← Apax Partners

Apax XI, L.P.

Apax PartnersVINTAGE 2024

NET IRR

7.7%

TVPI

1.08x

DPI

0.00x

COMMITMENT

$100M

LP SOURCES

3

VALUATION SPREAD1.08x – 1.10x TVPI across 2 sources

CROSS-REFERENCE TABLE

LP SOURCE	AS OF	COMMITMENT	PAID IN	NET IRR	TVPI	DPI	DOC
Minnesota SBI	2025-12-31	$100M	$28.5M	7.7%	1.08x	0.00x	SOURCE ↗◆
WSIB	2025-09-30	$300M	$85.1M	11.1%	1.10x	—	SOURCE ↗◆
CPPIB	2025-09-30	$400M	$91M	—	—	—	SOURCE ↗◆