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Apax holds final close for eleventh global buyout fund

31st March 2024

Apax Partners LLP (“Apax”), a leading global private equity advisory firm, today announced the final close of the Apax XI fund (“Apax XI” or “the Fund”), securing total capital commitments of over $12 billion across related vehicles.

Apax XI will continue to pursue the sector-focused strategy of its predecessor funds, identifying investment opportunities across the Tech, Services, Healthcare, and Internet/Consumer sectors. The Fund will use its proven sub-sector playbooks and couple them with the longstanding Apax Operational Excellence Team to enable companies to realise their full potential.

Apax XI has already committed 15% of its capital across five investments. Of the five Apax XI investments, three are corporate carveouts, one of which is a day-one combination of two businesses – reflecting the tried and tested operationally intensive approach to investing. The Fund is off to a good start, driven by strong performance across the portfolio.

Andrew Sillitoe, Co-CEO of Apax, said: “We are grateful for the support of the Limited Partners, many of whom also invested in the predecessor funds. Their backing is an endorsement of Apax’s strong performance and focus on generating returns by building faster-growing, more profitable businesses during the funds’ ownership period.”

Mitch Truwit, Co-CEO of Apax, added: “This is the third global buyout fund raised since Andrew and I became Co-CEOs a decade ago. We made the conscious decision to double down in our areas of strength – by repeat investing in our core sub-sectors, by nearly tripling the size of our Operational Excellence Practice, and by carefully adding adjacent, synergistic products, including Apax Digital Growth, Apax Global Impact, and Apax Credit. All of which, enhance our overall mission of delivering compelling returns to our investors.”

Apax XI received commitments from a diverse set of new and returning investors. They include public and private pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments, and charitable foundations.

As with its predecessor funds, Apax XI is a dual-currency fund (USD and EUR). Since inception, the firm has now raised aggregate commitments across all funds totalling more than $77 billion.