Apax pulls GP-led deal

The buyout firm is no longer proceeding with its proposal to move assets from Apax Europe VII into a continuation vehicle, sister title Secondaries Investor has learned.

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.

For the full story, please visit Secondaries Investor.