Apax Said to Seek $13 Billion for Leveraged-Buyout Fund
Apax Partners LLP, the British buyout firm, is seeking 9 billion euros ($13 billion) for a new fund, two people with knowledge of the matter said.
The London firm, which is targeting 20 percent less than its 11.2 billion-euro pool raised in 2007, sent out the marketing documentation to investors, said the people, who declined to be identified because the information isn’t public.
Apax, whose backers include China Investment Corporation, follows BC Partners Ltd., Cinven Ltd. and EQT Partners AB in seeking a total of 24 billion euros from investors in Europe as private equity deal activity recovers from a near-halt during the credit crisis.
An official at Apax declined to comment.
Private-equity firms raised $225 billion last year, the lowest since 2004 as investors became reluctant to commit money to new funds before reaping profits from previous investments, according to Preqin Ltd. They may raise more than $300 billion this year, the London-based firm research said.
BC Partners, one of the first European funds to start raising money since 2008, has amassed 4 billion euros out of the 6 billion euros it’s seeking for its latest fund, people with knowledge of the talks said in March.
Cinven, another London-based firm, is targeting 5 billion euros for a new pool, three people with knowledge of the matter said the same month. EQT Partners, the private-equity firm partly owned by Sweden’s Wallenberg family, is seeking 4.3 billion euros, two people with knowledge of the plan said last year.
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