Apax Partners intends to accelerate its investments in India’s pharmaceutical, consumer, consumer derivative, and technology services areas. The London-based private equity company has developed an India-focused team to scout buyout prospects and is also working on multiple acquisitions in various stages across sectors. Apax channels 7-10% of its total worldwide investment towards India and has invested close to $3.5 billion in the nation over the last two decades.

Apax Partners aims to expand

Apax Partners, a London-based private equity group that has invested almost $3.5 billion in India over the last two decades, is apparently planning to increase its local investments in domestic pharmaceuticals, consumer goods, and consumer derivatives sectors.

According to ET, Apax has formed an India-focused team to hunt for buyout prospects and is also working on many acquisitions in various stages across sectors.

The pharmaceutical, consumer, and consumer derivative sectors are the focus of all active agreements currently available, including several that we are actively pursuing. And there are several deals in tech services that are scheduled to be announced, on which we are focusing,” according to the newspaper, citing Rohan Haldea, a partner in Apax’s tech division.

Haldea went on to say that Apax is now trying to purchase a majority position in Indian companies it believes are profitable. In addition, the firm is interested in collaborating with minority founders and management teams.

It is worth noting that Apax has been rearranging its senior leadership positions for some time now.

Leo Puri was recruited as Apax Partners’ advisor and chairman of its Indian arm two months ago.

Shashank Singh left his position as partner and head of Apax’s India business in July of last year.

Prior to that, in 2022, the private equity firm appointed Anurag Sud to supervise and manage its day-to-day activities in India.

“I believe we now have the necessary infrastructure and people to invest funds. And we can resume negotiating agreements relatively fast, and we have a pretty large pipeline,” Haldea said.

Amidst all of this, Apax Partners sold KKR 99.8% of its ownership in Healthium Medtech Ltd, a medical device firm situated in Bengaluru.

Apax’s last investment in India was in May 2023, when it purchased a minority position in IBS Software for about $450 million.

Apax has also invested in Azentio Software, Infogain, Global Logic, Zensar, Fractal Analytics, Healthium, and Apollo Hospitals in India.

Apax directs 7-10% of its entire worldwide fund to India. Apax XI, the firm’s 11th global buyout fund, closed in March 2024 with a valuation of more than $12 billion.

In addition to the buyout fund, it launched a $1.95 billion digital fund and a $877 million global impact fund last year, both of which will deploy funds in India.

The development comes as various private equity funds increase their interests in India.

Kedaara Capital recently closed its fourth fund at a stunning $1.73 billion, making it India’s largest private equity fund to date.

In February, Lighthouse’s fourth alternative investment fund (AIF) invested $34 million in D2C jewellery firm Kushal’s.