Apax Partners closed its latest global private equity fund, Apax IX, in 11 months at its $9 billion hard cap, surpassing its $7.5 billion fundraising target, according to two people familiar with fund.
The firm’s prior fund, Apax VIII, closed in June 2013 at $7.5 billion.
The fund will continue to invest in the technology, telecommunications, services, health care and consumer sectors. Apax executives have already made two investments from Apax IX capital: Dominion Marine Media, a marine industry online marketplace, and Unilabs, a medical diagnostics business, said an Apax news release.
Investors in Apax IX include $192.9 billion California State Teachers’ Retirement System, West Sacramento; $104 billion Washington State Investment Board, Olympia; $69 billion Virginia Retirement System, Richmond; Michigan Department of Treasury, Bureau of Investments, which invests on behalf of the $55.7 billion Michigan Retirement Systems, East Lansing; and $17 billion Kansas Public Employees Retirement System, Topeka.