Global private equity firm Apax Partners has confirmed that Michael Phillips, a partner and head of the firm’s Munich office, is to step back from the firm prior to its next fundraise.
Last year the firm held a $7.5bn final close for its eighth global buyout fund and shortly after Phillips was said to have told LPs and employees that he would not be participating in Fund IX.
The decision was said to be a personal one, according to a spokesperson for the firm, while Phillips will remain involved with the investment and management of Fund VIII.
Phillips is a member of Apax’s executive, international investment, approval, portfolio review and exit committees. He originally joined Apax Partners in 1992 and has participated in deals including Sulo, IFCO Systems and Tommy Hilfiger. He has served as an advisor and board member to a number of Apax portfolio companies including Xerium, IFCO Systems, Tommy Hilfiger, Travelex and Capio.
Last year the firm named Andrew Sillitoe and Mitch Truwit as its new co-chief executive officers, following Martin Halusa’s decision to step down.
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