Private markets investor Apax Partners has raised $750 million for its first generation of dedicated private credit funds.
Apax has been investing in credit for a decade, including through listed vehicle Apax Global Alpha, making a total of 90 investments, with total credit capital advised by Apax at $1.5 billion.
The firm’s credit strategy focuses on four core sectors: technology, services, healthcare and internet/consumer businesses. The credit vehicles have a flexible mandate with an ability to invest across the capital structure.
Apax said it is highly synergistic with its private equity strategies, targeting businesses well known to Apax via its private equity sector insights, and the credit team works closely alongside its private equity strategies.
Mitch Truwit, co-chief executive of Apax, said: “We see credit as an important extra arrow in our quiver. This strategy allows us to diversify the way in which we can support companies identified through our private equity sub-sector diligence, while also providing our investors with another way to access compelling returns.”
Approximately 40 percent of capital raised has already been invested, and in the past 12 months the credit team has made 19 investments.