← Apax Partners

Apax IX USD L.P.

Apax PartnersVINTAGE 2017

NET IRR

17.2%

TVPI

1.89x

DPI

1.47x

COMMITMENT

$150M

LP SOURCES

3

VALUATION SPREAD1.89x – 1.91x TVPI across 3 sources

CROSS-REFERENCE TABLE

LP SOURCE	AS OF	COMMITMENT	PAID IN	NET IRR	TVPI	DPI	DOC
Minnesota SBI	2025-12-31	$150M	$164M	17.2%	1.89x	1.47x	SOURCE ↗◆
WSIB	2025-09-30	$250M	$273.1M	17.4%	1.90x	1.43x	SOURCE ↗◆
CalSTRS	2025-06-30	$300M	$325.2M	17.8%	1.91x	1.34x	SOURCE ↗◆