History
The development of Apax Partners
The history of Apax Partners is interwoven with the development
of the private equity asset class in Europe and the US. Throughout
its 30 year history, the firm has successfully raised and advised
31 funds which have invested across all investment stages, and
through several economic cycles.
The firm was born as a venture capital business and in its early
years, during the 1980s and early 1990s, pioneered venture
investing in Europe and in the US. This is when the firm started to
specialise in specific sectors and to focus on driving growth in
portfolio companies. This is also the period when country funds
were raised (UK, Germany, US, Israel).
From 1993, Apax started to invest in buy-outs and raised
'balanced funds' with a growing portion of buy-outs over venture
capital. At the same time, country teams were being merged and
regional rather than domestic funds were raised. By 2001, when Apax
Europe V was raised, 78% of the capital raised for that fund was
invested in buy-outs.
In the ensuing period, Apax moved away from investing in venture
capital to focus on pure-play leveraged buyouts but retained its
strong focus on sector expertise, growth, and the operational
rather than financial backgrounds of its investment
professionals. This sector-focused strategy has served the
firm well and has been endorsed by investors, with buyout funds
raised of €21.9bn ($28.5bn) since 2005, including the first fully
global fund, Apax VIII, in 2012.
At the same time, the firm has expanded geographically, opening
offices in China in 2005 and 2008, and India in 2006.
Apax's key competitive advantage today is based on the firm's
deep sector and sub-sector knowledge, combined with its extensive
global reach and local knowledge, driven by regional offices around
the world. This unique sector expertise and global footprint
enables Apax to help its portfolio companies develop and grow in an
ever-globalizing marketplace, and to assist with expansion into
international markets through organic or M&A-driven
activity..
1980s
1981
Excelsior Fund
The US firm raises its first fund
1981
Venture Capital Fund
The UK firm raises its first fund
1990s
1990
Germany
Munich office opens
1994
Israel
Tel Aviv office opens
1999
European fund raised
The firm raises its first pan-European fund, having integrated
the management companies of its European and Israeli offices
2000s
2000
Excelsior VI
Apax raises $1.1bn fund
2001
Apax Europe V
The largest European private equity fund at the time
2002
Apax Partners LLP
European and US operating companies merge to become Apax
Partners LLP
2004
Succession
Martin Halusa elected CEO to succeed founder Sir Ronald
Cohen
2005
China
Hong Kong office opens
2006
Apax Europe VI
Apax Partners raise €4.3bn for Apax Europe VI
2006
India
India office opens
2006
US VII
Apax raises $856mn US fund
2007
Apax Europe VII
The largest ever European private equity fund
2008
China
Shanghai office opens
2010s
2012
Apax VIII
Apax raises Apax VIII, its first global fund
2014
Succession
Andrew Sillitoe and Mitch Truwit elected Co-CEOs, succeeding
Martin Halusa, who became Chairman
2016
Apax IX
Apax raises Apax IX, its second global fund
2017
Apax Digital Fund
Apax raises Apax Digital Fund, its first dedicated Digital
fund