Apax Partners: One of the World’s Oldest and Largest PE Firms

Apax Partners LLP is a UK-based private equity and venture firm. Founded in 1969, the investment firm focuses on long-term partnerships with growth companies across Tech & Telco, Services, Healthcare and Consumer industries. The four-decade-old firm runs out of eight offices around the world, including locations in Mumbai, Tel Aviv, Munich, Stockholm and New York.

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The London-based private equity shop seeks out investments in large enterprises valued between 1 billion euros and 5 billion euros ($1.2 billion to $5.9 billion). It has raised and advised funds with aggregate commitments surpassing $48 billion. In its first couple decades of operations, Apax was a pioneer of venture investing, raising country funds for the UK, Germany, the US and Israel in the 80s and 90s. In 1993, the firm began to invest in buy-outs and raised “balanced funds,” as it shifted its focus away from venture capital.

Apax’s strategy relies on its deep industry knowledge of the four sectors it supports. Notable investments include the takeover of California-based software provider TriZetto Group at $1.4 billion in 2008 and the buyout of Bankrate Inc. in 2009 for $571 million.

The firm currently employs over 230 professionals, with investments in portfolio companies which employ an approximate 200,000 people and generated $29 billion in revenues in 2014.

In 2016, Apax raised its second global fund, Apax IX, which closed at $9 billion.

In 2014, Co-Chief Executive Officers Andrew Sillitoe and Mitch Truwit succeeded Martin Halusa, who transitioned to the role of chairman at Apax. Halusa navigated Apax to employ more of a “thesis-driven” rather that “opportunity driven” approach to deal-making as to avoid getting pulled into market trends and lured into mega-deals. Apax sees its strategy as allowing the firm to “carry on through and past the credit crunch with no slowdown.”