FORTUNE -- Apax Partners is planning major cutbacks, as it struggles to reach its €9 billion fund-raising target.
Dow Jones first reported the news this morning, saying that the private equity giant would cut 10% of its investment staff, significantly reduce its London headquarters footprint and close its offices in Italy and Spain.
The investment staff reductions will involve 11 positions, with Fortune learning that it includes six partners. No word yet on what happens to support staff, but it's hard to imagine that it will remain intact.
One of the offices closures already has occured, with Apax quietly shuttering its Milan satellite just before Christmas. Barcelona will go shortly, although the firm does plan to move forward with plans to open a new outpost in Sao Paulo, Brazil.
The London office space on Jermyn St. will be cut back from 5 floors to 3, via sub-lease.
Apax had announced a €4.3 billion first close in early 2012, but apparently didn't generate enough traction through the rest of the year. At this point, even €7 billion would be a bit of a surprise.
The firm's offering documents mandate an end to fundraising come June 30, and there are no plans to request an extension. Apax's prior fund was capped at €11.2 billion
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I don't like dividend recapitalizations. No, that's too mild. I despise them.
From my (apparently) naïve perspective, private equity firms should buy a company, help grow it and then sell it. Returns should come from the difference between purchase price and sale price, not by adding even more debt onto a company for the primary purpose of enriching shareholders. It's greed masquerading as risk management, and undercuts valid PE industry arguments MOREDan Primack - Dec 7, 2011 11:12 AM ET
Apax Partners discusses its $6.3 billion bid to take Kinetic Concepts private.
Wound care company Kinetic Concepts (KCI) today agreed to be acquired by a private equity consortium that includes Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board.
The $68.50 per share deal values Kinetic Concepts at $6.3 billion (including the assumption of debt). It's a 6% premium to where the company's stock was trading yesterday, and a MOREDan Primack - Jul 13, 2011 11:38 AM ET
Ok, maybe Europe's mega-buyout market is a lot healthier than a lot of us thought after the implosion of Candover and stock-related struggles at Permira.
Multiple sources tell Term Sheet that Apax Partners has told investors that it plans to target €9 billion for its next Europe-focused buyout fund.
It would be the most ambitious private equity fund-raising effort since The Blackstone Group snared more than $15 billion (or €10.5b, at today's MOREDan Primack - Mar 24, 2011 11:37 AM ET
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