Apax France CEO steps down

Maurice Tchenio, one of the three founders of private equity titan Apax Partners, has passed control of the firm’s French arm months before it closes a new fund.

Eddie Misrahi, who joined Apax Partners in 1991 as a partner, will succeed Maurice Tchenio as chairman of Apax Partners France.

Misrahi inherits a team of roughly 20 professionals, eight of which are partners. Under his management the team will continue raising capital for its new fund Apax France VIII. The firm has already secured €600 million in commitments but has not announced a fund target. The final closing of the fund is expected in the next few months, according to a statement.

Tchenio, who co-established France’s private equity lobbying group AFIC, begins a new endeavour with the creation of the AlphaOmega Foundation. The foundation will work alongside charities working to relieve unemployment both in France and abroad.

Maurice Tchenio

Tchenio will continue to monitor the French firm’s existing portfolio and will invest in Fund VIII through Altamir Amboise, a listed private equity firm he founded in 1995.

Apax Partners France is not affiliated with London-headquartered Apax Partners. Apax Partners was founded by Tchenio in France, Ronald Cohen in the UK and Alan Patricof in America. Originally structured as a collection of separate funds, in 1999 the US, UK, Swiss, German and Spanish operatives merged, but the French operative, managed by Tchenio, opted out of the arrangement.

“Building Apax Partners into a market leading firm and ensuring continuity for the benefit of the younger generation of partners were the two main objectives we set ourselves when we founded the firm in 1972”, said Tchenio.