Apax's Mann leaves, replaced by healthcare co-head

Mann will be replaced by current healthcare co-head Steven Dyson, effective from Monday 1 October. His departure was voluntary, Mann told Reuters on Thursday, and motivated by the opportunity to be part of the growing healthcare sector in emerging markets.

Mann joined Apax 10 years ago and was one of the most senior deal-makers at the firm.

His departure comes as Apax is moving forward with the sale of drug courier company Marken, which is expected to result in a heavy loss for the private equity firm. Apax acquired Marken from its management and ICG in December 2009 in a deal valued at £975m.

Apax is also on the fundraising trail trying to reach a €9bn target. The GP is understood to have already reached a €4.3bn first close in March.

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