Apax Partners launches development fund, hires new partner

Panhard will be responsible for investments in services, healthcare and consumer sectors for Apax Development, the small-cap arm of the sponsor. 

He was a member of the management committee of Bpifrance Capital Development for six years until 2021, and was most recently managing partner at Flandrin Capital, co-developing the independent private equity firm that targets private investors. 

The new hire brings Apax's development team to four partners and a total of 12 investment professionals. 

Apax has also launched fundraising for its second small-cap fund, Apax Development Fund II, which will deploy tickets of EUR 15m-EUR 75m in SMEs based in France, Benelux and Switzerland. 

The fund is targeting EUR 350m and will be open to private investors with a minimum commitment of EUR 100,000 via a dedicated feeder fund. 

The sponsor's move to increasingly open funds to private investors comes amid an ongoing "shake-out" of fundraising for GPs, with institutional LPs contending with a busy backlog and the denominator effect, as reported. 

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