Apax fund reaches €4.3bn first close

The firm is understood to be targeting an overall €9bn for this latest effort - some way off the €11.2bn it raised for Apax VII in 2008.

The Chinese, Singaporean and Australian sovereign wealth funds are believed to have committed a joint €900m. Meanwhile the GP contribution was reported to stand at around €470m.

Apax's PPM was leaked in May last year; the GP will reportedly charge 1.5% in management fee, while hurdle was said to be set at 8% and carry at 25%. The fund would aim for a minimum 20% IRR.

Apax was unavailable for comment.

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• Buyout
• Apax Partners