Apax closes Fund IX on $9bn

Apax stated it had raised the dual-currency vehicle (US dollar and euro) in less than a year. According to unquote" data, the fund was launched in January 2016 with an original target of $7.5bn. This target was already exceeded when the GP held a first close on $7.9bn in June.

The final close sees Apax scoring one of the largest buyout fundraises of 2016, behind Advent International, which closed its GPE VIII fund on $13bn in March, and TPG's $10.5bn effort in May.

This latest fundraise was quicker than that of the vehicle's predecessor, Apax VIII, which was closed on $7.5bn in 2013, having held a first close in March 2012 on €4.3bn. The firm made headlines at the time of launching fund VIII for having abolished transaction fees and having made a sizable management contribution of €470m. Apax VII was launched in 2007 and closed on €11.2bn. The closing of Apax's ninth fund brings its total committed capital to more than $48bn across all the GP's funds.

Apax has returned significant amounts of capital to investors in 2016, with $8bn in proceeds (including the sales of Epicor and Trader Corp). Looking at the past 24 months, the GP stated it had returned an overall $21.5bn, equating to a 3.4x money multiple and 27% gross IRR.

Investors
According to the GP, Apax IX attracted both existing and new investors. These include public and private pension funds, sovereign wealth funds, funds-of-funds, insurance companies, endowments, charitable foundations, and high-net-worth individuals.

Approximately 44% of the capital came from investors in North America, 23% from investors in Asia, 21% from European investors and 12% from the rest of the world.

According to unquote" data research, LPs that committed significant amounts to the fund include the Washington State Investment Board, the Oregon Public Employees Retirement Fund and the Kansas Public Employees Retirement System.

Investments
Apax IX is understood to be sticking to the GP's established strategy, which focuses on the technology, telecommunications, services, healthcare and consumer sectors. The fund has already been deployed across two investments in 2016, with the acquisition of marine industry online marketplace Dominion Marine Media, and the recently announced deal for Unilabs, a medical diagnostics business.

People
Apax Partners – Mitch Truwit, Andrew Sillitoe (co-CEOs).

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