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Apax Partners Share $174 Million Profit as Firm Raises New Fund

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Aug. 8 (Bloomberg) -- Apax Partners LLP, the buyout firm that’s raising Europe’s largest fund, posted a 111.4 million-pound ($174 million) profit last year that will be shared among 58 partners.

Profit available for discretionary division among partners advanced 17 percent for the year ended March 31 from the previous year’s 95.5 million pounds, according to a July 31 regulatory filing. The partner “with the highest entitlement to profit” received 12.7 million pounds, up from 12.25 million pounds the year before.

Georgiana Brunner, a spokeswoman for Apax, declined to comment beyond the filing.

Apax is headed by Chief Executive Officer Martin Halusa and had 58 so-called members, or partners, listed for the fiscal year. The buyout firm, which owns companies including mobile-phone operator Orange Switzerland and British retailer New Look Group Ltd., is seeking 9 billion euros ($11 billion) to buy companies, primarily in Europe.

The firm spent 2.7 billion euros last year, up from 2.2 billion euros in 2010, according to its annual report released in June. It reaped 2.1 billion euros from selling assets in 2011, down from 3 billion euros in the year-earlier period.

Apax’s 11.2 billion-euro fund, raised in 2007, posted a 10 percent gain as of Dec. 31, 2011, according to a report by Washington State Investment Board, one of the firm’s investors.

Euro Concern

Buyout firms have led $61 billion of deals in Europe this year, according to Bloomberg data, a 23 percent decline from the same period last year as the sovereign-debt crisis hampers mergers and acquisitions.

Apax, which in March had secured a little less than half of its fundraising target, is giving the new fund’s clients the option of investing in dollars after some of them expressed concern over the fate of Europe’s common currency, people familiar with the matter said last month.

“The economic fundamentals of the core euro zone countries remain strong,” Halusa wrote in June’s annual report. “A collapse of the euro is extremely unlikely. The more likely scenario is the emergence of a more unified political entity.”

To contact the reporters on this story: Anne-Sylvaine Chassany in London at achassany@bloomberg.net;

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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