C.I.C completes purchase of Apax stake
The China Investment Corporation has received approval from the FSA to buy a 2.3% stake in Apax Partners for a reported $956m.
Apax announced plans to sell a 10% stake in its management company 18 months ago. 7.7% of this stake was sold to GIC Special Investments and Australian pension fund Future Fund last February. CIC acquired the remaining 2.3%, which involved the unfunded commitments of some existing LPs.
Apax manages €11.2bn in funds and invests in the technology, retail, health carre, media and financial sectors.
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