Apax France closes Apax Development Fund on €255m

Francesca Veronesi
31 January 2020

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France-based Apax Partners has held a final close on €255m for Apax Development Fund, the first small-cap and lower-mid-market fund raised by the GP since it acquired EPF Partners in 2017.

The fund was launched in December 2017 and surpassed its target of €225m. Apax Development Fund is more than double the size of the last fund raised by EPF Partners, EPF IV, closed on €100m. The fund will be managed by a team of nine people, of which three have been hired since the launch of the fund.

Jasmin Capital supported the team in the fundraise.

The Paris-headquartered GP is also currently fundraising for Apax France X, which was announced in March last year. The fund's predecessor closed on €1bn in March 2017 and targets businesses valued at up to €500m mostly based in France, Benelux and Switzerland.

Investors
The fund saw commitments from a number of previous Apax Partners and EPF Partners investors, as well as 15 new institutional investors and family offices. Overall, 50% of backers were pension funds and funds-of-funds, 20% insurers and banks, and 30% family offices.

The vast majority of the LPs are based in France, while 15% are based elsewhere in Europe and 5% in North America.

Investments
The fund targets French SMEs with a valuation of up to €100m, historically the strategy of EPF Partners prior to becoming part of Apax in 2017.

The Apax Partners Development team aims to build a portfolio of around 10 investments, providing tickets in the €15-50m range. It will back companies related to the TMT, consumer, healthcare and services sectors, supporting businesses in their digital transformation, market consolidation and international expansion.

The vehicle is currently 26% deployed, having backed three companies: Eric Bompard, Maison Routin and Rayonnance.

People
Apax Partners Development – Caroline Rémus (president).
Apax Partners - Eddie Misrahi (CEO)