UK private equity firm Apis Partners has announced the final close of Apis Global Growth Fund III and Apis Growth Markets Fund III with combined commitments of $1.23 billion, 23% above target.
The proceeds raised in the new fund are more than double those of its predecessor, Apis Growth Fund II, at $563 million, closed in 2019.
Reflecting the strong performance of previous funds, which have already generated in excess of $1 billion in realisations to date, over 70% of existing LPs have re-upped and increased on their previous fund’s commitments, accounting for around 50% of the total capital raised in Fund III.
Limited partners of the new fund include sovereign and supranational investors alongside banks, insurers, pension funds, funds of funds, and foundations.
Fund III will build on the strength of Fund II to invest meaningful minority stakes in high-growth, profitable financial infrastructure and services businesses in Europe and select growth markets globally.
Apis has invested approximately $400 million from Fund III across seven investments to date. These include MoneyBox, a UK digital wealth management provider; Coda Recharge, a European and Asian platform for prepaid digital goods; and Thunes, a global provider of cutting-edge digital payments infrastructure enabling instant cross-border money transfers, payment acceptance, and acquiring services headquartered in Singapore.
The close of Fund III marks an active 12 months, including the three investments and realisations, including exiting iKhokha and Baobab to Nedbank and Beltone Capital respectively.
“We are delighted to welcome so many new and returning investors into Fund III. We continue to see opportunities in our target segment of profitable, high-growth, tech-enabled financial infrastructure and services companies,” said Matteo Stefanel, Apis co-founder and Managing Partner.
Udayan Goyal, Apis co-founder and Managing Partner, said, “We look forward to continuing to invest in our key themes of embedded finance, democratisation of finance, and the deepening of the digital economy through capital-light, high growth disruptive business models around the world, whilst applying our proprietary impact methodology.”
Headquartered in London, Apis Partners is a private equity firm investing in tech-enabled financial infrastructure and services across Europe and growth markets, with $2.3 billion AUM.
