Apax France gathers €750m for Fund IX – Exclusive

The Paris-based buyout house has reached its target for the fund, and is on-track to hold a final close by year-end.

Paris-based buyout firm Apax Partners France has amassed €750 million for its ninth flagship vehicle, Private Equity International has learned.

Apax France IX, which began marketing in September 2015, has reached its €750 million target, and is on track to hold a final close by the end of the year. The fund has a hard-cap of €950 million, according to a source with knowledge of the fundraising.

Rede Partners is the placement agent on the fundraising. Rede and Apax France declined to comment.

The fund is understood to have received a substantial amount of commitments from existing investors spread globally. By March this year Apax France IX had held a first close on €610 million, as reported by PEI.

The firm’s investor base is typically institutional, comprised of pension funds, insurance companies, sovereign wealth funds and funds of funds, with half in France the remainder split primarily between the US and Europe, according to is website.

In February Paris-listed private equity company Altamir, which acts as a feeder vehicle for funds managed by both Apax France and Apax Partners, said it had agreed to invest between €220 million and €300 million in Apax France IX.

The fund’s predecessor, Apax France Fund VIII, closed in 2011 on €700 million. Investors in Fund VIII include the West Midlands Pension Fund and the Greater Manchester Pension Fund, according to PEI data.

The latest vehicle will pursue the same strategy as its predecessor, investing in mid-market companies with an enterprise value of €100 million to €1 billion in Europe and primarily France, in the TMT, healthcare, retail and consumer, and business services sectors.

Fund IX has already made three investments. In March the firm agreed to acquire network performance software solutions business InfoVista from US-based private equity house Thoma Bravo. This was followed by the acquisition of French outdoor accommodation group Sandaya from Pragma Capital in May. In June it acquired Marlink, Airbus Group’s commercial satellite communication business.

Earlier this month Apax Partners France hired Pierre-Olivier Corvol as a senior associate in the TMT team. It also made three internal promotions, promoting debt manager Annick Bitoun and Henry Capelle, a member of the TMT team, to director, and Julien Birman, a member of the distribution team, to principal.