Apax is not making any cuts due to current market conditions, as are firms like 3i and The Carlyle Group. Instead, it is going through an annual employee assessment program that typically results in around 10% of its staff being let go. On the (sort of) bright side, the number of fired investment pros is actually expected to be a bit lighter this year, which means that a bit less than 30 of Apax’s 300 employees will be affected. Some investment staff and back-office cuts have already occured in New York, where Apax currently has 67 employees.
The spokesman declined to say if all empty positions would be refilled, but did say that Apax will hired three senior associates (post-MBA) in New York and either three or four senior associates in Europe.