Annual Report 2011 - APAX

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18
Apax Partners Annual Report 2011
Chief Executives overview continued
Delivering on strategy
Martin Halusa CEO, Apax Partners
Against a challenging economic backdrop

in 2011, funds advised by Apax Partners
(Apax) have invested 2.7bn of capital in
seven new companies. Falling company
valuations and the continued availability
of debt nance provided a strong
environment for new investments
enabling us to invest at our predicted
rate during 2011. Our Funds have
invested in these companies because
we think they are excellent businesses
with the potential to expand their
operations signicantly during the
four to ve years investment period.
Investments
Geographically, in the last couple of
years we have moved from being a rm
that is largely focused on investments
inEurope and the US, to the rm we are
today, which analyses opportunities on
atruly global basis. The companies in
which Apax Funds invested in 2011
reect this shift and are spread across
our network in Asia, Europe and the US.
All of these companies are in one of

theve sectors in which Apax has
specialised for the last 20 years: Epicor/
Activant, iGATE/Patni and Orange
Switzerland were all completed by our
Tech & Telecom team; Golden Jaguar
and Takko were Retail and Consumer
Investments; and the Media and
Healthcare teams completed one
investment each in Trader Corp and KCI.
In every one of the investments made
in2011 it was our deep knowledge of
the sector and the amount of previous
work that our teams had done on the
companies and their markets that gave
us a competitive advantage.
Realisations
In terms of portfolio company transactions,
2011 was also a successful year, with
the Funds realising 2.1bn of value
through several transactions, including
share sales inTnuva, Capio, Bankrate,
Weather Investments and Trader Media.
Apax Funds typically invest in businesses
foraround ve years with a view to
improving them and selling them once
the investment thesis has been realised.
The Funds primarily create value for
investors by building better businesses
that have clear long-term potential. The
sophisticated buyers that are the next
owners of these businesses will not pay
a premium unless this is the case.
In the last couple of years

weh
have moved from being a
rm that is largely focused on
investments in Europe and the
US, to the rm we are today,
which analyses opportunities
ball basiis.
on a trully gllob
19
1
Strategy overview
Gaining the support of our investors

Apax VIII, the latest fund to be advised
by Apax, is seeking commitments of
around 9bn to help invest in businesses
in the next four to ve years. In March
2012 the fund announced a rst close
on 4.3bn. Apax is very pleased with the
level of support the fund has received
from both existing andnew investors.
Every four to ve years, the performance

of the Apax Funds are evaluated by our
investors as we look to raise a new fund.
Because of the very large sums of
money that are involved, this evaluation
is understandably very rigorous and if
the investors do not like what they see,
they will not entrust us with their money.
Apax Funds invest money on behalf of
pension funds and money managers
around the world and the success of
theApax Funds ultimately benets
themillions of individual policy-holders
who are saving for theirretirement.
Itisthat simple.
Many of our investors have had less
capital to invest this time round because
they are still feeling the effects of the
downturn. Others, such as banks, have
been prevented from investing in private
equity for regulatory reasons. At the
same time, we are faced with a very
competitive market in which many of
ourpeers are competing for the same
shrinking pool of capital. Against this
backdrop, we see this fundraising
progress to date as a vote of condence
in our team and our strategy and are
thankful for the continued support and
trust of those who have backed us.
3
How we are run
The year was not without its challenges;

the severe global economic downturn
that started in 2008 continued to create
difculties for some of our portfolio
companies. Marken in particular was
impacted by difcult trading conditions
during the year. It is a clinical trials
logistics business that has been hit by
consolidation in the pharmaceuticals
market and a drop in the number of trials
being undertaken. We are working very
closely with management to try to
ensure that the business maintains
itsmarket leading position and has
a sustainable future.
4
Our investors
Challenges
Sector focus
20
Chief Executives overview continued
The experienced team that we

have built and a clear and well
understood strategy will allow
us to seize the opportunities
presented during the next
fewy
years.
Operating in a challenging market

