Altamir commits to investing in Apax IX LP
OREANDA-NEWS. Altamir has signed a commitment to subscribe to the Apax IX LP fund, for which Apax Partners LLP has begun fundraising. The fund is expected to be invested over the next 3-4 years.
After consultation with Altamir's Supervisory Board, the Board of Directors of Altamir G?rance has decided to commit €138m.
This commitment is in line with Altamir's investment policy, which has consisted in investing in funds managed by Paris-based Apax Partners MidMarket since 2011 and in the funds advised by London-based Apax Partners LLP since 2012 so as to diversify the portfolio internationally.
As a reminder, Altamir had committed to investing €60m in the Apax VIII LP fund, which is now almost fully invested. In February, the company signed a commitment to subscribe between €220m and €300m to the Apax France IX fund, with the option of adjusting the level of Altamir's commitment to available cash every six months.
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with more than €650m in assets under management. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Retail & Consumer, Healthcare, Business & Financial Services) and in complementary market segments (mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as an SCR ("Soci?t? de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.