What's the deal with these funds that are permanently in the market? They closed fund 10 at 11bn last year and are now starting to raise fund XI at 13bn. There is no way that fund is more than like 30% invested (if that). How are their LPs okay with this?
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If I was an LP, I would be pissed. That being said, they probably feel like they have an undersized fund to compete with their peers. Firms like H&F, Advent, Carlyle, etc. have raised $20bn+ so I can see why Apax would want to take advantage of the super hot fundraising market. I don’t know whether they’ll be able to raise the target but it feels like anyone can these days.
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