Apax gears up for Fund XI

The filing is dated 9 February and the fund is domiciled in Luxembourg.

Apax XI’s predecessor vehicle, Apax X, held a final close in January 2021 on USD 11bn, surpassing its USD 10.5bn target. It was 64% deployed as of September 2021.

LPs in Apax X include a range of UK-based and US-based private and public pension funds, according to Unquote Data. Asset manager ICG Enterprise Trust and US-based University System of New Hampshire Endowment have also committed to the fund.

Apax XI is expected to follow the strategy of its predecessor. According to Unquote Data, Apax X invests in companies in the technology, telecommunications, services, healthcare and consumer sectors, allocating 35-50% of its capital to Europe and North America, with 10-25% to the rest of the world.

The GP’s recent activity includes its GBP 600m acquisition of compliance and risk management business Alcumus from Inflexion. The firm acquired Germany-based optical lens and glasses frames producer Rodenstock in March 2021 from Compass Partners in a deal that valued the company at EUR 1.5bn. The GP acquired T-Mobile Netherlands alongside Warburg Pincus in September 2021 for an enterprise value of EUR 5.1bn.

In addition to its flagship funds, Apax also manages a digital and technology-focused strategy. Apax Digital II held a final close in September 2021 on its hard-cap of USD 1.75bn. The GP registered its first impact fund in September 2021, with partners Alykhan Nathoo and David Su expected to manage the vehicle.

Apax Partners declined to comment.

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