Apax Partners is expected to close its latest buy-out fund within months of this summer's launch following strong indications of demand.

The €4.5bn ($5.5bn) European buy-out fund would seal Apax's place in the premier league of European buy-outs. Only Permira, which raised €5.1bn last year, will have more cash available. Permira secured 70% of the capital from existing investors and gathered its fund in just six months, suggesting that a successful pre-marketing stage may allow Apax to close its fund even quicker.