Apax Partners has cancelled plans to move assets from its 2007-vintage fund into a continuation vehicle after discussions with the fund’s limited partner advisory committee, sister publication Secondaries Investor has learned.
The London-headquartered buyout firm notified investors on Thursday afternoon that following talks with the LPAC, the firm had concluded there would be insufficient demand from investors for the proposal on its €11.2 billion Apax Europe VII fund, according to two sources familiar with the transaction.
Apax had hired Campbell Lutyens to run a GP-led process on Apax VII, which has around €4.7 billion in net asset value across 15 portfolio companies, as Secondaries Investor reported in September.
The development is a blow to GP-led secondaries, which have gathered momentum in recent months. Market participants have been estimating a record year for deal volume with high quality managers including EQT, Nordic Capital and BC Partners all using the secondaries market for GP-led processes including stapled deals.
Apax declined to comment. Campbell Lutyens did not return requests for comment by press time.
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