Apax Partners closes Apax Midmarket X at €1.6bn, oversubscribed and at hard cap

Apax Partners has announced the final close of its tenth midmarket fund, Apax Midmarket X (or the “Fund”), at €1.6 billion surpassing its €1.2 billion target. Upon close it was oversubscribed at its hard cap. The fund is c. 60% larger than its predecessor, Apax Midmarket IX, which closed in 2016 at €1.03 billion.

The Fund received strong support from a large number of existing investors as well as a wide range of new investors from the US and Europe. The capital, primarily raised from pension funds, as well as funds of funds, insurers and family offices.

Apax Midmarket X will continue the Firm’s sector-focused investment strategy targeting robust, high growth and digitally-enabled businesses across its focus sectors (Tech & Telecom, Healthcare, Services and Consumer) with strong internationalisation and consolidation potential. Apax Midmarket X is today c. 20% deployed across three businesses in France and the Netherlands - Crystal Finance, Odigo and Mentaal Beter.

The Apax Partners portfolio has demonstrated strong resilience across the board in 2020 despite market turbulence due to the Covid-19 pandemic. In aggregate, the funds exhibited an overall portfolio valuation increase of 20% in 2020 vs. 2019. Recent successful exits of BIP, Sandaya and Expereo in 2021 have further bolstered returns for the firm and are testament to the Firm’s specialist capabilities in digital and value creation through both adverse and favourable market conditions.

We are delighted to have supported Apax Partners on this raise.