Apax Partners, L.P. ('Apax Partners US') is a US registered
investment adviser. Apax Partners LLP ('Apax Partners') is the
holding partnership for the worldwide Apax partnership, including
Apax Partners US, and is the lead investment adviser to the most
recent Apax Funds. In the UK, it is regulated by the Financial
Conduct Authority (FCA) and advises Apax Partners Europe Managers
Ltd (APEM) which is also regulated by the FCA.
Apax Partners is committed to maintaining the highest business
standards consistently across all of its offices. Although the firm
is only subject to formal registration and regulation in some of
the markets in which it operates, it is nonetheless governed on a
global basis and generally seeks to apply the same business
principles and compliance procedures to all of its operations. As
such, Apax Partners has consistently sought to lead good practice
in corporate governance and transparency within the private equity
The business of Apax Partners is operated and managed through a
small number of committees whose respective terms of reference
clearly define responsibilities and accountability.
The Executive Committee is responsible for the day-to-day
management of Apax Partners worldwide. It meets on a monthly basis
to discuss matters of strategic importance for the global
organisation. It is also responsible for setting standards on
remuneration and recruitment and oversees the governance of the
firm in each of the countries in which it operates.
Andrew Sillitoe, London
Andrew Sillitoe is co-CEO of Apax Partners and a Partner in the
Tech & Telco team. Andrew is also a member of the Executive,
Investment and Approval Committees. He has been based in London
since joining the firm in 1998 and has focused on the technology
& telecommunications sectors in that time. Andrew has been
involved in a number of deals, including King, Orange, TIVIT, TDC,
Intelsat and Inmarsat.
Prior to joining Apax Partners, Andrew was a consultant at LEK
where he advised clients on acquisitions in a number of
Andrew holds an MA in Politics, Philosophy and Economics from
Oxford and an MBA from INSEAD. Andrew is also a Trustee of Impetus
- The Private Equity Foundation.
Mitch Truwit, New York
Mitch Truwit is co-CEO of Apax Partners and a Partner in the
Services team. He is also a member of the Executive Committee and a
Trustee of the Apax Foundation.
Prior to joining Apax Partners in 2006, Mitch was the President
and CEO of Orbitz Worldwide, a subsidiary of Travelport, between
2005 and 2006 and was the Executive Vice President and Chief
Operating Officer of priceline.com between 2001 and 2005.
Mitch is a graduate of Vassar College where he received a BA in
Political Science. He also has an MBA from Harvard Business
He serves as a Board member of AssuredPartners, Inc., Answers
Corporation, Bankrate, Garda World Security Corporation, Quality
Distribution Inc. and Trader Corporation.
Mitch is the Chairman of Street Squash, a Harlem-based urban
youth enrichment program and is an honorary member of the Special
Olympics of CT, an organisation providing year-round sports
training and athletic competition for children and adults with
intellectual disabilities. Mitch was previously a member of PEC, an
organisation established to provide information about the private
Below the Executive Committee is the Investment Committee that
oversees the investment process from initial idea through due
diligence and throughout the life of the investment to its eventual
exit. At every stage in the process, the investment is subject to a
rigorous process of scrutiny by the committee.
Terms of referenceThe purpose of the committee is
to evaluate potential investments, taking into account the work of
the relevant Approval Committee and, if appropriate, to make an
investment recommendation to the General Partner or Investment
Manager of the relevant Fund; to review progress of Fund portfolio
companies and to act as a forum for discussions of potential
ongoing funding requirements and exit opportunities; to evaluate
potential exits and, if appropriate, to make an investment exit
recommendation to the General Partner or Investment Manager of the
Fund advisory boards
As well as the internal corporate governance bodies, Funds
advised by Apax Partners have a well-established structure of
external advisory boards. Each of the Funds advised by Apax
Partners has a Board of Advisers, or Limited Partner Advisory
Committee (LPAC). Representatives of Apax Funds' Investors are
invited to become members of the Board. The LPAC has a formal terms
of reference and the agenda is set by the Chairperson who is
typically a representative of an Investor.
The Board of Advisers meets twice a year and is consulted by the
Investment Adviser and General Partner on certain of the affairs
and operations of the Funds, in particular, issues relating to
conflicts of interest and review of the valuations at which
investments are carried in the notes to the accounts.
Apax Funds are managed with zero leverage. At the portfolio
company level, average leverage at March 2014 was 3.8x
The Executive Committee has ultimate responsibility for the
oversight of compliance at Apax Partners and it delegates this
function on a day-to-day basis to the Compliance Department. The
Compliance Department is responsible for developing the Global
Business Standards ("GBS"), training all staff globally on the GBS
and monitoring compliance against the GBS. The Compliance
Department carries out compliance inspections and reports any
significant findings to the Executive Committee.