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PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

Apax firmly believes that a focus on responsible investing can lower risk and enhance financial returns for the Apax Funds and underlying portfolio companies, whilst also creating a net benefit for society. 

Apax is a proud, voluntary signatory to the UN Principles for Responsible Investing (“PRI”) and has implemented processes to adhere to those principles, where and when appropriate.  Responsible investing has become an integral part of Apax’s investment approach and is embedded in the investment process to help achieve Apax’s mission.  Apax’s sustainability programme covers the lifecycle of a Fund investment from pre-investment due diligence to post-investment monitoring, value creation, and reporting.

From the outset we recognised the value a responsible investment strategy could bring not only to maximise economic returns for investors, but also to deliver a net benefit for society and the environment. Together with the management teams in the Apax Funds portfolio companies, we have  over the years identified and capitalised on a wide range of ESG initiatives designed to create stronger, more robust, businesses by mitigating risks, enhancing value and improving sustainability.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

Our comprehensive sustainability programme is fully embedded in the investment process – from identifying ESG risks pre-acquisition, through to working with portfolio companies post-acquisition to monitoring their ESG indicators. Our goal throughout is to achieve a better understanding of the operations of each portfolio company, to assess their ability to manage ESG considerations, and to put in place risk mitigation and value creation initiatives.  

Apax investment professionals undertake pre-investment ESG due diligence for each new investment made by the Funds.  The focus of the due diligence may vary but, in all instances, will cover the ESG areas that Apax believes are key to understanding the ESG profile of the particular company in which the Funds are considering an investment.  During such time, the OEP’s extensive knowledge and expertise regarding business operations is routinely tapped into by Apax investment professionals for insight into how, among other things, a target company’s existing operations might be optimized, ESG risks can be addressed and mitigated, and avenues for value creation can be unlocked during the Funds’ ownership tenure

Apax believes that responsible investing is not only the right thing to do but should also have a powerful and measurable business logic in its application. As such, Apax has developed a distinctive methodology to capture key performance data from relevant portfolio companies on environmental, social and corporate governance (“ESG”) matters.  This detailed source of ESG data is used to inform stakeholders and, more importantly, to drive value creation projects executed by the OEP team members and Apax investment professionals assigned to a particular portfolio company.



01.6. Additional information [Optional].


SG 01 CC. Climate risk

01.6 CC. Indicate whether your organisation has identified transition and physical climate-related risks and opportunities and factored this into the investment strategies and products, within the organisation’s investment time horizon.

Describe why your organisation has not yet gone through a process to identify transition and physical climate-related risks and opportunities.

The Apax Funds’ portfolio consists of a growing number of “asset light” businesses, due to the Apax focus on four specific sectors which do not have significant climate related exposure: Tech & Telco, Services, Healthcare and Consumer. TCFD is a key regulatory development and we are currently reviewing how we should augment our current practices in order to incorporate it into our processes.

01.8 CC. Indicate whether the organisation publicly supports the TCFD?

Explain the rationale

TCFD is a key regulatory development and we are currently reviewing how we should augment our current practices in order to incorporate it into our processes.

01.9 CC. Indicate whether there is an organisation-wide strategy in place to identify and manage material climate-related risks and opportunities.


Apax runs an annual ESG Key Performance Indicator (“KPI”) collection cycle. Through this Apax is able to capture the ESG footprint of the Funds’ portfolio companies and establish the possible areas of materiality which require further focus from the investment team to create value or mitigate risk. For Apax the key goal of this project is to have visibility and relevant information in order to drive improvement of amongst others the Environmental footprint of the overall Apax portfolio and the individual portfolio companies.  

1.10 CC. Indicate the documents and/or communications the organisation uses to publish TCFD disclosures.


          The publicly available Apax Sustainability Report contains detail on key climate indicators

SG 02. Publicly available RI policy or guidance documents


02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.





02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.

02.3. Additional information [Optional].

SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

As required by the Financial Conduct Authority in the UK, Apax Partners has a written conflicts of interest policy which it maintains as a group policy in order to manage conflicts of interest. In addition, generally within an Apax Fund’s limited partnership agreement, the Fund’s general partner is required to refer certain conflict matters to the Fund’s Limited Partner Advisory Committee (“LPAC”) for consideration, which is made up of representatives of key investors in such funds.

The overriding responsibility of Apax is to always act in the best interests of the funds which it advises and the investors in these funds. Procedures have been designed to help ensure that individual Apax staff members are not placed in a position of conflict or that any potential or perceived conflict is appropriately managed and that decisions are taken by persons who do not have a vested interest.

In relation to the investment process, there is an early assessment of potential conflicts by the Investment Committee. Any material conflicts regarding the Apax Funds are referred to the relevant Apax Funds’ LPAC.

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)