
ALTAMIR 2020 Universal Registration Document 21
Apax Partners
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 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, were merged into a single management
company, Apax Partners LLP, with the aim of raising large
international funds and reorienting the investment strategy
towards large mid-caps, with an enterprise value in excess of
€500m (large caps). The French entity opted to conserve its
mid-market positioning and remain independent.
Apax Partners SA was the management company for the
French funds from 1983, when the first fund, Apax CR, was
created, until 2006, when the Apax France VII fund was
raised. 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
the French fund management business to his partners at the
end of 2010, a new management company was created: Apax
Partners MidMarket SAS, headed 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.
Two legal entities
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. Because of their common history, Apax Partners
SAS and Apax Partners LLP share a strategy based on
financing growth and specialising by sector while positioning
themselves on markets that complement each other in terms
of geography and company size.
In the rest of this document, we will use the following terms:
“Apax Partners France” to indicate the activities of the
French funds managed successively by Apax Partners SA
and Apax Partners SAS;
“Apax Partners” or “Apax” to indicate the activities of
the funds managed by Apax Partners France and Apax
Partners LLP.
Apax Partners SAS
Apax Partners SAS is a major private equity company
in continental Europe. Based in Paris and headed by
Eddie Misrahi, the company has a team of 30 investment
professionals organised by sector.
Apax Partners SAS is the management company of Apax
France VIII, raised in 2011 (€704m), Apax France IX, raised
in 2016 (€1.030bn), Apax France X raised in 2020 (hard cap:
€1.4bn) and Apax Development, a €255m fund specialised in
the small-cap segment in France.
The funds managed and advised by Apax Partners SAS
total more than €4bn. They finance the long term growth of
medium-sized (enterprise values of €100m to €500m) and
small cap (€50m to €100m) companies in continental Europe.
For more information
please visit:
www.apax.fr
Apax Partners LLP
London-based Apax Partners LLP is one of the world’s
foremost private equity firms. Apax Partners LLP invests in
Europe (outside France), North America and the principal
emerging economies (China, India). It has a team of more
than 120 investment professionals, organised by sector and
located in seven oces (London, New York, Munich, Tel Aviv,
Mumbai, Shanghai and Hong Kong).
The funds managed and advised by Apax Partners LLP total
more than $60bn. They finance the long-term growth of
large companies with a value between €500m and €3bn. The
most-recently raised funds are Apax VIII LP, raised in 2013
($7.5bn), Apax IX LP, raised in 2016 ($9bn), Apax XLP raised
in 2020 ($11.8bn) and Apax Digital (a $1.1bn fund specialising
in technology-intensive companies), raised in 2017.
For more information
please visit: www.apax.com
Business description and activities
Presentation of the Company