Apax Partners, a global private equity advisory firm, closed its latest fund, at $1 billion.
Based in New York and London, Apax Digital makes minority and buyout investments in high-growth enterprise technology and consumer internet companies globally.
Investments will be concentrated in subsectors where Apax has proven expertise, including vertical software, data and analytics, tech-enabled services, marketplaces, digital media, and disruptive e-commerce.
The fund targets individual equity investments of $30m-$150m, with the ability to complete larger investments alongside its limited partners.
The first investment has been just made in Moda Operandi, an ecommerce business offering luxury goods from top designer brands.
The fund’s 14-person team is co-led by Marcelo Gigliani and Daniel O’Keefe and comprises longstanding Apax investors as well as new hires from leading technology investment firms, including Insight Venture Partners, Summit Partners, TA Associates and Technology Crossover Ventures.
In addition, Mark Beith, a technology investor from Silver Lake, joins in January as a Managing Director to lead the London office.