Paris-listed private equity company Altamir has committed €138 million to Apax Partners’ latest flagship vehicle, Apax IX, which has already raised $7 billion.
The commitment is more than double the size of Almatir’s €60 million commitment to Apax VIII.
Other investors in Apax’s latest fund include the Kansas Public Employees Retirement System, Minnesota State Board of Investment and Clwyd Pension Fund, according to PEI Research & Analytics.
Altamir’s relationship with London-headquartered Apax Partners began with a commitment to Fund VIII in 2012. This was part of a strategy for the French company to diversify away from solely France-focused funds, a spokeswoman said, adding that the firm always planned to increase the size of its commitments.
Apax VIII is almost fully invested, Altamir said. Other investors in the 2012-vintage vehicle that raised €5.8 billion against a target of €6 billion, include the Australia Super Fund, Canada Pension Plan Investment Board, the Florida State Board of Administration, Singapore’s GIC Private Limited, and the Maryland State Retirement and Pension System, according to PEI Research & Analytics.
Altamir invests in and alongside funds managed by both Apax Partners and Apax Partners France, which are two separate businesses.
In February Altamir said it had agreed to invest between €220-300 million in Apax France IX, which is still in market raising capital. The firm has the option to adjust its commitment every six months to the Paris-based fund that is seeking to raise €750 million with a hard-cap of $1 billion. It reached a first close on €610 million in March, as reported by Private Equity International.