Apax Partners may direct about 10% of its next fund to India as it seeks faster investment, with artificial intelligence (AI) adoption among its interests, Mint reported Nov. 1, citing co-CEO Mitch Truwit.
Truwit said Apax is looking at businesses that use AI to improve how they operate, not only companies developing large language models. He also cited India’s capacity for organizational change, telling Mint, “What I think India is quite good at is change management.”
Truwit named technology, consumer and health care companies as investment targets. Apax India head Harjot Dhaliwal highlighted supply-chain management, cybersecurity and newer digital businesses, Mint reported. Dhaliwal said the firm factors currency depreciation and other risks into deal underwriting.
Mint also reported that India made up less than 10% of Apax’s total investments at the time of the interview. The report did not define the denominator or specify the measurement date.
Mint reported Truwit saying Apax had invested about $4 billion in India and delivered more than $10 billion in value to investors. The report did not specify whether that value represented realized proceeds or included unrealized holdings, or whether it was gross or net.
The Economic Times reported in March 2025 that Apax had invested $3.6 billion across 13 Indian transactions since 2007. It said the firm had realized $5.2 billion from eight completed exits and one partial realization as of March 31, 2025. The reports do not reconcile the $4 billion and $3.6 billion investment totals or provide matching measurement dates and definitions. The $5.2 billion figure describes realized proceeds, while Mint reported a separate value-delivered figure.
Apax says it announced its India office on Nov. 26, 2006, and lists Apollo Hospitals as an investment made in 2007. The firm said it sold its investment in medical-device company Healthium to KKR-managed funds in May 2024.
The firm completed fundraising for Apax XI, its 11th global buyout fund, in March 2024. Apax’s final-close announcement put commitments tied to the fund above $12 billion; its funds page listed the fund at $11.998 billion on June 30, 2026. Apax says its fund-size calculations convert euro commitments using exchange rates from the fund close.
