Apax Partners is merging its European and US operations almost a year after the US firm changed its name from Patricof & Co Inc to Apax Partners Inc. Sir Ronald Cohen, chairman of Apax Partners in Europe now also becomes chairman of the firm in the US. Alan Patricof becomes vice-chairman of Apax Partners.
Cohen said: “Our transatlantic teams have worked together for 25 years. We share a set of cultural values. This is a natural progression given the increasing internationalisation of our industry.” Although there are no plans for Apax to raise a global fund as yet the structure is now in place should the firm decide to do so. The European team will continue to manage Apax Europe V, which closed at EURO4.4 billion earlier this year. Likewise the US team will retain responsibility for its $1.1 billion Apax Excelsior VI Fund. Both offices will monitor the respective predecessor funds that were raised separately.
Apax, which celebrates its 30th birthday in Europe this year, has seven European offices, as well as one in Tokyo and one in Tel Aviv. American offices, employing over 35 staff, are in New York and Palo Alto. The US operation currently manages around $2.3 billion, Europe $8.7 billion and Japan $200 million.
Alan Patricof launched Alan Patricof Associates in the US in 1969 and three years later MMG, established by Ronald Cohen and Maurice Tchenio, commenced corporate finance activities in London, Paris and Chicago. In 1977 the three founders joined forces and the firms have been co-investing ever since. Apax invests in transactions varying in size between EURO3 million and EURO2 billion. Its preferred sectors are organised into six industry groups: telecoms, media, IT, healthcare, financial services and retail & consumer goods, which are already co-ordinated globally.