Legal mentions

Apax Partners SAS
1 rue Paul Cézanne
75008 Paris
Tél : +33 1 53 65 01 00

AMF approval No. GP08000057
Share capital: €1,328,300

Publishing Director: Edgard Misrahi, Chairman and CEO
Managing Editor: Lauren Bardet, Communications Director

Compliance with regulations and ethical standards

The purpose of this website is to present the business of Apax Partners. This presentation is not for sales or marketing purpose. The information contained in the website is not a contract and is not a product offering, nor a recommendation and/or solicitation of an offer to buy, nor a public offering.

The information provided is for reference purposes only and is valid on the date of their publication. It is moreover partial and incomplete and has no contractual value. It is not a recommendation for investment or advice founded on circumstances specific to the visitors of the website or that can meet to their special requirements.

Policy on the exercise of voting rights

In compliance with Articles 319-21 of the General Regulations of the Financial Authority, Apax Partners has a policy governing the exercise of voting rights that aims to define the conditions in which it exercises the voting rights attached to the securities held by the Funds that it manages. The Management Company reports on the voting policy governing the voting rights attached to the unlisted securities in the Annual Report to investors. The Management Company reports on the voting rights attached to the listed securities in the Board of Directors’ Report to the shareholders’ Annual General Meeting. This report is provided free of charge to Funds’ shareholders requesting it and may be viewed at the headquarters of the Management Company. The objective of the exercise of voting rights is to defend the rights of investors in the managed Funds. The policy governing the exercise of voting rights may be viewed at the head office of the Management Company.

Handling of complaints

The asset management company Apax Partners SAS has created and maintains an efficient and transparent procedure for handling complaints from customers, reasonably and rapidly.

A complaint is a statement of discontent addressed by the customer to the professional. A request for information, opinion, clarification or service is not considered a complaint.

Customers may address complaints free of charge to Apax Partners. Apax Partners does not invoice any expenses for the handling of complaints.

Complaints may be addressed to the customer’s usual contact person at Apax Partners SAS by the following means:

  • by post at the following address: 1 rue Paul Cézanne, 75008 Paris (France);
  • by telephone at the following number: +33 (0)1 53 65 01 00;
  • by email at the following address:

The Compliance and Internal Control Officer (CICO) is the person in charge of handling complaints. The CICO has the required knowledge and experience with the products, services, contracts, tools and procedures to ensure that customer complaints are handled appropriately. The CICO may seek any necessary expertise to assist him or her in handling complaints. Apax Partners SAS ensures that customer complaints are kept strictly confidential.

Apax Partners SAS acknowledges receipt of a complaint within 10 business days, unless a response is sent to the customer earlier.

A response to the customer’s complaint is prepared within two months of receipt, unless there are special circumstances, which must be explained. If a response cannot be provided within this timeframe, the customer is contacted and informed of the reason for the delay, and a new time period is indicated.

Customers may address complaints in the official language or one of the official languages of the member State in which the fund is marketed or the investment service provided.

The customer may contact the Ombudsman of the Autorité des Marchés Financiers (AMF) in the event the response to a complaint is deemed unsatisfactory, by filling in one of the forms on the following web page:

or by contacting the Ombudsman by post at the following address: Autorité des Marchés Financiers, La Médiation, 17, place de la Bourse 75082 Paris Cedex 02 (France).

The mediation charter of the AMF is available on the AMF’s website at: under “The AMF Ombudsman”, then “How mediation works”.

Environmental, Social and Governance (ESG) criteria

Apax Partners SAS signed the Principles of Responsible Investment (PRI), thus confirming its commitment to include responsible criteria in its management and investment policy.

Apax Partners SAS was a participant in the 2014 PRI Guides, that provide practical advice for setting up ESG procedures to the private equity industry.

The concrete illustration of the commitment of Apax Partners SAS is set forth in these guides.

Apax Partners SAS is committed to the goals of France Invest, the French private equity investors association, and has signed the Charter involving values, responsibilities and commitments.

Apax Partners SAS is particularly involved in the work of the ESG Commission of France Invest.

