Apax VIII holds final close on €5.8bn

Apax VIII held a first close in March 2012 on €4.3bn. The final close comes within 15 months of the first close. The firm initially made headlines for having abolished transaction fees for this fund and having made a "sizable" management contribution of €470m. The fund then stated a target of €9bn and a 1.5% management fee, 8% hurdle and carry at 25%. The fund would aim for a minimum 20% IRR.

Less than six months after first close, the firm reshuffled its management team, appointing Ralf Gruss to COO.

Apax's previous fund, Apax Europe VII, was launched in 2007 and closed on €11.2bn.

The closure of Apax's eighth fund brings its total committed capital to more than $40bn across all the GP's funds.

Apax's portfolio includes Cole Haan, Hub International Ltd, Travelex Ltd and General Healthcare Group Ltd.

Investors
Investors include public and private pension funds, sovereign wealth funds, insurance companies and high-net-worth individuals.

A substantial portion of commitments came from existing long-term investors, while some are new investors.

Commitments were global in nature, with 43% coming from the US, 25% from Europe and the remainder from Asia, the Middle East and Latin America. The fund is split between euros (51%) and US dollars (49%).

Investments
Similar to Apax's previous funds, Apax VIII will continue to pursue sector-focused investing.

People
Martin Halusa is the CEO of Apax.

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