Paris, 22 July 2021. Apax, a leading Continental European private equity firm, has today announced the final close of its tenth midmarket fund, Apax Midmarket X (or the “Fund”), at €1.6 billion surpassing its €1.2 billion target. Upon close it was oversubscribed at its hard cap. The Fund is c. 60% larger than its predecessor, Apax Midmarket IX, which closed in 2016 at €1.03 billion.
- Apax Midmarket X surpasses its €1.2 bn target, closing at €1.6 bn taking firm
AUM to over €4.5 bn
- This represents a c. 60% growth in fund size from predecessor
- Strong post-Covid activity with three new investments and three successful exits
The Fund received strong support from a large number of existing investors as well as a wide range of new investors from the US and Europe. The capital was primarily raised from pension funds, funds of funds, insurers and family offices.
Apax Midmarket X will continue the Firm’s sector focused investment strategy targeting robust, high growth and digitally enabled businesses across its focus sectors (Tech & Telecom, Healthcare, Services and Consumer) with strong internationalisation and consolidation potential. Apax Midmarket X is today c. 20% deployed across three businesses in France and the Netherlands – Crystal Finance, Odigo and Mentaal Beter.
The Apax portfolio has demonstrated strong resilience across the board in 2020 despite market turbulence due to the Covid-19 pandemic. In aggregate, the funds exhibited an overall portfolio valuation increase of 20% in 2020 vs. 2019. Recent successful exits of BIP, Sandaya and Expereo in 2021 have further bolstered returns for the firm and are testament to the Firm’s specialist capabilities in digital and value creation through both adverse and favourable market conditions.
Eddie Misrahi, CEO at Apax said: “The success of this fundraise reflects the strength and resilience of Apax capabilities. Over the course of the Fund, we will continue to seek out investments in exceptional non-cyclical companies where we can add our unique value creation strategy. We look forward to working alongside our investors to deploy this fund effectively and deliver further outstanding returns”.
Guillaume Cousseran, IR Partner at Apax said: “We are delighted to see the strong support from our investor community during this fundraise. To see this fund growth, despite the tumultuous fundraising backdrop, is demonstrative of the trust in our sector focus, deployment and value creation capabilities.”
The Apax Midmarket X fundraise was advised by Rede Partners and Jasmin Capital.
Contact
Lauren Bardet
Directrice de la communication
+33 6 16 32 72 82
lauren.bardet@seven2.eu
About Apax
Apax is a leading European private equity firm based in Paris. With more than 45 years of experience, Apax provides long-term equity financing to build and strengthen world-class companies. Funds managed and advised by Apax exceed €4.5 billion. These funds invest in fast-growing, middle-market companies across four sectors of specialisation: Tech & Telecom, Consumer, Healthcare and Services.
Paris-headquartered Apax SAS (www.apax.fr), and London-headquartered Apax LLP (www.apax.com), have a shared history but are separate, independent private equity firms.
