Private equity investor Apax announced the final close of the Apax Global Impact Fund (AGI), with commitments of approximately $900 million for investments in companies that provide products and services addressing environmental and social issues.
According to Apax, the fund aims to support companies delivering tangible social or environmental impact, targeting key themes including Health & Wellness, Environment & Resources, Social & Economic Mobility, and Digital Impact Enablers, utilizing a proprietary impact measurement system to evaluate and monitor impact and identify and track outcomes across the portfolio.
The fund is classified as Article 9 under the EU’s SFDR regulation.
Jason Wright, Chair of Apax’s Global Impact strategy, said:
“We’re incredibly excited by the possibilities within the burgeoning impact space, and this successful fundraise is testament to our distinctive and differentiated proposition. The Apax Global Impact team have an impressive combination of private equity experience and impact expertise, making them ideally positioned to help visionary businesses accelerate growth and unlock value.”
To date, AGI has invested in four businesses, including supply chain risk management software platform GAN Integrity, social good-focused software company Bonterra, eating disorder treatment provider Eating Recovery Center, and Swing Education, an online marketplace connecting schools and substitute teachers.
Apax co-founder and Chair of the firm’s Global Impact Advisory Board Sir Ronald Cohen said:
“The world has historically operated on two parameters: risk and return. We now find ourselves shifting to three dimensions: risk, return and measurable impact. It is incredibly important that as businesses generate profits, they also deliver improvement in the lives of people and the state of the planet. The Apax Global Impact fund is committed to this mission.”
Apax’ 14-person impact team is led by Managing Partners Alykhan Nathoo and David Su, and supported by its 5-person Impact Advisory Board, which provides guidance on matters including impact measurement and on driving additional impact across partner companies.