world has historically operated on two parameters: risk and return. We now find ourselves shifting to three dimensions: risk, return and measurable impact. It is incredibly important that as businesses generate profits, they also deliver improvement in the lives of people and the state of the planet. The Apax Global Impact fund is committed to this mission.”
The dedicated Impact team consists of fourteen people and is supported by an Impact Advisory Board, comprising of five leading industry experts. This Advisory Board provides guidance on matters including impact measurement and the driving of additional impact across partner companies. In line with its commitment to generating measurable impact, a percentage of carried interest is linked to successful impact performance and AGI is classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation (SFDR).
Rede Partners advised on the fundraising for the Apax Global Impact Fund. AGI received commitments from both existing and new investors globally, including private and public pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments and charitable foundations.
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About Apax & Apax Global Impact
Apax Partners LLP ("Apax") is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies.
Apax Global Impact seeks out opportunities to support companies which deliver tangible societal and/or environmental impact. The strategy revolves around themes including Health & Wellness, Environment & Resources, Social & Economic Mobility, and Digital Impact Enablers. Apax Global Impact leverages the deep expertise of the Apax sector teams, the strength and global scale of the Apax platform globally, and the value creation potential of Apax’s Operational Excellence Practice.
For more information see: www.apax.com.
Apax is authorised and regulated by the Financial Conduct Authority in the UK.