We are going through a period of
unprecedented global economic
dislocation, the impact of which
willbefelt for many years to come.
Over the course of 2011, the banking/
nancial crisis in Europe escalated into
asovereign debt and political problem
inthe eurozone, which will have a
medium term drag on growth in the
corecountries and a more profound
longer-term impact on those at the
periphery. We believe that the economic
fundamentals of the core eurozone
countries remain strong. We think that
acollapse of the euro is extremely
unlikely, and in our opinion the more
likely scenario is the emergence of a
more unied political entity. This will
beapainful process, but I am sure that,
in the longer term, this market of 350m
consumers will return to being an
economic powerhouse.
The US is already faring better than
Europe but, again, deleveraging and
subdued consumer demand will
constrain a return to strong growth
inthemedium-term.
Turning to Asia and South America,

these markets are characterised by
cyclical public markets that have already
priced in growth expectations. While the
public markets will continue to uctuate,
we believe that overall these markets
will continue to grow as a result of
domestic demand.
What does this mean for private
equity investment?
Historically, times of recession have
ultimately yielded the best returns for
private equity because our funds invest
in companies when their valuations are
low. We see no reason why this should
not be the case now.
The investment period for Apax VIII
willcoincide with a prolonged period
ofeconomic uncertainty with
correspondingly reduced valuations
signicantly below long-term averages.
We are seeing plenty of cases where
strong company fundamentals are not
reected in the share price. I believe
thiswill present a good opportunity
forpublic-to-private transactions as
under-valued companies seek to full
their long-term growth plans away from
the short-term demands of quarterly
reporting and the scrutiny of analysts
21
Strategy overview
Why is Apax well placed to capitalise

on this opportunity?
Flexibility will be key to beneting from
future investment opportunities. Being
aglobal investor allows us to focus our
resources on the best opportunities
wherever they may be.
Our team has spent many years
identifying sub-sectors and companies
that we believe will generate the highest
returns and where our sector teams can
help to add most value. As valuations
fallmany of these companies are now
looking increasingly attractive.
In higher growth markets, such as China,

India, Brazil, Russia and Turkey, we are
witnessing increased opportunities to
acquire controlling stakes in companies
that full our size criteria. In 2011 our
Funds acquired a majority stake in
restaurant chain Golden Jaguar, in
oneofthe largest deals of its kind ever
completed in China. The Funds also
made a signicant acquisition in India
byinvesting through Nasdaq listed
iGATE to acquire Indian competitor
PatniComputers.
Investments of this scale, where our
funds are able to acquire majority stakes,
have only recently become available in
China and India; as the private equity
markets in these countries mature,
webelieve that many more such
opportunities will become available.
Reputation Matters
Finally, we anticipate that the image and
reputation of private equity will continue
to be intensely scrutinised in the run
up to the US presidential election in
November. Contrary to what these
politically motivated attacks assert, we
believe that private equity has a strong
record in terms of its alignment of
interest with investors and its ability to
drive superior returns. In terms of the
wider social picture, studies show that
private equity has a strong record in
terms of value and job creation and a
crucial role to play in the economic
recovery in the US and elsewhere.
Private equity represents a vital source
of long-term investment in a time of
acute capital constraint and we feel that
policies that restrict this ow of capital
will ultimately damage the chances
of recovery.
3
How we are run
At the same time, low interest rates mean

that the cost of debt nance for our
investments is at an historic low. While
debt markets will continue to uctuate,
the low interest rate environment will fuel
demand for high-yielding leverage loans
and bonds for solid underlying assets.
The experienced team that we have built

and a clear and well understood strategy
will allow us to seize the opportunities
presented during the next few years.
4
Our investors
and media. As well as continuing to see

companies move from public markets
and into private hands, we are likely to
see large listed conglomerates sell off
non-core assets in order to repair their
own stressed nances.
Sector focus

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Annual Report 2011 - APAX

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Apax Partners Annual Report 2011

Chief Executives overview continued

Martin Halusa CEO, Apax Partners

Against a challenging economic backdrop

All of these companies are in one of

In the last couple of years

Apax Partners Annual Report 2011

Gaining the support of our investors

Every four to ve years, the performance

The year was not without its challenges;

Apax Partners Annual Report 2011

Chief Executives overview continued

The experienced team that we

Operating in a challenging market

Turning to Asia and South America,

Apax Partners Annual Report 2011

Why is Apax well placed to capitalise

In higher growth markets, such as China,

Martin Halusa CEO, Apax Partners

At the same time, low interest rates mean

The experienced team that we have built

and media. As well as continuing to see

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