Apax Partners has continued its strong fundraising year through a target-busting €1.6bn final close of its tenth mid-market investment vehicle.
The firm struck its hard cap for Apax Midmarket X, which it had initially hoped would reach a €1.2bn target.
Fund X is 60% larger than its 2016-vintage predecessor, which it closed on €1.03bn.
Apax said Midmarket X will continue its sector focused investment strategy targeting robust, high growth and digitally enabled businesses across tech and telecoms, healthcare, services and consumer.
The fund is already about 20% deployed across three businesses in France and the Netherlands – Crystal Finance, Odigo and Mentaal Beter.
Apax said its portfolio had demonstrated strong resilience across the board in 2020 despite market turbulence due to the Covid-19 pandemic.
Its funds exhibited an overall portfolio valuation increase of 20% in 2020 compared to 2019.
Eddie Misrahi, CEO at Apax Partners, said, “The success of this fundraise reflects the strength and resilience of Apax Partners’ capabilities.
“Over the course of the fund, we will continue to seek out investments in exceptional non-cyclical companies where we can add our unique value creation strategy.”
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