Apax Planning to Raise $14.5 Billion

Buyout shop Apax Partners is planning to raise 11 billion euros ($14.5 billion) for its next buyout fund, Reuters reported, citing an article in the Financial Times. The paper reported that Apax had invested more than 60% of its 11.2 billion euros fund, raised in 2007. The firm is currently working to close an $8.5 billion acquisition of Danish cleaning company ISS. When that deal closes, the current fund will be 75% committed, Reuters said.

(Reuters) – Private equity firm Apax Partners plans to raise more than 11 billion euros ($14.5 billion) to fund its acquisitions, the Financial Times said.

London-based Apax will approach investors earlier than expected if it completes a potential $8.5 billion acquisition of Denmark-based cleaning group ISS, the paper said.

The FT said Apax has invested more than 60 per cent of the 11.2 billion euros fund it raised in 2007, the biggest in Europe.

If it goes ahead with the buy-out of Danish cleaning company ISS, Apax’s latest fund would be close to the 75 per cent invested level that is typically a trigger to start raising the next one, it said.

Apax declined to comment to the Financial Times.

Apax could not be immediately reached for comments by Reuters outside regular UK business hours. (Reporting by Abhinav Sharma in Bangalore)