Apax wraps up ninth fund at $9 bln

Apax Partners LLP closed its ninth fund at a hard cap of $9 billion.

Apax focuses on the tech and telecom, services, healthcare and consumer sectors.

The limited partners of Apax IX included public and private pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments, charitable foundations and high-net-worth individuals.

So far the fund has made investments in Dominion Marine Media, a marine industry online marketplace and Unilabs, a provider of clinical laboratory testing and medical diagnostic imaging services.

In June 2013, Apax raised $7.5 billion for its eighth fund. No performance data was available on Apax VIII. However, according to the private equity firm, since January 2014, Apax has realized more than $21.5 billion for investors, generating a MOIC of 3.4x and a gross IRR of 27 percent, with $8 billion of this delivered in 2016.

Photo: A woman counts U.S. dollars at a money changer in Yangon, May 23, 2013. Reuters/Soe Zeya Tun