← Apax Partners

Apax X USD L.P.

Apax PartnersVINTAGE 2020

NET IRR

9.1%

TVPI

1.32x

DPI

0.27x

COMMITMENT

$150M

LP SOURCES

3

VALUATION SPREAD1.25x – 1.32x 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	$151M	9.1%	1.32x	0.27x	SOURCE ↗◆
PA PSERS	2025-09-30	$150M	$142.7M	8.7%	1.25x	—	SOURCE ↗◆
CalSTRS	2025-06-30	$250M	$249.5M	9.9%	1.31x	0.17x	SOURCE ↗◆