A lawsuit has reportedly been filed against Apax Partners by chairman and founding partner, Maurice Tchenio.
The UK-based private equity firm allegedly owes him fees and profits from recent deals in the Netherlands, Sweden and Italy, according to a report in the Financial Times. The suit was filed on 5 November at London’s commercial court.
Apax was founded in 1976 by Tchenio in France, Ronald Cohen in the UK and Alan Patricof in America. It manages funds of $40 billion worldwide.
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 merger.
Tchenio alleges that Apax owes him a share of its management fees and carried interest, based on an agreement which was made in 2001.
The dispute hinges on an aspect of the agreement which shares territory between the merged Apax group and Tchenio’s entity.
Both parties declined to comment.