Apax Unpacked - August 2026

AI is accelerating the cyber arms race: here's what it changes.

Cyber security has always been an arms race. What's changed in the past year is the pace. AI is now both the most powerful tool available to defenders and the sharpest weapon in attackers' hands, and for many businesses it can feel like attackers are a step ahead.

The most striking shift: attackers increasingly don't hack their way in, they log in. The majority of ransomware insurance claims now stem from compromised remote-access credentials rather than sophisticated technical exploits. Identity has become the new front door, and it's widening as AI agents authenticate through service accounts and API keys with no person at the keyboard.

At our recent Cyber Security Summit, portfolio security leaders confronted an uncomfortable truth: the fundamentals that got businesses this far won't get them where they need to go next.

Read the full analysis

BEHIND THE DEAL: Veriforce

In 2014, Colby Lane used a search fund to buy a small contractor-safety business. A decade on, the Apax Funds have backed its transformation into one of the largest supply-chain risk-management networks of any provider in the world: 150,000+ contractors verified across 1,000+ hiring clients, following the merger with Alcumus and the Highwire acquisition. Lane isn't worried about AI replacing it: an agent would need the tens of millions of proprietary data points, and the client trust, that Veriforce spent a decade building.

APAX FOUNDATION: Skills-based Volunteering

What happens when Apax expertise meets a charity's biggest digital challenge? For children's mental-health charity Place2Be, colleagues from the OEP team used the same digital-analytics and diligence tools that support our portfolio to diagnose a post-migration traffic decline, then delivered a practical fix: technical SEO, competitor insight, and a plan to improve both search and AI-search visibility.

News and Views from across Apax

• Andrew Sillitoe and Mitch Truwit joined Michael Sidgmore on the Alt Goes Mainstream podcast to discuss where Apax sees opportunity, how our investment strategy has evolved, and the role of thematic investing in today's market.
• There was good exit momentum and the Apax Funds agreed the sales of Oncourse Home Solutions to Genstar Capital and Tosca to Goldman Sachs Alternatives.
• The Apax Digital Funds agreed to invest in AI security company Alice. Trusted by Anthropic, Google, and Cohere, Alice brings nearly a decade of real-world adversarial intelligence to frontier AI.
• The Apax Funds agreed to acquire two market-leading pharmaceutical packaging businesses in a carve-out from Gerresheimer, marking the Apax Funds' 43rd carveout since 2010.
• The Apax Funds have agreed to acquire techoraco and Institutional Investor from Delinian.
• Apax Digital Funds' announced the investment in Inspectorio, the leading AI-powered supply chain quality and compliance platform.
• Nedu Ottih took to the stage at J.P. Morgan Private Bank's Alternatives Access event in New York, joining advisors, partners, and private investment managers for a morning focused on the role of private markets today.
• The FIFA Club World Cup turned into a showcase for "Electric Fuchsia",a colour forecast by Apax Fund portfolio company WGSN more than two years ago, highlighting the power of data-led trend forecasting to shape global brands.

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Disclaimer

This publication reflects the views of Apax Partners LLP (together with its affiliates, “Apax”) as of the date of publication and is provided for informational purposes only. It is not an offer of solicitation to purchase or sell any financial instrument or service to any person in any jurisdiction. It does not constitute investment advice or an offer to invest in any Apax fund. No representation or warranty, either express or implied, is provided in relation to the accuracy, adequacy or completeness of the information contained herein. None of the information herein has been independently verified and neither Apax nor any other person accepts responsibility for the publication. Past performance referred to herein is not indicative of future results and there is no assurance that any Apax fund will achieve its objectives or avoid significant losses. This publication may contain forward looking statements, including in relation to the financial condition, results of operations and businesses of companies referred to herein; any such statements are subject to various assumptions, risks and uncertainties, many of which are difficult to predict. This content should not be treated as research or advice relating to legal, taxation, ERISA, financial, investment or accounting matters, or as a recommendation by Apax and readers are strongly advised to consult their own professional advisers concerning their own circumstances or any investment concepts mentioned in this publication.