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Apax raises $1.75 billion for latest private equity fund

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Apax Partners closed its latest private equity fund, Apax Digital Fund II, at $1.75 billion, a spokeswoman said.

The fund’s initial target was not disclosed, she said.

The fund invests in high-growth software, technology and internet companies globally, targeting minority growth and growth buyout investments.

Investors in the fund include the $94.1 billion Michigan Retirement Systems, East Lansing; and $25.7 billion Kentucky Teachers’ Retirement System, Frankfort.

The current fund’s predecessor, Apax Digital Fund, closed at $1 billion in 2017.