London, 10 November 2010 – Leading global law firm Mayer Brown has advised private equity fund managers Azini Capital on the acquisition of two partnerships from Apax Partners, one of the world’s leading private equity firms. The two partnerships own interests in 16 technology companies spanning the UK, Israel, the USA and the Republic of Ireland.
Azini Capital is an independent private equity fund management company which specialises in “direct secondary” transactions – acquiring portfolios of shareholdings in private and public companies from existing and historical investors. The value of the sale was not disclosed but Azini 2 LLP, which has acquired the two partnerships, is a $100 million fund and includes significant reserves to allow Azini Capital to provide additional funding to support the on-going development and growth of the portfolio companies.
Apax Partners is one of the world’s leading private equity investment groups. It operates across the United States, Europe and Asia and has more than 30 years of investing experience. Funds under the advice and management of Apax Partners globally total around $40 billion. The funding for the transaction was provided by Lexington Partners, the world’s largest independent manager of secondary private equity and co-investment funds.
The Mayer Brown team was led by Corporate partner David Bates with associate Megan Paul.
David Bates, Corporate partner at Mayer Brown, said: ” It is highly unusual to have the opportunity to acquire such good quality assets. We are delighted to have been able to assist Azini with this significant secondary market transaction.”
Nick Habgood, Managing Partner of Azini Capital, commented: ” The number of companies and jurisdictions made this transaction between Azini and Apax particularly complex and we are grateful to Mayer Brown for their help and support throughout the 18 months it took to complete the transaction.”
Macfarlanes partner Stephen Sims advised Azini Capital in relation to the formation of the Azini 2 fund and SJ Berwin (Perry Yam and Ruth Vamplew) advised Apax Partners.