Apax loses healthcare co-head

Khawar Mann has left to take a position in the healthcare industry. He is the latest in a series of investment professionals to depart the firm’s healthcare practice.

One of the co-heads of Apax Partners’ healthcare team, Khawar Mann, has left the firm, a move that had been anticipated by several market sources since earlier this year.

Mann’s last day was Friday, an Apax spokesman confirmed. He had been with Apax since 2003 and has decided to take on a role as chairman at Medsi, a Russian national network of private clinics that is part of a larger conglomerate.

Mann is being replaced by Steve Dyson, a London-based partner since 2000 who will co-lead the healthcare team with New York-based Buddy Gumina.

Apax’s healthcare team has been hit with a wave of departures, including partner Bill Sullivan, and principals Hector Ciria and David Issott, who all left earlier this year. Ali Satvat also left the team earlier this year to join Kohlberg Kravis Roberts. At that time, several sources said Mann planned to leave as well, though that could not be confirmed at the time. However, Mann had been looking at opportunities for most of the year, the spokesperson said.

“He genuinely wasn’t sure whether he was going to stay or move on for most of the year,” the spokesperson said.

The healthcare team is 12 members strong and the co-heads will assess the personnel needs of the group moving forward, the spokesman added.

One of the healthcare team’s deals that was led by Mann, Marken, has been in trouble. Acquired in 2009, the company quickly began to struggle and earlier this year the firm had it marked at 10 cents on the dollar, sources told Private Equity International in prior interviews. Marken breached loan covenants earlier this year and the firm hired Houlihan Lokey to explore options including a possible sale or injecting more equity.

The departure comes as the firm works to raise its eighth fund. Apax closed on €4.3 billion earlier this year, but it’s not clear how much the firm has collected since then. The firm will have discussions with Fund VIII limited partners about Mann’s departure, the spokesperson said.

The departure follows a period that some industry sources have considered to be marked by high turnover at Apax. This issue was recently addressed by Apax's chief executive, Martin Halusa, in an exclusive interview with Private Equity International. Click here to read about the firm’s approach to “human capital management” and why it says that has met with approval from investors.