Altamir - 2018 Registration document

Business description and activities

Presentation of the Company

—   APAX DEVELOPMENT AND APAX DIGITAL FUNDS —

1

In 2018, reaffirming its ambitious long-term growth and value-creation strategy, Altamir decided to expand its investment policy and make commitments to two new funds: Apax Development, launched by Apax Partners SAS in the small-cap segment in France; and Apax Digital, launched by Apax Partners LLP, which invests worldwide in technology companies. Altamir’s objective is to seize new opportunities in buoyant markets, while capitalising on the competitive advantages offeredbyApax Partners: sector expertise and an ability to create value through digital transformation, acquisitions and internationalisation.

APAX Development

APAX Digital

• $ 5 m subscribed by Altamir • 4 companies in portfolio at 31 December 2018

• € 15 m subscribed by Altamir • 1 company in portfolio at 31 December 2018

Drawing on more than 30 years of experience and deep investment expertise in the technology and telecommunications sectors, Apax Partners LLP has a team of 22 professionals dedicated to managing the $1.1bn Apax Digital fund. The Apax Digital investment strategy is to take majority or minority stakes in enterprise technology and consumer internet companies that are smaller than companies in which the Apax VIII LP and Apax IX LP funds invest. The target companies are located in Apax Partners LLP’s geographical scope, i.e. Europe, North America, Brazil, China, India and Israel. As of 31 December 2018, ApaxDigital hadmade four investments. They include two consumer internet companies (B2C), US company Moda Operandi (leading luxury fashion e-commerce platform) and Chinese company So Young (aesthetic medical treatments marketplace), and two enterprise tech companies (B2B), US company Wizeline (high-end software product development) and Solita (one of Finland’s largest digital transformation services companies). Altamir’s investment in the Apax Digital fund is $5m.

With the acquisition of EPFPartners, a renowned specialist in the small-cap segment in France, Apax Partners has a teamof seven professionals who are currently raising the Apax Development fund, with a goal of €225m. France’s small-cap segment is adynamic andattractivemarket in terms of price andcorporategrowthpotential. TheApaxPartners SAS strategy forApaxDevelopment is to takemajorityownership stakes in companies valued at less than €100m in its four sectors of specialisation (TMT, Consumer, Healthcare and Services). This strategy is complementary to that of its other funds, which invest in companies with valuations greater than €100m.

In October 2018, Altamir subscribed up to €15m in the Apax Development fund.

During 2018, ApaxDevelopmentmade its first investment in Eric Bompard, the European leader in cashmere.

Residual investment (in €m)

Valuation (in €m)

1.4

1.4

Residual investment (in €m)

Valuation (in €m)

0.8

0.9

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ALTAMIR 2018

Registration document