Apax closes digital fund on $1bn hard-cap

The fund will be managed by managing partners Marcelo Gigliani and Daniel O'Keefe, who will oversee a 14-strong team across offices in London and New York. Silver Lake Partners senior principal Mark Beith has also joined the firm and will take on the role of managing director of the digital team in the London office.

The Apax Digital team includes existing Apax employees in addition to new recruits from Insight Venture Partners, Summit Partners, TA Associates and Technology Crossover Ventures.

The development comes a year after the GP held a $9bn final close for its ninth flagship fund.

Investors
According to unquote" data, Apax Digital Fund secured commitments from institutional investors including Kentucky Teachers' Retirement System, Pennsylvania Public School Employees Retirement System and Virginia Retirement System.

Investments
Apax Digital will make equity investments of $30-150m for minority and majority stakes in enterprise technology and consumer-focused internet businesses. It will invest in verticals including software, data and analytics, tech-enabled services, digital marketplaces, digital media and e-commerce.

The vehicle will also have the capacity to target larger businesses by co-investing alongside its LPs. It has already made its first investment, backing US-based online designer clothing and accessories business Moda Operandi.

People
Apax Partners – Marcelo Gigliani, Daniel O'Keefe (managing partners).

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