You will find all information mentioned in Article D 533-16-1 of the French Monetary and Financial Code under the heading “Responsible Investor” of the website.

The Apax Partners method to include ESG criteria within its investment policy
Update 2017.06.30

The Apax Partners ESG policy

For Apax France VII:
ESG criteria are implemented within the Apax Partners investment process since 2011, starting with Apax France VIII.

For Apax France VIII and followings:
Apax Partners is committed to excellence and innovation and decided, in 2011, to embrace a comprehensive ESG strategy.

Starting with Apax France VIII, the firm includes ESG principles at every stage of its investment process:

Prior to acquisition, Apax Partners:

  • Conducts ESG due diligence
  • Integrates ESG principles into offers and shareholders agreements

During the holding period, Apax Partners:

  • Defines a specific roadmap with management
  • Encourages the appointment of a company project leader
  • Supports implementation of the action plan
  • Monitors the implementation and results via appropriate governance

At exit, Apax Partners:

  • Provides potential acquirers with an ESG vendor due diligence report

Apax Partners has dedicated resources to coordinate the ESG policy. The Apax Partners ESG team, comprising a partner and an ESG manager, provides concrete and specific support to implement and monitor a tailor-made action plan for each portfolio company.

Apax Partners provides half-yearly updates to its investors as well as an annual report which includes an ESG section presenting:

  • Apax Partners ESG policy
  • Key social indicators
  • ESG specific actions on portfolio companies

The Apax Partners method

Nature of criteria

For each analyzed company, the Apax Partners ESG team reviews:

  • Governance, including ethics, bribery and corruption ESG governance…
  • Social issues including health and safety, employee development, talent attraction and retention, employee welfare, diversity…

Environmental issues due to the company’s activities, including: energy use, water use and pollution, waste management, global warming / emissions to air, resource use, hazardous material, biodiversity, …

  • Marketplace including client ESG requests, responsible marketing, responsible products, sustainability within the supply chain, human rights, product innovation through the ESG prism…
  • Social issues: commitments taken, local economic development…

Information sources

These criteria are selected from different sources: sector best practices, international reporting standards, France Invest guidelines (France Invest is the French private equity investors association), and the Apax Partners ESG team experience.

Analysis results 

The due diligence consists of determining material ESG issues specific to each company, sometimes under the form of a flash ‘red flag’ report.

To deepen our analysis, we can build specific questionnaires and organize interviews with management to collect further information, such as:

  • Investment memorandum
  • Annual reports
  • ESG reporting
  • Company website
  • Other due diligence reports (strategic report, legal report…)
  • Competitive benchmark
  • Public databases
  • Manager interviews

Apax Partners is, when necessary, assisted by experienced consultants to conduct this analysis.

Thus, Apax Partners assesses whether identified ESG issues entail risks or opportunities. For each risk, we determine the financial impact and whether an action plan can be built to manage this risk, highlighted in our decision making process. If a risk cannot be managed, this point is mentioned.

A due diligence report is drawn up based on these conclusions and it is shared with the investment team.

Result integration into the investment process

Key issues are brought up to the investment committee, which decides whether or not to submit an offer. If a significant ESG risk cannot be mitigated the investment could be turned down.

Shortly, after acquisition, Apax Partners carries out an in-depth review detailing:

  • The company practices according each material ESG criteria
  • The tailor-made action plan for three years.

This action plan is presented and validated during a board.

By regular exchanges, the Apax Partners ESG team accompanies the company in the implementation of the action plan: Apax Partners ESG team brings concrete support, tools and experience to each company and participates in the ESG commission within companies.

Each year, an ESG review is organized during a board to present actions implemented during the year, key ESG indicators evolution, and the action plan for the following year.

At exit, Apax Partners carries out an ESG vendor due diligence to highlight the ESG results of the company.

Climate change issues

Conscious of its responsibility as management company acting on behalf of the shareholders of the portfolio companies, Apax Partners founded the Initiative Carbone 2020 (IC20) with four other General Partners. IC20 aims to unite on climate change issues, in order to make their contribution to the COP21 objective of limiting global warming by two degrees Celsius.

