Apax Partners eyes $13bn Fund XI raise just a year after $11bn fund close

Private equity major Apax Partners is already eyeing up to $13bn for its latest flagship fundraise, just a year after closing its $11bn Fund X vehicle.

The firm is set to pick up a $100m commitment from the Minnesota State Board of Investment according to the pension fund’s latest Investment Advisory Council meeting minutes, which revealed almost $2.5bn of new alternative asset fund commitments.

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It said Apax will continue to target tech, healthcare, services and consumer deals through Fund XI, with most of its capital targeting Europe and North America.

About 10% to 15% of the vehicle will be invested in other regions, largely China and India, the report adds.

Apax closed its predecessor fund on its $11bn hard cap in January last year.

Earlier this month the firm agreed to buy a controlling stake in Inflexion-backed risk management and compliance solutions business Alcumus.

MSIB also revealed a string of other commitments to private equity and venture capital funds in its latest meeting documents.

The firm agreed to commit up to $100m to Clearlake Clearlake Capital Partners VII, Siris Partners V, TSG9, KKR Europe VI and KKR Core Investments Fund II.

Another $150m was pledged to each of Advent International GPE X, Blackstone Capital Partners IX, Brookfield Capital Partners VI and Blackstone Growth II, while Bridgepoint Europe VII and IK X Fund both received a €90m commitment.

Asia Alternatives MN Asia Investors picked up $250m, Nordic Capital XI €90m, Thoma Bravo XV $100m and TPG Partners IX $100m, while Welsh, Carson, Anderson & Stowe’s WCAS XIV received $150m and Wind Point Partners X $100m.

Finally HPS Strategic Investment Partners Fund V picked up $100m, Oaktree Special Situations Fund III $200m and Värde Fund XIV $100m.

Source: Altassets

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