Apax Global Alpha Launches EUR250 London IPO

LONDON--Private equity Apax Global Alpha Ltd. said Friday that it intends to raise the sterling equivalent of 250 million Euros ($278.06 million) and will seek listing of its ordinary shares on the London Stock Exchange.

The investment vehicle is seeking to raise the funds by way of a placing, offer for subscription and intermediaries offer to invest in Apax Private Equity Funds and Derived Investments. It has conditionally secured sterling equivalent commitments worth EUR135 million from cornerstone investors.

Apax Global said the fundraising will allow it to take advantage of opportunities in both private equity and derived investments.

Tim Breedon, a current non executive director of Barclays PLC (BARC.LN), serves as the chairman of Apax Global.

The company will acquire PCV Lux SCA, a investment vehicle for employees of private equity Apax Partners LLP, prior to stock market admission. As at March 31, PCV's investments had an estimated net asset value of EUR611.1 million.

Shares of Apax Global are expected to start trading on June 15.

Credit Suisse Securities (Europe) Ltd. and Jefferies International Ltd. are acting as joint global coordinators and joint book runners. Jefferies is also acting as sponsor to the company.

Scott Harris U.K. Ltd. is acting as placing agent and intermediaries offer adviser.

Write to Tapan Panchal at [e-mail]

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