Apax Digital Funds invest $60 million in MillTech
8th April 2026
Apax MillTech, a leading risk management platform which provides next-gen FX hedging and cash investments for fund managers and corporates, today announced a $60 milMillTech, a leading risk management platform which provides next-gen FX hedging and cash investments for fund managers and corporates, today announced a $60 million minority investment from the Apax Digital Funds, the growth equity arm of Apax Partners LLP (“Apax”), valuing MillTech at $325 million. MillTech’s ultimate group holding company retains its majority shareholding.
MillTech is scaling rapidly, delivering 79% revenue growth in 2024 and 73% in 2025. The firm has proceeds of approximately $500 billion in annual trading volume, supporting client hedging programmes totalling over $35bn.
The investment will support MillTech’s next phase of growth, accelerating its expansion across North America while further enhancing its advanced treasury management capabilities. Apax is also a MillTech client, deploying the platform’s capabilities across a number of its funds to support investment operations.
FX is the world’s largest and most liquid financial market, with average daily global turnover reaching $9.6 trillion in 2025 . However, many organisations continue to manage FX risk manually through fragmented processes and systems with limited transparency. A recent MillTech survey found that eight in ten companies experienced losses from unhedged currency exposure in 2025. On average, US firms lost $9.8 million, a figure that, when extrapolated across corporate America, underscores a multi-billion-dollar problem requiring urgent action. Against a backdrop of renewed currency volatility in early 2026, demand is increasing for technology-enabled solutions that strengthen governance, enhance execution discipline and embed greater control across treasury operations.
Founded in 2019, MIllTech automates FX hedging and investment operations by combining trade calculation, execution, settlement, reporting and transaction cost analysis (TCA) into a single technology solution. The firm, drawing on more than 30 years of currency management heritage from Millennium Global Investments, delivers direct access to the wholesale multi-bank market via its agency ISDA network and, on average, delivers 50%+ cost savings compared to traditional custody, prime brokerage, or single-bank arrangements.
MillTech operates independently from counterparty banks while ensuring connectivity across its clients’ existing service providers, including bank accounts, fund administrators and portfolio/treasury management systems, to deliver institutional standards of transparency and governance. Sir Ronald Cohen, co-founder of Apax, was an early backer of MillTech.
Recent product expansion includes cash management, developed in collaboration with BlackRock's CacheMatrix, that helps firms automate cash investment workflows and improve returns on cash balances. MillTech also launched Co-Pilot, an AI-enabled risk advisory solution that enables clients to automate trade calculation, model FX hedging strategies, assess interest rate differentials and optimise cash deployment.
Eric Huttman, CEO of MillTech, commented: "I am thrilled to be broadening our partnership with Apax from a client to an investor. The investment is a strong endorsement of the value our platform delivers and the sheer magnitude of our long-term potential. This partnership supports our next phase of growth, including our planned North American expansion, as we continue to deliver industry-defining treasury solutions by combining purpose-built technology with our unique fiduciary DNA.”
Marc Henckel, Managing Director at Apax Digital, commented: “MillTech is a disruptive platform that enables clients, including Apax, to automate and scale core treasury workflows with stronger controls and transparency. By aggregating volumes across a high-quality bank panel, it sharpens pricing and improves FX efficiency.”
Mark Beith, Partner at Apax Digital, commented: “FX hedging is too often an invisible drag on performance. MillTech fixes that – and the strength of customer feedback we've had is remarkable. We are thrilled to partner with Eric and the team to bring this AI-enhanced platform to a much larger global audience. “