Initiative Carbone 2020 is a public commitment:

  • Measure the direct and indirect carbon footprint (scopes 1, 2 and 3) based on a sample of 30 investments using an accessible and effective estimation methodology
  • Include the climate issue in their investment process starting in 2016, so as to gradually extend a climate strategy to all the companies they control
  • Publish the carbon footprint of these same companies as of 2020

Specifically, the methodological approach for the Initiative Carbone 2020 will be three-pronged:

  • During the investment phase: assessment of the climate change issue in the company’s future development
  • During the holding phase:
    • Climate change awareness-raising for the management teams
    • Materiality analysis of the company’s carbon impacts
    • Based on the challenges, a thorough calculation followed by the definition of an action plan to reduce emissions and adapt to climate change
  • During the disposal phase: capitalize on the most significant improvements made and major progress achieved

To assess the materiality of the climate change issue, Apax Partners worked with other IC20 signatories and determined a methodology: the following questions are raised:

  • Is the company concerned by carbon regulation?
  • Do clients express expectations?
  • Are parts of the value chain concerned by carbon issues or regulations?
  • Does the company assess its carbon footprint?

If this topic is material for the analyzed company, Apax Partners will integrate it in the ESG due diligence report.

After the acquisition, Apax Partners will integrate it in the in-depth ESG review and in the detailed tailor-made action plan. For example, actions suggested can be: raising climate change awareness- for the management teams, carrying out a carbon footprint, defining key performance indicators, determining the targets for the reduction of greenhouse gas emissions, …

Other ESG initiatives

Apax Partners is a signatory of France Invest charter, and of the Principles for Responsible Investment (PRI) since 2011.
In 2015 and 2016, Apax Partners was assessed ‘A+’ in ‘Strategy and Governance’ module and ‘A’ in ‘Private Equity’ module by the PRI.
In 2016, Apax Partners won the ESG Prize awarded by Private Equity Magazine.
Apax Partners is also an active member of France Invest ESG commission and contributes to the development of ESG within the private equity sector.

Conflicts of interest

Apax Partners SAS has included the prevention of conflicts of interest in each step of its decision-making process. Any potential conflict of interest must be reported to Bruno Candelier, Compliance and Internal Control Manager, who will take the necessary steps to (i) analyse and (ii) remedy the situation. Shareholders in the Funds may obtain, upon request, additional information on the conflict of interest policy.

Information Technology and Individual Liberty

In accordance with the French Law on information technology and individual rights, we notified the CNIL (Commission Nationale Informatique et Libertés – the French Commission on Information Technology and Individual Rights) about our processing of personal data communicated via our website.

In accordance with the French Law on information technology and individual rights of 6 January 1978, you have the right to access, revise and delete information upon application to Apax Partners, 1 rue Paul Cézanne, 75008 Paris, France –

Information contained in this website

Apax Partners is pleased to welcome you to its website. This website is for information and guidance only and is intended to provide information about the Company, its business and results.

The specific use of the information contained in this website is the sole responsibility of the user.

Apax Partners regularly updates its website, but shall in no way be liable for any inaccuracies, errors or omissions.

Apax Partners shall not be held liable for any damages whatsoever resulting from information contained in this website.

Apax Partners reserves the right to modify this information at any time, without notice. Similarly, Apax Partners reserves the right to suspend, discontinue or cancel access to all or part of this website in the event of technical problems or force majeure.

The name “Apax Partners” is a registered trademark. Any fraudulent use constitutes infringement and is punishable by criminal penalties as specified in Articles L.716–1 et seq. of the French Intellectual Property Code.

All elements of the Apax Partners’ website are protected by intellectual property rights. The reproduction and use of any documents published on this website are exclusively authorised for strictly personal and private purposes on condition that the source is mentioned. Any reproduction, use or distribution of copies made for other purposes is strictly prohibited and is subject to criminal penalties.

Any linking to or framing of this website is also strictly prohibited and accordingly, no element on any page of Apax Partners’ website may be partially or totally distributed, transferred or inserted in another Internet website or used to create derivative products, unless specifically authorised by Apax Partners’ management.

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