Apax Unpacked - June 2026

Who actually captures the value?

It is a deceptively simple question, and it sits at the centre of every investment decision we make. When a business gets better through cost reduction or automation, who actually captures that gain? Is it the company itself, through stronger margins and higher profits? Or does competition mean the value flows through to customers, in the form of lower prices and better terms?

In a recent conversation, our co-CEOs Andrew Sillitoe and Mitch Truwit discussed what it really takes to back great businesses, why private equity gets a bad rap, and what AI is genuinely changing right now.

The AI question

AI is one of several forces sharpening the question, with Andrew and Mitch citing examples already visible across the portfolio of businesses benefiting from AI, alongside others where the gains are being competed away. In a few cases, it is redrawing the boundaries of who provides a service at all.

A scaled multi-specialist, by design

Answering the value capture question well, investment after investment, is where the firm's model matters. Apax has spent more than five decades building what we call a scaled multi-specialist, defined by scale, specialisation, and flexibility. Scale, to invest meaningfully in the capabilities a modern private equity firm needs, from operational expertise to proprietary data and AI infrastructure. Specialisation, in three sectors and several subsectors, so that when our software team evaluates its thirty-eighth software investment, the institutional knowledge from the previous thirty-seven is in the room. And flexibility, the ability to be genuinely selective, with the breadth across sectors to invest only where the opportunity is right.

Discipline at entry, active ownership through the hold

That combination is what allows the firm to be disciplined about which businesses to back in the first place. The focus is on uncovering hidden gems: businesses with high underlying asset quality that are not yet the finished article, where the funds can have real impact during the ownership period. Picking the right businesses is necessary; keeping the value inside them, through the right operational hands-on action, is what turns a thesis into a return.

Watch the interview with Andrew Sillitoe and Mitch Truwit below

Behind the Deal: Bonterra 

The philanthropic sector has long been held back by fragmented, outdated software. Apax saw an opportunity to change that and created Bonterra.

Starting in 2021, the Apax Funds identified and acquired the leading point solutions in social good software, including CyberGrants, Social Solutions, EveryAction, and Network for Good, and integrated them into a single end-to-end platform. The result was Bonterra, the largest pure-play social good software company in the world, serving 19,000 customers and counting more than half of the Fortune 100 among its corporate clients.

Since launch, annual EBITDA has grown four-fold to around $100 million, with ambitious growth goals in the coming years. With an AI-powered donor-matching tool now live and international expansion on the horizon, Bonterra has significant runway ahead.

"This is a market served by legacy incumbent vendors, with low customer satisfaction, so we decided to build a next generation player. We were the first private equity firm to identify this kind of thesis and pull off a complicated transaction to make it happen." - Adam Garson, Partner, Apax

Read the full story here or watch the interview below

Apax Foundation: New Grants Awarded

Following our strategy refresh, we have created 8 new strategic partnerships through our Explore Fund and renewed 5 existing relationships, 2 of which have joined our Elevate Fund with charities globally focused on supporting social mobility, particularly children's outcomes, education, access to healthcare, homelessness, and employability. You can learn more about the partnerships here.

The Peter Englander Award returns for its second year, celebrating volunteering and charitable impact in honour of Dr Peter Englander OBE’s lasting legacy. The award reflects Peter’s lifelong commitment to philanthropy and giving back.

News and Views from across Apax

• Apax Funds made a strategic investment in Sedex, a leader in supply chain risk management solutions.
• Apax Digital invested $60 million in MillTech, a leading risk management platform helping fund managers and corporates modernise FX hedging and cash management.
• Adam Garson was named a Future Leader of Private Equity by Private Equity International, recognising his work applying AI across the Apax portfolio to drive growth, operational efficiency, and value creation.
• Arthur Brothag spoke with Altaroc about what’s changing in private equity and the fundamentals that continue to matter most in today’s market environment.
• Salim Nathoo joined Carmela Mendoza to discuss how Apax is rethinking technology investing and where we see opportunity emerging amid shifting market conditions.
• Apax portfolio company Infogain relaunched as Tenarai, reflecting its focus on accelerating enterprise AI adoption and helping businesses deploy AI at scale.

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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.