Apax France VIII closes on €700m

Greg Gille
12 July 2011

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Apax France has closed its latest mid-cap fund on €700m.

Apax France VIII was launched before Lehman's collapse in 2008 with a €700m target. The rough financial climate however led Apax to halt the fundraising effort in 2009. The fund held a first close at €500m in March 2010 and a further interim close at €600m in February 2011.

Despite rumours that it would fall short of its target, Apax managed to retain its existing LPs' confidence. The French GP notably accelerated its divestment activity in recent months, distributing €300m to its investors - notable exits include the €382m trade sale of support services company Prosodie, as well as the sale of €133m worth of Outremer shares to AXA Private Equity.

Investors
The fund's LP base mainly comprises European and North American investors - Apax stated it would aim to penetrate the Asian market with future vehicles.

The GP also noted that French insurance companies took smaller tickets compared to previous funds, with a view to diversifying their allocation across Europe.

Investments
Apax VIII seeks to invest in media, retail & consumer, healthcare, information technology, telecommunication services, and business and financial services sectors across France. The mid-market focused vehicle will primarily invest in buyout and growth transactions, seeking majority or significant minority stakes.

The fund has already performed three investments: it paid €35m for a 65% stake in software and technology solutions provider Vocalcom, injected €59m in the SBO of orthopaedic implants specialist Amplitude, and contributed €45m for a 40% stake in cable operator Numericable Belgium/Luxembourg.

People
Apax France's 20-strong team is led by CEO Eddie Misrahi.