Publications
Publications
- August 2021
- HBS Case Collection
Apax Digital
By: Jo Tango and Alys Ferragamo
Abstract
The Apax Digital team faced important decisions as they contemplated raising a second fund. Apax Digital Fund I was a $1.1 billion vehicle focused on mid-market growth equity and growth buyouts in the technology sector. The fund had performed well, and the Managing Partners Marcelo Gigliani and Dan O’Keefe felt that demand from investors would be strong for ADF II. However, raising a bigger fund would come with several strategic implications for the team’s size, investment strategy, and sourcing model. What should be ADF II’s hard cap, and how should they handle the implications of a larger fund?
Keywords
Growth and Development Strategy; Acquisition; Investment Banking; Investment Portfolio; Decision Choices and Conditions; Technology Industry; Financial Services Industry; United States
Citation
Tango, Jo, and Alys Ferragamo. "Apax Digital." Harvard Business School Case 822-016, August 2021.