European PE Firm Apax Sells 10% Stake to Asian-Pacific Investors

Apax Partners has secured deals to sell holdings in its management company to two Asian-Pacific investors after protracted discussions with three parties. The sale should buttress the private-equity firm at a time when fund-raising is at a low and portfolio valuations are coming under pressure.

GIC Special Investments, the private-equity arm of sovereign-wealth fund Government of Singapore Investment Corp., and the A$59.6 billion Australian national retirement plan, Future Fund, took less than 10% of Apax’s management company. A potential third party, believed to be a Japanese investor, has used corporate vehicle CN Advisory to express its interest in joining Apax’s membership–-the formal way of owning a stake in the firm that is a limited liability partnership.

In a statement, Future Fund said the deal involved investors purchasing a stake of “around 10%” of the Apax Partners management company and performance fees, called carried interest, in Apax’s funds. The undisclosed net proceeds of Apax selling a stake were being reinvested in a permanent capital vehicle in which Future Fund would have a 10% stake and would have a principal objective to invest in future Apax funds.

read more: The Wall Street Journal



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