(Reuters) – European private-equity firm Apax Partners [APAX.UL] is readying an initial public offering for Permanent Capital Vehicle, the biggest investor in Apax’s funds, in London to raise money that it can use to seed more funds, according to a source familiar with the matter.
Apax Partners has hired Credit Suisse Group AG (CSGN.VX) and Jefferies Group LLC [JGLL.UL] to manage the IPO, the source said.
Bloomberg, which first reported the story, said shareholders and other executives of Permanent Capital Vehicle would be prevented from selling their stakes through a lock-up.
Apax Partners declined to comment on the story.
Credit Suisse and Jefferies could not be reached for comment outside regular business hours.