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Apax Partners launches E4.5bn fund

Global private equity firm Apax Partners has launched its latest private equity fund targeting E4.5bn, according to the Financial Times. If successful, the fund is set to become one of the largest ever European funds.

The firm's previous fund closed with E4.4bn of commitments in 2001. Apax Europe V is now approximately 60 per cent invested and is expected to be in the region of 80 per cent invested by the end of 2004.

Apax will undoubtedly face stiff competition in its latest fundraising foray, with the firm's European rivals currently attempting to attract a collective E40bn from limited partners over the next 12 months.

But Apax's efforts will be helped by a number of lucrative and high profile exits in recent months, including Yell, the UK yellow pages business, Azimut, the Italian investment management group, and the recapitalisation of Kabel Deutschland. The firm is also planning to float Xerium Technologies on the New York Stock Exchange later this year.

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