Private equity pioneer
Apax Partners was founded in 1972 by Maurice Tchenio in France and Ronald Cohen in the UK; they subsequently partnered with Alan Patricof in the United States in 1976. The Group was composed of independent companies in each country, sharing the same strategy, corporate culture and methods, but owned by local partners managing domestic funds. It continued to grow using this model in the main European countries.
In the early 2000s, the various national entities, with the exception of France, regrouped into a single management company, Apax Partners LLP, so as to raise large international funds and reorient their investment strategy towards transactions in excess of €1bn (large caps). The French entity opted to keep its mid-market positioning and remain independent.
Two legal entities
Apax Partners SA is the management company for the French private equity funds, from the first fund created in 1983 (Apax CR) through to the Apax France VII fund raised in 2006. It has been Altamir’s investment advisor since its creation in 1995.
As part of the succession plan that led Maurice Tchenio, founder of Apax Partners SA, to transfer the leadership of Apax Partners France to his partners at the end of 2010, a new management company was created: Apax Partners MidMarket SAS, licenced by the AMF (Autorité des Marchés Financiers) and chaired by Eddie Misrahi.
The two French management companies have changed names. Apax Partners MidMarket SAS became Apax Partners SAS on 1 October 2017, and Apax Partners SA became Amboise Partners SA on 1 January 2018.
Today, two distinct legal entities operate under the Apax Partners banner, with no cross-shareholding between them: Apax Partners SAS, the management company for French funds, and Apax Partners LLP, which manages international funds.